Canadian media company Thomson Reuters announced on Monday that it will partner with MarketPsych Data LLC to launch a Bitcoin (BTC) sentiment tracker, aimed at helping bitcoin investors trade more profitably.
MarketPsych Data LLC is a behavioral economics research firm that works with Thomas Reuters on creating software tools to capture and quantify market-moving sentiment and themes. The new bitcoin-focused version of MarketPsych's "MarketPsych Indices" data scrapping bot will scan 400+ news and media sites related to cryptocurrencies, tracking and analyzing chatter about bitcoin.
Austin Burkett, director of "Quant and Feeds" at Thomson Reuters, said in a statement: “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.”
Sentiment tracking has always been popular among traders of traditional asset classes. The prime example so far of how this may be valuable in the crypto space is the fact that the number of Google searches for the term “bitcoin” correlates strongly with Bitcoin’s price -- higher price, more Google searches; lower price, fewer Google searches. The MarketPsych Indices bitcoin sentiment tracker will establish the strength or weakness of the "cause and effect" case for this phenomenon and many others in the bitcoin news and social media ecosystem.
The MarketPsych Indices bitcoin sentiment bot will eventually interface and integrate with larger quant-driven trading bots.
You can sign up for MarketPsych’s newsletter and be among the first to know about the hard launch of the bitcoin sentiment tracker at https://www.marketpsych.com.
By: BGN Editorial Staff