American provider of investment data Weiss Ratings has ranked Bitcoin (BTC) as excellent by assigning it an A- grade due to strong price performance.

In a tweet published on Feb. 7, Weiss Ratings announced:

The Weiss Crypto Rating for #BTC is now A- (excellent), thanks to improving fundamentals and positive price action ahead of Bitcoin's next halving.

Previously, in late March 2019, Weiss Ratings put Bitcoin aside XRP and EOS as cryptocurrencies that have the best combination of adoption and technology. Now, Bitcoin has a higher grade than both those assets, with XRP standing at B- and EOS at C after a downgrade for centralization. XRPs current rating is also lower than the A it was assigned in March.

Comparatively, China one of the most blockchain-friendly countries worldwide periodically issues its own cryptocurrency ratings, namely from Chinas state-backed tech workgroup, the Center for Information and Industry Development (CCID). The latest ratings published at the end of September put Bitcoin in the eleventh spot.

Meanwhile, the CCID puts EOS in the top spot with Tron (TRX) second and Ethereum (ETH) third. XRP, on the other hand, is ranked twentieth.

Weiss Ratings emphasizes the importance of the upcoming Bitcoin halving event, which refers to the reduction by 50% of the rate at which new coins are produced. Miners that secure the blockchain are compensated with new coins for every new block that they create and soon the number of new Bitcoins created for every block will drop from 12.5 to 6.25 coins.

Further in the future, the creation of new blocks will only be compensated with the transaction fees and new coins will not be created anymore.

As Cointelegraph reported yesterday, major United States-based cryptocurrency exchange Coinbase recently said that halving will move Bitcoin closer to being digital gold. The firm noted:

Armed with a myriad of technological advantages, accelerating development, and maturing global market, Bitcoin is a store of value to rival gold in the digital age.

As reported earlier today, Bitcoin has just broken $10,000 for the first time this year. After starting 2019 at $7,227, Bitcoins price consistently grew until reaching the current value of $10,140, a 40% gain since the beginning of the year.

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Weiss Ratings Upgrades Bitcoin to A- Ahead of Halving - Cointelegraph

Bitcoin (BTC) briefly hit $10,000 on Feb. 9, capping a momentous first month of 2020 to reach its highest level since October last year.

Crypto market weekly price chart. Source: Coin360

Data from Coinbase exchange and Cointelegraph Markets showed that shortly after 3:00 a.m. UTC BTC/USD moved to $10,000 on a high volume spike but the digital asset quickly pulled back to $9,975. The feat of reclaiming five figures occurred after a nearly four-month absence.

During that time, the pair traded as low as $6,400 before an abrupt bullish turnaround saw January alone deliver gains of 35%.

The move to the symbolic $10,000 level was preceded by Bitcoin futures markets, which briefly entered the zone on Feb. 6.

Traders had been primed to expect a strong directional move, with Cointelegraph Markets analyst filbfilb identifying $9,550 as likely support.

Fellow analyst Mati Greenspan added:

This isn't the first time bitcoin has been valued above $10,000 and it might not be the last, but it is the first time that the valuation is justifiable based on fundamentals of the network.

Bitcoin weekly price chart. Source: Coin360

Currently, the overall cryptocurrency market cap now stands at $283.9 billion, with Bitcoins dominance rate is 63.5%. A handful of major altcoins mirrored Bitcoins success, with Ether (ETH) rising 2.27% to pass $225, EOS rallying 8.27% and Bitcoin SV (BSV) reaching $365.14 on the back of a 24.24% daily gain.

Earlier in the week, many tokens repeatedly put in a solid performance for investors, with daily gains for some topping 25%.

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Bitcoin Price Hits $10,000 for the First Time in 2020 Up 40% YTD - Cointelegraph

Another week, another round ofCrypto Tidbits. Bitcoin saw quite the past week in terms of price action, rallying from a low of $9,100 to as high as $9,900 (a high just set hours ago as of the time of this articles writing). The asset is up 5% in the past week, per data from Coin360.

Interestingly, unlike other weeks, other digital assets outperformed BTC in the past seven days. Ethereum, especially, saw a massive surge higher, gaining 22% as buyers finally stepped in after 2019s brutal drawdown.

The underlying industry was just as exciting as the crypto market, with there being a confluence of developments that may excite readers.

Address totals suggest Bitcoin is likely to sustain above $9,000, as we see it. One of the most robust indicators of the 2018 price decline and 2019 recovery the 30-day average of Bitcoin active addresses from Coinmetrics is the highest since July, when the price peaked at about $14,000.

