Weiss Ratings issued a new report showing that it has upgraded bitcoin from its previous B- grade to a B. However, the rating agency recommends that users should be holding out for a price correction before they purchase it as per the coming altcoin news.
The independent rating agency Weiss Ratings rates cryptocurrencies based on multiple factors including risk, reward, technology, and adoption. The four categories are often split into two ratings, one for tech and adoption and the other for risk and reward. The combined average of both categories is used to work out an overall rating and a total grade.
Bitcoin’s tech adoption score has previously been rated as a solid ‘’A’’ mainly thanks to the improvements such as the Lightning Network. The risk factor has always brought the grade down and the cryptocurrency itself as well. however, the recent price gains have improved the reward making the risk and reward category gain a ‘’C-‘’ grade and giving Bitcoin an overall rating of ‘’B.’’
According to Weiss rating bitcoin is now at a good position after being ten years at the top and still managing to set the standards for other cryptocurrencies. Despite the upgraded rating and the improved adoption, the rating agency does not recommend buying Bitcoin at the moment. The reason for this is because the recent price gain may bring us a substantial price correction after which people are advised to purchase bitcoin with the funds they can afford to risk.
Weiss also says that we are currently in the first phase of a new bull market and that the risk-reward rating category will continue to improve as the bull market unfolds. Despite the positive rating, some parts of the crypto community had something to say about the matter. Of course, the Ripple army as noted in the latest cryptocurrency news sees the new upgraded rating as a personal affront. You could read many comments on the Twitter post that the agency posted saying how they feel threatened with the new rating. What is funny is that Ripple is also graded a ‘’B’’ just like Bitcoin and Ethereum.
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.https://twitter.com/CryptoDonAlt/status/1163417215435235328
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”
“Bitcoin is literally the riskiest tradeable asset right now, and I wouldn’t even call it an asset. It is literally backed by nothing and based entirely on speculation. That’s why it is so volatile. It's a sucker's bet, not a hedge.”Butowsky also pointed out that no other chart could correlate (positively or negatively) to any other asset. Any expert who says otherwise, is "dead wrong" the Bitcoin skeptic claims. He even went on to point a video of an analyst saying that Bitcoin can be a good hedge, which can be seen on this YouTube link. And for those of you who think that Bitcoin is a perfect non-correlated asset to the stock market, the idea of the hedge is to offset risk. Bitcoin, with its current performance, only increases the overall risk in a portfolio.
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