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Not Many Good Grades For Cryptos

One ratings agency is applying grades to some cryptocurrencies and, for the most part, this is not a report card to be posted on your parents’ refrigerator.

Weiss Ratings, an independent ratings agency that assigns letter grades to about 55,000 institutions and investments, including nearly all of the nation’s insurance companies, banks, credit unions, stocks, ETFs and mutual funds, recently published grades on 93 digital currencies. That is a small slice of the overall alt-coin universe, which is home to more than 1,500 coins.

In its most recent report, a follow up to its initial grades released in January, Weiss Ratings upgraded bitcoin to a grade of B- from C+.

“Cryptocurrencies do not have to achieve an A grade to merit interest by investors. A ‘B’ or even ‘B-‘ also qualify as the investment rating equivalent to ‘buy.’ At the same time, investors should not be overly alarmed by a ‘C’ rating. It is a passing grade; and for investors, implies the equivalent of ‘hold,’” according to Weiss.

Inside The Grades

Just 14 of the cryptos graded by Weiss landed grades of B or B- while 54 received C ratings. Among those in the B category are EOS, ADA and DCR. Those with B- ratings include bitcoin, ethereum, IOTA, Ripple and STEEM, among others.

Among the well-known cryptos in the Weiss C category are bitcoin cash, dogecoin, litecoin and siacoin, among others.

“The new world of cryptocurrencies has delivered astonishing profits to investors and holds great promise for the future,” according to Weiss. “Millions of new investors have rushed in. Hundreds of self-declared experts have appeared to advise them. But the market suffers from lax standards, murky operators, marketing hype, and periodic market crashes. It desperately needs the clarity that only robust, impartial ratings can provide.”

The ratings agency offered a fair view of bitcoin.

“Bitcoin (rated C+) gets excellent scores for security and widespread adoption,” said Weiss. “But it is encountering major network bottlenecks, causing delays and high transactions costs. Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”

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Bitcoin

Bitcoin Price Hits 8-Month High Close to $7K

There seems to be no stopping the bitcoin (BTC) freight train.

The leading cryptocurrency by market value jumped to $6,964 at 06:00 UTC today on Bitstamp, the highest level since Sept. 5, 2018, having found acceptance above the crucial 200-week moving average at $6,500 in early Asian trading hours.

Prices have set a new multi-month high for the fourth straight day and have rallied in excess of over 70 percent in the last 5.5-weeks.

Notably, with the sharp rally, the 100-day MA of bitcoin’s price has moved above the 200-day MA. That is the first bullish crossover between the two averages since July 2015.

The development further confirms the long-term bearish-to-bullish trend change signaled by several technical indicators, including a golden crossover, over the last few weeks.

The moving average studies, however, are lagging indicators and have limited predictive abilities, as they take old price history into account.

Even so, investors may take heart as a similar crossover in July 2015 was followed by a 2.5-year bull run.

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Binance

Binance got hacked for $40 Million Dollars in Bitcoin, is your money safe?

The short answer is Yes, your money is safe.
Fortunately, Binance was prepared and your money is safe in due to SAFU. Meaning the ‘Secure Asset Fund for Users’ will cover this completely. This is the very reason Binance is self-insured.

Technically speaking the Binance exchange itself was not hacked, it has officially been stated by Binance that a large number of API Keys, 2FA Codes, and other user info was acquired by said hackers utilizing techniques such as phishing, viruses and other types of digital attacks. This means that it was user accounts that were compromised by the users themselves and not Binance.

In an age where digital security is more important than ever, this is a stark reminder to keep your data safe and secure at all times.

TLDR About the Binance Hack:

• 7000 BTC was stolen
• The BTC was stolen from Binance’s Hot Wallet
• Binance’s Hot Wallet holds only 2% of their total holdings
• All funds are insured and do not affect users

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Bitcoin

Why Is Bitcoin Not Taking Off In 2019?

PEAK BITCOIN

As you are likely referring to the price, Bitcoin is quite frankly doing what it has always done, as in go through a cycle. Right now it appears to be in the accumulation phase before it starts to climb and then vault higher than it was before.

If you take a look at this Bitcoin chart and go back to what happened in the run up to late 2013, it extremely similar to 2017, and then what happened directly after in 2014, 2015 and 2018, 2019 is quite similar.

 

We can see from the chart that there was a prior accumulation phase happening throughout 2015 and 2016 after the drop in 2014 subsequent to the spike in 2013. But this is dwarfed by the spike that happened in late 2017.

The other point to note is that Bitcoin is not unique when it comes to this cycle, it has happened before in many different markets. It’s just that Bitcoin is a new technology phenomenon that is following a very similar path. Of course we can never be certain as to how long the current phase will last, but when it’s done I suspect a lot of people will look back once again and wish they had accumulated during this phase.

Finally, whether it still has further to drop or not won’t really have any substantive bearing on the ultimate long term trajectory in our honest opinion.

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