The goal is to create algorithms that can sniff out price signals from the background noise across sites like Reddit, WeChat, Twitter and Telegram.
Reuters carry the report, not breaking news of course, its been used for stocks and forex sentiment analysis for ages now. But an interesting read for an Asia session.
use of algos for parsing social media growing
major challenges and risks remain to their wider deployment (eg,. cost, complexity)
"It's an arms race for money managers," said Bin Ren, CEO of Elwood Asset Management, which specializes in digital assets and is owned by Brevan Howard founder Alan Howard."Very few players are able to implement and deliver it, but I believe it is highly profitable."
Here is the link for more.
Meanwhile, an update on Bitcoin moves.
BTC looks like a great buy. BTC looks like a great sell.