The trading platform eToro announced about the development of the Twitter sentiment-based cryptocurrency trading strategy for their network of traders.
Partnering with analytics & finance management startup The Tie, eToro will release a tool allowing to track people’s perception of crypto coins.
This investment strategy analyzes crypto-related conversations that are processing daily 850 million tweets with the usage of machine learning and natural language processing technology.
US Managing Director of eToro Guy Hirsch mentioned the lack of the data and analytical tools in traditional markets noting the advantage of this analytical tool:
“In the spirit of crypto and decentralized technology, we believe that offering institutional-grade tools to every investor will level the playing field and democratize investing.”
Co-founder and CEO of The Tie Joshua Frank mentioned:
“All you need to do is click one button and you can copy these sophisticated trading strategies trusted by some of the world’s leading hedge funds and institutional investors.”
This new investment strategy checks each tweet separately and finds the tweets related to a particular crypto. Then using a filter checks the relevance of the data and deletes spam tweets.
As crypto fundamentals are still maturing, the company believes that people’s positive and negative perceptions can play a significant role and become essential indicators of cryptocurrency price movements.
The post eToro Launches Sentiment-Based Analytical Tool appeared first on Crypto - Bitcoin News, Forecast and Analysis.
from Crypto – Bitcoin News, Forecast and Analysis https://www.cryptocynews.com/etoro-launches-sentiment-based-analytical-tool/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment