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Weiss Ratings Upgrades Bitcoin From B- To B: Report

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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.

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Bitcoin News

Bitcoin Just Surpassed 1 Million Daily Active Addresses

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A new milestone is here and featured in our latest cryptocurrency news, where Bitcoin is seen surpassing the one million mark of daily active addresses. Now that Bitcoin just surpassed this crucial level, it also recorded a 13-month high and a growth that was quite parabolic this year. According to one analyst named Kevin Rooke and his tweet:
"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.
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Bitcoin News

Bitcoin Above $9.3k: BTC Price Records A 13-Month High

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Bitcoin is all over the latest cryptocurrency news today for recording another surge which put it at a 13-month high. The Bitcoin above $9.3k situation was present for a couple of hours before the most dominant cryptocurrency corrected. At press time, Bitcoin is trading at $9,113 with a $161 billion market cap and a dominance of 57.2%. It all started when the leading cryptocurrency by market capitalization rose to $9,381 at 05:55 UTC which is the highest price we have seen since May 10 last year (2018) as the Bitcoin Price Index shows. In fact, the Bitcoin above $9.3k situation has not been seen for some time now as BTC was trading in the $8,000 zone most of this week. As soon as BTC changed hands with the $9,400 mark, it corrected to $9,250 and then to the current price of above $9,100. As many best cryptocurrency news sites note, more than $19 billion worth of Bitcoin has been traded across crypto exchanges in the last 24 hours, Messari data shows. Meanwhile, some of the major exchanges included in the calculation of Bitwise's "real" BTC trading volume are reporting the 24-hour volume figure to be at $867,697,751. With this price rise, Bitcoin's dominance rate (or share of the total cryptocurrency market) has also surged. The Bitcoin above $9.3k is a price level which is great for the most dominant cryptocurrency - and boding well for the market in general. In the coming altcoin news, we can see that Bitcoin has initiated a positive trend. Right now, Litecoin (LTC) is up by 2.3% as well as Ether, XRP and Bitcoin Cash which were all up 4% according to data from CoinMarketCap. Meanwhile, EOS remains the best performing top 10 altcoin in the past 24 hours. It managed to add 7.4% gains overnight. Still, on a seven day basis, Litecoin is leading with its surge of 18.29%, closely followed by BTC which recorded a 17.20% growth on a weekly basis. Looking forward, the Bitcoin above $9.3k is a scenario that could finally lead the cryptocurrency to the $10,000 resistance level. A lot of technical studies back this possibility and the 50 and 100 candle moving averages also look set to produce a bullish crossover. With a 13-month high, Bitcoin has managed to retrace by around 38.2% from the December 2017 sell off.
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Altcoin News

Coinbase Custody Has $1.3bn In Assets Under Custody

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Many best cryptocurrency news sites came with shocking reports about Coinbase Custody - showing that the company holds around $1.3 billion in assets under custody (AUC). Moreover, the firm expects to hit $2 billion AUC very soon, as a Twitter thread published a few days ago noted. The series of tweets from the official Coinbase Custody Twitter account reported that the company's CEO, Sam McIngvale, along with the chief information security officer, Philip Martin, both visited the United Kingdom. The purpose of the visit, as the altcoin news show, was reportedly “a discussion on the institutional cryptoeconomy with a range of prospects and clients.” During the meeting, the representatives from Coinbase Custody argued that while many believe that there are no institutional grade offerings in the cryptocurrency space, Coinbase Custody is in face one of those offerings. The firm's representatives said that the company is insured, regulated and a secure custodian.
“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 CEO and Coinbase CISO visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
A 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.
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Bitcoin News

FINRA Regulator Suspends Former Banker For Mining BTC

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FINRA regulator or the Financial Industry Regulatory Authority fined and suspended a former investment banker for mining bitcoin. According to the reports in the latest cryptocurrency news, Kyung Soo Kim mined bitcoin since 2017. The former banker operated the mining business without giving his employer a written notice. Kim was an employee of the Bank of America-owned broker Merill Lynch, Pierce, Fenner and Smith Inc. The FINRA regulator claims that he mined bitcoin by violating the rules which prohibit the members from serving as an independent contractor, employee, officer, and director of the partner of another person outside of the employer. Additionally, the members are also prohibited from being compensated in any kind from another person as a result of any business activity. Kim was later discharged from his duties by Merill in 2018. What is also worth mentioning is that Kim was accused of forming a company named S Corporation for the purposes of mining cryptocurrencies and Bitcoin. He will now serve a one-month suspension that will prohibit him from getting in touch with any FINRA member companies during the same time. He will also pay a fine to about $5,000. Given that he reportedly formed his mining company in 2017 when the price of bitcoin skyrocketed, it is hard to argue that Kim was not wowed by the excitement on the market and clearly did not want to miss out on the major bull run that seemed never-ending. The punishment as explained in the coming altcoin news may seem a little moderate compared to other people that suffered even worse when they tried to mine bitcoin under different circumstances. As it was reported last month, an Australian man is now facing ten years in prison for mining cryptocurrencies on government computers. He only managed to mine about $9,000 which makes the prison sentence a high price to pay. Also, a 61-year old woman was sentenced to four months in jail in China for stealing electricity in order to mine bitcoin. The woman was also given a $1,500 fine after the lawsuit was filed by the power provider. It seems like Kim will be joining the army of sentenced people who try to make some extra money by mining without following the rules and regulations.
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