Informational agency Thomson Reuters has the intention to track and analyze mentions of Bitcoin, the dominant cryptocurrency on the market, on the pages of hundreds of social media and news resources.
Canadian multi-language media resource and informational agency Thomson Reuters will track and analyze all mentions about Bitcoin on the pages of news websites and social networks to try to preserve the investors’ interest in the main cryptocurrency, focusing on perspective.
As Reuters reports, this analysis will be introduced in the form of the new version of MarketPsych indexes, upon which Thomson Reuters is currently working with the research company MarketPsych Data.
The new version of MarketPsych indexes will search for Bitcoin mentions among more than 400 websites to properly illustrate current feelings about the unstable cryptocurrency.
Such actions of Thomson Reuters are happening at the first place as the answer on the popularity of online analysis of traditional asset trading and are illustrating the further movement of Bitcoin towards traditional investment consciousness.
Cryptocurrency-focused forums and news media are relatively new, and traditional investors use them comparatively insignificantly.
The global leader of Quant and Feeds in Thomson Reuters explains:
More than ever before news and social media connect the process of investing and risk management with the growth of passive trading that goes after the quantity.
There is no need to analyze all 400 media resources to define the current attitude to Bitcoin. At the time of this article writing, the main cryptocurrency is traded at $9032 after brief growth to $9900, and many investors scratch their heads dwelling upon the question in which direction Bitcoin will move this time.
Bitcoin enthusiasts can regard the situation as a perfect possibility for the buy when skeptics still consider Bitcoin as not worth its price.
Recently, the professor of Harvard University and former leading economist of IMF Kenneth Rogoff forecasted that the price of Bitcoin would drop to $100 in ten years. At the same time, Matt Hougan, the vice-president on R&D of Bitwise Asset Management, stated that Bitcoin and the cryptocurrency market are the possibilities on trillions of dollars.