Social Crypto? Thomson Reuters To Monitor Social Networks

Thomson Reuters, the Canadian media monitoring branch of Reuters, announced today in a PR statement that they will start monitoring social media feeds and news providers to build and store “sentiment” data. This with have the purpose of aiding investors in predicting market trends.

Statement Analyzed

Thomson Reuters announced that through its leading expertise, and leveraging their partnership with MarketPsych, they are starting indexing a number of social media feeds, news, and chatter to build a “crypto index”. They state that:

“Over 400 news and social media sites, many specific to cryptocurrencies were added to the feed. Each site is scanned and scored in real-time, aiming to capture market-moving sentiments and themes”

Thomson Reuters is a giant info and media company. The business has operated in more than 100 countries for more than 100 years. If they are investing and putting serious resources into this, they should be onto something important.

The (Social) Media Connection

Cryptos are social now

Lately, there seems to be a relationship between social media sentiment and the market state for cryptos. It was reported earlier this week that bitcoin market slumps coincided with lack of interest (in web searches) for the crypto coin. Others have also linked social media posts to pump and dump operations, particularly when using the fake news as a source of fear, uncertainty, and doubt (FUD). So these kinds of initiative for establishing media watchdogs and then measuring the results against the market state should throw interesting results. The crypto market is still in its infant stages, and these kinds of tools should be useful for investors to detect market manipulations and trends in the future.

The Bottom Line

Last week, a bitcoin “misery” index was also revealed by Tom Lee, a Fundstrat analyst. So, companies are trying to find ways to tie these market movements to concrete events. But every instrument paints a part of the picture, but tend to miss the whole landscape. As always, for investing in cryptos you should exercise caution and common sense.

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