Thomson Reuters has expanded its cryptocurrency sentiment data tools to cover the top 100 digital currencies on the market, industry website Coindesk has reported.
The media and data giant launched the initial version of the product suite in March. Developed in partnership with MarketPsych Data, the Thomson Reuters MarketPsych Indices Cryptocurrency Sentiment (TRMI) package was designed to track and analyse chatter about Bitcoin (BTC) on hundreds of news and social media websites to help investors gain additional insights on Bitcoin trading.
According to Coindesk, the suite monitors more than 2,000 global news and 800 social media sites in real-time. It gauges sentiments like “excitement” and “hope” and is trying to identify market patterns using natural language processing combined with machine learning.
"Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has…enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions," Thomson Reuters' global head of investing and advisory, Pradeep Menon said, as quoted by Coindesk.
Last month, CoinShares chairman Danny Master argued that in order for Bitcoin to reclaim its all-time highs, the cryptocurrency “structure” would have to improve.
“We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we're talking about and measure our performance,” Master told CNBC at the time.
The expansion of Thomson Reuters’ product looks like another step towards building such a structure. Other industry players have also taken steps in that direction. For example, the largest US crypto exchange Coinbase last month launched a Custody service as part of a larger suite aimed at institutional investors. Also in May, Thomson Reuters’ rival Bloomberg announced that it was teaming up with billionaire investor Mike Novogratz to launch a cryptocurrency index, designed to “track the performance of the largest, most liquid portion of the cryptocurrency market”.