Business 9 months agoErik Gibbs
Thomson Reuters new tool uses ‘feelings’ for crypto analysis
Feelings aren’t just a topic discussed with a therapist. Investors now have a new tool at their disposal to monitor cryptocurrency activity and understand how users “feel” about the subject.
Media giant Thomson Reuters has launched a data feed that will help cryptocurrency traders have a better understanding of how crypto is being accepted or rejected around the world. The data feed was included in the company’s suite of tools called MarketPsych Indices, which analyzes an array of activities, from bonds to private and public companies.
The “Bitcoin sentiment feed” works with Artificial Intelligence (AI) and pulls data from over 400 sources to determine where cryptocurrency—in this case, legacy Bitcoin (BTC)—stands across the globe. The data comes from a variety of sources, including news articles and social media posts, and uses metrics like “greed” and “fear” to allow investors to determine the best buy or sell opportunities. The feed will provide the necessary underlying information so that customers can ascertain a better risk balance to their portfolios.
The technology behind the feed comes from programs called Bayesian filters. These filters are a type of AI that was created initially to evaluate the header and content of incoming email messages to determine whether or not the message contained spam. Bayesian filters, as with all AI, are constantly being updated to learn better the type of traffic they process.
The use of “crowd sentiment” to provide analysis on investment trends has gained in popularity in recent years, according to a CoinDesk report. Companies like Santiment and Token AI were created specifically for the purpose of using emotional insight to help cryptocurrency traders make their investment decisions. Reuters’ move to integrate a sentiment analysis tool will leverage its already successful business into the volatile cryptocurrency markets, and allow for greater amounts of data to be considered in the investment process.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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