What is the world’s view on cryptocurrency?
Every investor wants to know that answer and media giant of Announced Monday, has just provided them with a data feed that can give them an idea of how people feel about Bitcoin.
The latest release of the MarketPsych Indices by the company showed that the data feed of the Bitcoin sentiment would operate with artificial intelligence. AI will be used to analyze over four hundred thousand data sources from news articles to social media posts in a bid to give out actionable insights.
Some examples of the metrics that will be used are “fear” and “greed.” This will allow investors to spot opportunities and create orders for buying or selling using the insight.
The Grand Entrance
Thomas Reuters has gained a reputation as an organization of Bitcoin enthusiast over the years. Last year, it started to develop an interest in cryptocurrencies other than Bitcoin. However, this announcement marked a formal launch into the cryptocurrency market.
The global head of Thomas Reuters, Austin Burkett, made an announcement confirming that the new system will be beneficial to all investors.
In his words:
“Using our software, our clients can drive positive results. It is an excellent tool for balancing the risk in their cryptocurrency portfolios.
The Bitcoin data feed will also be part of an even larger trend in companies that offer artificial intelligence services. The trend will push them to leverage their tools for crypto investing.
While emotions can help provide investors with good insight, the system still has a drawback. After a phrase is identified, it has to be filtered to verify context. What this means is that the software doesn’t state whether the phrases are related to cryptocurrency or not. If this shortcoming is corrected, the feed will be an indispensable tool for every investor.