There are two types of people in the world: those who believe that Bitcoin and the rest of cryptocurrencies are just passing phenomena and those who believe it would soon delve into the world of institutional investment.
Thomson Reuters definitely belongs to the second group; they have just announced that they added a system of sentiment indicator on the bitcoin market on Monday. The project is done in collaboration with MarketPsych Data which analyses 2,000 news and 800 financial social media sites.
Reuters said the adding of the system on Bitcoin didn’t just come out of the blue. It came after discussing it with their customers.
The fast growth of the cryptocurrency’s market along with the soaring of its value went hand in hand with the appearing of platforms that serve to exchange ideas about investments; which led Reuters to facilitate through the system it suggests.
Thomas Reuters’ interest in the matter is not new. Last year they announced the launching of an identity verification platform powered for Euthereum Smart Contract developers.
Austin Burkett of Reuters said about 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.”
For example, many analysts have linked online activity, as for instance Google searches for “bitcoin”, with the price of the best-known cryptocurrency.
Reuters also gives access to prices as for Bitcoin, Ethereum, Litecoin, Ripple, Btcoin Cash, on the Eikon desktop platform which would ease its use by bank and hedge fun traders.