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Crypto Tidbits: Bitcoin Nears $10,000, Tron CEOs Warren Buffett Rendezvous, Ethereum DeFi Hits $1B - newsBTC

Bitcoin is continuing to pile on the gains.

The number one cryptocurrency by market value rose to a three-month high of $9,859 during the U.S. trading hours on Thursday and was last seen trading at $9,801, according to CoinDesk's Bitcoin Price Index.

With the surge to multi-month highs,bitcoin has recovered a significant portion of the ground lost in the secondhalf of 2019.

Bitcoin's bull move from the April 2019 low of $4,100 topped out at $13,880 at the end of June. The bears seized control in July and ended up pushing prices to below $7,000 by the end of November.

December, therefore, began on a negative note with prominent analysts calling for a deeper drop to $6,000 or below on miner selling of the digital asset.

The decline, however, was cut short at the seven-month low of $6,425 on Dec. 18. Since then the cryptocurrency has risen sharply by more than $3,300.

The speed of the ascent has been impressive nearly 46 percent of the decline from $13,880 to $6,425 seen in the 25 weeks to Dec. 18 has been reversed in just seven weeks.

With the bulls in control and momentum looking quite strong, the cryptocurrency could soon rise into five figures.

The daily chart looks constructive with the cryptocurrency printing bullish higher highs and higher lows with each passing week.

Confirming the uptrend are the ascending five- and 10-day moving averages (MAs) and a bullish crossover of the 50- and 100-day MAs. The MACD histogram, meanwhile, is printing higher bars above the zero line, indicating a strengthening of bullish momentum.

Importantly, the market is showing no signs of bull fatigue. The 14-day relative strength index is yet to cross into overbought territory above 70 and the cryptocurrency continues to print solid green candles with small wicks, a sign there is no hesitation among buyers while pushing prices higher.

So, the odds appear stacked in favor of a rise to the October high of $10,350. Pullbacks, if any, could find take the support of the ascendingfive- and 10-day MAs located at $9,526 and $9,445, respectively.

Bitcoin has faced rejection near $9,850 two times in the last 24 hours. Another failure might see some buyers opting to take their profits, leading to a minor price pullback to $9,635 (horizontal support line). Acceptance below that level might bring in deeper losses toward $9,500.

Disclosure: The author does not currently hold any digital assets.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks - CoinDesk

The number of bitcoin on-chain deposits has dropped sharply over the last six months, indicating a strong optimistic or HODLing, sentiment in the market.

The seven-day average of the number of transfers to exchange addresses, or unique daily exchange deposits, fell to 23,986 on Jan. 1. Thats the lowest level since November 2016 and comes after topping out at 58,925 at the end of June 2019, according to crypto analytics firm Glassnode. The number has since inched up to 27,289 as of Feb. 4.

Notably, the count of deposits dropped by 60 percent in the second half of 2019 even as prices collapsed from $13,800 to $6,425.

During violent price drops, investors usually move their coins to exchanges to sell them in the market. However, investors held onto their coins during the second half of 2019 despite the price slide.

It indicates increased HODLing, a sign of strengthening belief in the long-term viability of the cryptocurrency, according to Ashish Singhal, CEO and co-founder at CRUXPay and CoinSwitch.co.

HODLers are not in it for a get rich quick mentality and are now less fazed by micro factors that previously led to an exodus or panic sell, Singhal told CoinDesk.

Nicholas Pelecanos, advisor to NEM Ventures, sees the slowdown in trading and on-chain transaction volumes as indicative of a not-so-healthy market in the short-term.

A divergence between on-chain transaction volume and price appreciation has typically been a bearish signal, Pelecanos told CoinDesk.

Bitcoins price rallied by 30 percent in January, diverging higher from the the count of transfers to exchange addresses, which remained near multi-year lows hit on Jan. 1.

Although the number of transfers to exchanges declined, the number of transactions recently saw an upswing along with price. The seven-day average of transactions jumped rose from 290,200 on Jan. 6 to a three-month high of 324,745 on Feb. 3.

That investors hoarded coins in January amid a price rally suggests strong bullish sentiment among investors; if they had doubted the sustainability of the recent price gains, they would have moved their coins to exchanges to sell them at market price, leading to a rise in exchange deposits.

Exchange deposits may rise after halving

Bitcoin will undergo mining reward halving in May 2020. The process aims to curb inflation by reducing rewards per block mined by 50 percent. When it occurs, the block rewards will drop to 6.25 BTC from the current 12.5 BTC.

