Thomson Reuters Partners with MarketPsych Data LLC to Track Top 100 Crypto Based on Emotions
Canadian multi-national mass media and information firm, Thomson Reuters believes that crypto investors’ emotions play a significant role in the fluctuation of prices. To support its claim, the firm has further developed its existing sentiment data offerings to track the top 100 cryptocurrencies to date. The entirety of this project is said to be founded on Thomson Reuters’ partnership with MarketPsych Data LLC, a firm that specializes in quantifying and studying behavioral science.
Discover the new data feed based on @thomsonreuters #MarketPsych Indices using #machinelearning and text analysis to quantify key themes and sentiments likely to influence price trends of the top 100 #cryptocurrencies. https://t.co/VqtJkvZee9 #TRFinRisk pic.twitter.com/700Xq3MVJQ
— Thomson Reuters Financial (@insidefinance) June 13, 2018
According to the claims made, the decision for expansion comes after the success behind the package called, ‘Bitcoin sentiment data’, which was launched March of this year. Today, the two parties involved have created the ‘TRMI Cryptocurrency Sentimental Package (TRMI 3.1),’ which will take to news and social media platforms to evaluate any sentimental posts.
The emotions that will be focused on include either, “excitement” or “hope”. The two chosen emotions will then be compared to market trends to see whether there is a correlation between positive mood and crypto prices.
According to Thomson Reuters’ global head of investing and advisory, Pradeep Menon, the additional step taken to include sentimental trends has helped them to:
“provide customers with invaluable insights that may help them make strategic investment decisions.”
As for the TRMI 3.1, it uses machine learning and natural language processes to identify the emotions present and its size. This could possibly include published posts that suggest any of the crypto lingos, including ATH (all time high), HODL (simply referring to hold), FOMO (fear of missing out), Bears and Bulls and many others. Based on existing information, this package has the ability to generate “43 themes and sentiments on the top 100 cryptos”.
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