Who would have thought that the thoughts and moods of Twitter users would be used professionally in cryptocurrency trading.
The eToro trading platform has launched a new strategy for cryptocurrency traders, which predicts the movement of assets based on the statements of Twitter users.
The strategy was originally developed by The TIE, a cryptocurrency data analytics company. At the same time, the strategy was launched in October 2017 and since then has brought 281% of the profit, while Bitcoin itself has grown by 41%. On the eToro platform, the strategy is called TheTIE-LongOnly CopyPortfolio.
“Our machine learning and language model processing algorithm scans 850 million tweets per day and determines the positive or negative tone of Twitter discussions,” notes The TIE.
After determining the mood of the masses on Twitter, the platform uses this data to complete transactions.
“In traditional markets, retail investors are always denied access to the tools and data used by large companies. This puts them in a losing position. Providing institutional-level tools to individual traders is in line with the spirit of cryptocurrencies and decentralized technologies, will make it possible to democratize investments and equalize opportunities, ”said Guy Hirsch, Managing Director of eToro's US division.
In the summer, the eToro platform added support for 120 tokens of the ERC-20 standard.
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