Bitcoin has picked up a bid ahead of the supply-cutting event. The cryptocurrency is currently trading at $9,400, representing a 46 percent gain on Decembers low of $6,425.

Connor Abendschein, crypto research analyst at Digital Assets Data, expects exchange deposits to rise should the price of the cryptocurrency continue to do so ahead of the halving and in the following months. Thats because some investors may decide to book profits, he said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Exchange Deposits in Bitcoin Slide to Lowest Level in 3 Years - Coindesk

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Bitcoins chart is at a crucial area. Stuck between lower highs since 2017 but higher lowers in its long-term trend, and the heralded havening around the corner, bitcoin speculators expect King Crypto to be on the verge of a monster move higher. But if bitcoin serves the purpose that true believers think it will, the next big move is likely to be lower.

The most important debate around crypto is whether investors should think of bitcoin as a safe haven asset like gold and bonds. Its the question that matters most to true believers, who see bitcoin as the solution to global central banks undermining fiat currencies. But at least in the short-term, evidence from the global economy suggests central banks will be able to stay out of the picture. If bitcoin really is a safe haven, then it should resume its trend lower.

Theres no perfect box in which to put bitcoin, but bitcoins overall trend the last 12 months higher during spring and summer of 2019, lower highs until December does to a large degree match the trajectory of bonds and gold. And it makes a good bit of sense, if you accept that bitcoin trades on belief that it could be a potential store of value in a world awash with cheap money.

More specifically, bitcoin is best thought of as a *subset* of traditional safe-haven assets. Because bitcoin is viewed by enough of its investor base as a way to bet on excessive central bank activity that will one day undermine the value of fiat currencies, it moves in relation to expectations of central bank activity. Its rallied when the economic outlook looks rough, because right now, the market equates uncertainty to central bank activity.

Fed cuts also support bond bulls and gold bulls. This is why bitcoin has been trending lower since the summer of last year as a U.S.-China trade deal came to fruition, the Fed was able to pause its cut cycle, and the global economy turned toward stability. Bonds and gold followed, but bitcoin had the most pronounced move, because it has the most riding on central bank cuts. If negative interest rates peaked last year, economies stabilize, and the existing financial system is not broken enough to demand a solution to fiat money, bitcoins use-case falters.

It doesnt have the same track record as gold, and bonds attract buyers for all kinds of reasons. Bitcoin has the most to prove, the biggest hype to live up to, and will swing the most as those interest-rate expectations change. One could loosely describe it as a high-beta haven trade, assuming the solution to economic risk means interest rate cuts. And so as coronavirus sent the odds of another Fed cut soaring this year, bitcoin, bond and gold all rallied.

Yet right now its looking weary next to its safe-haven peers. Gold broke out to a new 7-year high this year, bonds are the highest since early October, and bitcoin is struggling to break 10,000. Overhead pressure from bubble-buyers and whales likely remains, and U.S. economic data is crushing expectations. If this continues, the odds of a rate-cut will likely revert lower, and the trend lower in bitcoin should, according to this theory, resume downward too.

Or will it?

The exception to bitcoins trend as a safety asset is of course 2017. The epic bubble in crypto then looked a lot more like the melt-up in risk assets like stocks than anything in bonds or gold. So what do we conclude if it indeed explodes higher? Unclear, but unless it comes with a big deterioration in the economic outlook, its probably a sign of gross speculation gone AWOL once more. In that case, its best thought of as a risk asset more similar to stocks and thats not good for its long-term viability.

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Stakes For Bitcoin Are Highest Since The 2017 Bubble - Forbes

It's been a blinder of a week for Bitcoin. The pioneering cryptocurrency reached 500 million transactions, and now its daily transactions are hitting levels not seen in the past five months. To top it all off, BTC has wiped out over 45% of its 2019 sell-off in the space of just seven weeks.

The price of Bitcoin has been on an upward stride lately. In 2020 alone, BTC has managed to add over 40% to its price pointadvancing from a yearly low of just under $7000 to a current price of approximately $9800. Now, with a dual-month rally under its belt, Bitcoin has succeeded in writing off almost half of its 2019 losses.

Following a parabolic advance in April last yearwith Bitcoin topping out at around $13,8802019's price slump was unrelenting. The flagship crypto went from reclaiming the majority of its 2018 losses to a lowly base of $6,900 come November. Nevertheless, its triumphant rebound has all but erased the losses of last year, with Bitcoin on the threshold of breaking $10,000 once more.

It's not only Bitcoin's price that's been thrashing expectations of late. Key fundamentals have similarly positioned BTC into a sweet spot, with an increasing amount of digital gold exchanging hands.

