By
Chimamanda U. Martha
April 18th, 2024
Thomson Reuters has integrated bitcoin price data to its Eikon trading software.
Thomson Reuters, an international media and information company and owner of the world financial news agency Reuters, has included bitcoin price information to its Eikon software.
Thomson Reuters Eikon, a provider of various news, including analytics and markets data, was opened as a main competitor to Bloomberg terminals that offers real-time financial market data and place trades on the electronic trading platform. Bloomberg terminals includes 320,000 subscribers.
Eikon trading platform will show the bitcoin price in US using the data provided by Bitstamp, European digital currency exchange. The decision to add bitcoin prices was mainly provoked by the customer demand.
The move follows the announcement of Bloomberg on 30th of April that it would display bitcoin prices tracked by US virtual currency exchanges Kraken and Coinbase. The company then included data from itBit (Singapore) and Bitstamp (the UK).
The announcement promised the same level of functionality Eikon customers are used to. It states: “Traded rates and volumes as well as top of book quotes are all now available for you to act before the market moves.”
Thomson Reuters also noted that bitcoin is recovering now after the bankruptcy of Japanese digital currency exchange Mt.Gox. Moreover, the addition of DISH Network and Expedia to the bitcoin ecosystem demonstrates that the market is improving now.
According to Thomson Reuters, Eikon’s users will be able to utilize professional instruments to track news and see a graphical analysis.
Eikon’s new bitcoin offerings include:
- A time and sales viewer that displays volume-weighted average price (VWAP)
- Daily open, high, low and close data
- Intra-day and end-of-day charting for quotes, trades and volumes
- Three-year traded rate and volume history
- Top-of-book bid and ask size
- Traded rates and volumes (in BTC)
Thomson Reuters also encouraged bitcoin traders, who are considering using the platform, to try a free Eikon’s demo offer.
In addition, the company discussed bitcoin’s success given its uncertain regulatory and legal status in the world. Despite these problems, the firm described bitcoin and revealed the key reasons of adding the digital currency to its trading platform.
It stated: “Despite the skepticism expressed by many counter parties, the phenomenon of cryptocurrencies needs to be monitored as it brings on several implications on industry assets and practices (such as payment systems and the role of the banks), but also on regulatory ground (links with anti-money laundering legislations).”
The comments suggest that Thomson Reuters believes that many of its users will monitor the developments in the bitcoin sector without making direct investments.