After months of relative calm in cryptocurrency markets, bitcoin exploded back i...
LONDON - After months of relative calm in cryptocurrency markets, bitcoin exploded back into life in April with its sharpest price jump in over a year - but few people could convincingly explain why.
Their goal: crafting algorithms capable of picking out price “signals” from the background noise of sites ranging from Reddit and WeChat to Twitter and Telegram. “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.Such “sentiment analysis,” as computer-driven reading of the social media mood is known, is used as a tool in traditional markets like equities and foreign exchange to trade on consumer feelings toward a company or asset.
Still, it’s far from cheap or simple to design an algorithm that can find market-moving signals in the cacophonous world of social media, analyzing huge numbers of posts in dozens of languages while sifting out unreliable information. In an attempt to extract meaning from this mayhem, algorithms use so-called natural language processing - identifying key words and emotions that indicate changes in how social media users view certain digital currencies.
BitSpread, a cryptocurrency asset manager based in London and Singapore, uses its own capital to trade using an algorithm it started developing about a year ago, its CEO Cedric Jeanson told Reuters. Developers often identify key people with outsized voices and large numbers of followers to weight more heavily in their algorithm, said Bijan Farsijani of Augmento, a Berlin-based startup that launched an algo for sentiment analysis last month.CODERS IN DEMAND
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