Data from blockchain.com reveals that Bitcoin managed to surpass 368,604 daily transactions on February 5. The last time the network observed levels of that magnitude was back in September 2019.

Bitcoin's daily transactions hit a 5-month high (Source:

Although this wasn't the highest number of daily transactions ever, it's still indicative of market adoption. A record-breaking daily tx was recorded back in May 2019, when the network reached an all-time high of 452,646.

All this was underpinned by the news that Bitcoin network transactions had reached half a billion transactionsup from 250 million in 2017.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin hit three big milestones this week - Decrypt

Bitcoin gained traction and recently climbed above the $10,000 mark against the US Dollar. BTC price is now in a strong uptrend and it could soon test $11,560 or $12,100.

This month, bitcoin started a strong upward move above the $9,000 resistance area. Earlier, BTC was able to settle nicely above the $8,800 pivot level and the 100-day simple moving average.

It cleared the path for more gains above the $9,200 and $9,250 resistance levels. More importantly, the bulls were able to push the price the main $9,500-$9,600 resistance area.

During the rise, there was a break above a crucial bearish trend line with resistance near $9,000 on the daily chart of the BTC/USD pair. Bitcoin even surpassed the 76.4% Fib retracement level of the last key decline from the $10,579 high to $6,423 low.

Bitcoin Price

The price is now showing a lot of positive signs and it recently climbed above the $10,000 level. The next resistance is seen near the $10,579 swing high.

However, the first key resistance for the bulls may perhaps be near the $11,560 level. It represents the 1.236 Fib extension level of the last key decline from the $10,579 high to $6,423 low.

Any further gains could lead the price towards the $12,100 resistance level. The main target for the current wave could be near $13,000 since it is close to the 1.618 Fib extension level of the last key decline from the $10,579 high to $6,423 low.

The recent break above $9,500 and $10,000 was significant. It has opened the doors for a larger rally towards $11,500 and $12,000.

Therefore, the chances of a downside correction are very less. An initial support is near the $9,600 area (the recent breakout zone). Any further losses may lead bitcoin price towards the $9,000 support area.

Technical indicators:

Daily MACD The MACD is slowly gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) The RSI for BTC/USD is now well above the 65 level.

Major Support Levels $9,600 followed by $9,000.

Major Resistance Levels $11,560, $12,100 and $13,000.

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Bitcoin Starts Vertical Rally To $11.5K and $12K: Uptrend Isnt Over Yet - newsBTC

Thanks to a significant uptick in Tesla (NASDAQ:TSLA) stock since the start of 2020, a new narrative has emerged: Tesla stock isapparentlythe new bitcoin. But is there any truth to this beyond a trivial analytic link?

The chronicle of Teslas price surgeand its kinship to BTCis being picked apart by nearly every analyst of late. One of the most recent speculators to highlight the quasi-relationship is Bloomberg Intelligence analyst Mike McGlone.

Speaking on an episode of Charting Futures, McGlone observed that Teslas stock price seems to be mimicking its 2013 performancea year that witnessed TSLA explode from $32 to $190 in the space of nine months:

On the long-term chart, [TSLA] trades just like it did in 2013, which was one of the biggest years ever. And by the way, that was the biggest year ever for Bitcoin and it looks to me like youre seeing a little bit of Bitcoin catching up.

McGlone certainly isnt alone in his thinking. A variety of crypto (and some non-crypto) commentators have also noted the TSLA-BTC connection. Crypto trader Scott Melker even suggested that Tesla stock was imitating bitcoins infamous 2017 bull runprompting somewhat of a sell signal:

You cant blame people for drawing comparisons. TSLA has gone on a parabolic streak since late October, climbing from $254 to a peak of $887 in early February. That marks a massive 250% increase in a little over three months. Remind you of anything?

Given this integral turning point for Tesla, its understandable why many are making the bitcoin-Tesla connection.

According to McGlone, while the assets charts appear to be lining up, the primary correlation between the pair remains their disruptive nature:

Theyre different assets but theyre the worlds most significant disruptive technologies with name recognition all around the world.

McGlone is right. Tesla is an undoubtedly innovative company. Its intention to supersede outmoded gas guzzlers makes it a highly relevant disruptor, especially in the age of environmental awareness.

Rather than cornering the market, as disruptive innovations typically dooften by producing a cheap and effective productTeslas success has instead drawn in multiple competitors. For example, the Chevrolet Bolt, Hyundai Ioniq, and Nissan Leaf, among others, come in at a more palatable cost compared to the Tesla Model 3, with its lofty $39,490 price tag.

