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.
Bitcoin Just Surpassed 1 Million Daily Active Addresses
"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
Bitcoin Above $9.3k: BTC Price Records A 13-Month High
Coinbase Custody Has $1.3bn In Assets Under Custody
“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. [...] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”The tweet also claims that - as cryptocurrencies mature and become an even more popular and dominant asset class- financial hubs such as the city of London are becoming centers for crypto innovation. Another tweet notes:
"1/ Last week Coinbase Custody CEOA month ago, during one on-stage discussion at Consensus, the CEO of Coinbase Brian Armstrong said that its custody service had already raked $1 billion in assets under management (AUM). Having that in mind and the latest cryptocurrency news showing that this number went to $1.3 billion - it is certain that the custodial branch of the exchange is soon going to hit the $2 billion mark. Meanwhile, as we reported in March this year, the US Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders the existing custody rules in specific cases of digital asset trading as well as settlement. Aside from Coinbase Custody and its London presence, the Hong Kong-based trading and asset management firm BC Group also announced that it is launching an insured custody service for cryptocurrencies.
@sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
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