Top 100 cryptocurrencies added to Thomson Reuters market sentiment feed

Thomson Reuters included Bitcoin on its market sentiment data feed in March this year.

Thomson Reuters has expanded its market sentiment data indices to include the top 100 cryptocurrencies, shortly after Bitcoin was added to the data feed.

The MarketPsych indices will use machine learning and text analysis to quantify themes and sentiments which could influence price trends and movements of cryptocurrencies.

Following the addition of Bitcoin sentiment data in March, Thomson Reuters said it has now launched Thomson Reuters MarketPsych Indices (TRMI) 3.1 to monitor more than 2,000 global news and social media sites in real-time for the top 100 digital cryptocurrencies.

“Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has therefore enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions,” said Pradeep Menon, global head of investing and advisory at Thomson Reuters.

A survey published by the firm in April found that around 20% of financial institutions are considering trading cryptocurrencies over the next three to 12 months.

“The Thomson Reuters cryptocurrency survey revealed a shift in the market, with cryptocurrencies gaining some mainstream acceptance and financial institutions looking to start trading them over the coming months,” Menon added.

Thomson Reuters also introduced cryptocurrency trading through its REDI execution management system (EMS) earlier this year, allowing users to trade Cboe and CME Bitcoin futures with price discovery and charting functions.