Nevertheless, there is unquestionably a demand for Tesla. Last year the firm managing to seize 16% of the electric vehicle market despite established competition.

As a world-renowned pioneer of the electric vehicle industry, Teslas demand will likely continue to grow.

And then theres bitcoin.

Once touted as the death knell for the traditional financial industry, bitcoins allure as a disruptor has all but dissipated in recent years. Despite being a pioneer of blockchain technology and digital payments, a deficiency in adoption has curbed bitcoins goal of financial dominance.

For the most part, Bitcoin losing its disruptor status arises from a trifecta of woes: regulation, innovation and categorization.

A lack of cohesive regulation has left BTC adoption staggered across multiple jurisdictions. In the U.S., while the SEC continues to debate over security classifications of specific cryptocurrencies, the IRS defines bitcoin as property for U.S. federal tax purposes,andthe CFTC considers digital assets commodities. All of which contribute to the confusion.

Constant disagreement as to its use case has similarly buckled bitcoinwith no real consensus as to whether its a store of value, a medium of exchange, or both. As a consequence, the markets have become saturated. The cryptocurrency markets are now chock-full of bitcoin derivatives, each touting a sounder use-case than the lastproviding further dilution in bitcoins mission toward disruption.

Perhaps most damning of all is the argument that blockchain is a better disruptor than bitcoin.

Bitcoin, not blockchain is an adage typically used by non-believers. From Goldman Sachs President Gary Cohnto U.S. defense agency DARPA, those who rank BTC lower than its underlying tech appear to be winning the debate.

Last April, Forbes released its Blockchain 50 lista round-up for billion-dollar companies employing blockchain tech. The list included big shots such as Amazon Web Services, BBVA (Spains second-largest bank), Citigroup and, of course, Facebook. All of which tend to turn a blind eye toward bitcoin itself.

At the end of it, despite what analysts say, bitcoins relationship with Tesla is negligible at best, and downright ridiculous at worst.

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.

This article was edited by Sam Bourgi.

Last modified: February 7, 2020 3:19 PM UTC

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Is There Any Truth to the Tesla-Bitcoin Parallels? - CCN.com

Pseudonymous researcher Hasu has discovered a new twist on a well-known potential attack on the bitcoin network.

The researcher posted a description of the attack, which he named "Purge" after the B-movie franchise, to the bitcoin developer email list last week. It's a variation on the so-called sabotage attack, in which malicious miners try to wreak havoc on bitcoin for the sake of wreaking havoc, rather than for profit.

Purge attacks probably dont constitute a bigger risk than other known forms of sabotage attacks, but seem like an interesting spin," he wrote.

In the dystopia of the "Purge" films, the U.S. government legalizes all crime for one night every year to unleash a sort of national catharsis. Hasu said he chose the name "because the attacker doesnt (primarily) steal money himself, he makes theft legal in the network for a short period of time."

In short, the attack opens the possibility that in very particular circumstances some users could spend their bitcoins more than once, something the unique technology behind bitcoin is supposed to prevent.

To be clear: The scenario is hypothetical, like many others bitcoin researchers have identified in their efforts to steel the network against real-world sabotage attempts. Anticipating the danger is a first step toward preventing or at least mitigating it.

In order to execute a purge attack, a rogue miner would replace an already accepted block with an empty one, pushing transactions that were previously seen as final back into the "mempool," which is like a waitlist for transactions. Then, anyone who sent a transaction during that time can spend the same coin twice.

The new type of sabotage could be used to "undermine trust in bitcoin's assurances," such as the assurance that transactions are after a time "final," meaning irreversible. "Possible attackers could include nation-states hostile to bitcoin as well as terrorist organizations," Hasu added.

Further, Purge is different from other sabotage attacks because the users who are suddenly allowed to double-spend could get incentive to go along with the attack.

"Because Purge gives normal users a way to benefit from the attack, the attacker hopes that it will be harder to coordinate a response quicklybecause whoever benefited from the attack has an incentive to defend the attack chain," Hasu told CoinDesk.

But while Purge is a new idea, its not necessarily worse than other known attacks. Hasu also points to a couple of lines of defense: One, the risk to the attacker of losing block rewards, which are expensive to win and could decline in value if the attack shakes confidence in bitcoin; and two, the strength of bitcoins pre-coordination.

The full report (on bitcoin futures exchange Deribit's blog) dives into much more detail.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Crypto Researcher Hasu Flags Attack That Could Bring 'Purge'-Style Mayhem to Bitcoin - Coindesk