Just like forex trading, cryptocurrency trading can be hard and annoyingly unpredictable sometimes, even for expert traders. Therefore, media giant Thomson Reuters stated on March 12 its intention to launch a new version of their bitcoin market sentiment data feed to help cryptocurrency traders.
Media giants Thomson Reuters in collaboration with MarketPsych Data LLC, a behavioral economics research firm, are to launch an upgrade to their sentiment data feed, known as MarketPsych Indices (TRMI v3.0), adding more groundbreaking features such as enhanced market sentiment data for various assets and commodities, new user capabilities and more coverage.
With this new innovative system, cryptocurrency traders can now have access to news feeds from more than 400 virtual currency news and social media sites, in real-time. The TRMI v3.0 crawls across each cryptocurrency news and social media sites in search of market-moving sentiment in a super fast, real-time manner.
Unlike the earlier versions, the TRMI v3.0 has a broader coverage area. Its coverage includes national fixed income securities and stock market indexes for the leading 61 world economies as well as the Eurozone. That’s not all; the TRM1 v3.0 also covers currencies, countries and agricultural commodities asset classes.
In the new TRMI v3.0, users can now decide whether to receive the crypto news feeds in the minutely, hourly or daily timeframes with historical data extending back to 1998. In addition, the source selection, entity recognition and coding of various TRMI, make this new version work with higher precision than earlier TRMIs.
Thomson Reuters Expands Cryptocurrency Data Offering
Explaining the reason for creating this innovative solution, Austin Burkett, the global head, Quant and Feeds at Thomson Reuters reiterated that:
“News and social media are driving the investment and risk management process more than ever with the continuing rise of passive and quant-driven trading. As the financial marketplace rises in complexity, so too does the need to provide our clients with not only the relevant data but the tools to help them manage and analyze that data. MarketPsych 3.0 helps deliver another layer of analysis and value-add in the investing process.”
Thomson Reuters delivers transparent and unbiased insights across an unlimited array of legacy and emerging asset classes like bitcoin and altcoins such as ether, litecoin, ripple, and others with its flagship financial desktop platform, Eikon.
The cryptocurrency market is a highly volatile and liquid ecosystem. News events are constantly impacting on the price of bitcoin. For instance, the bitcoin price has slumped significantly since January 2018 due to factors like regulatory pressures and most recently, the Mt.Gox saga.
Therefore, with tools like the TRMI v3.0, professional traders become better equipped with valuable real-time information that is capable of influencing market movements, enabling them to make better decisions regarding the markets.