First we see futures markets opening, now we have the first ever ratings agency releasing a special report dedicated to cryptocurrencies. This is what happens when a market sector is worth hundreds of billions of dollars.
The new Weiss Cryptocurrency Ratings website launched on Wednesday 24 January 2018 with its first ever report.
The first response was a cyberattack from Korea. The buzz on social media was that some coins were given a poor rating and could tank.
Steem was given a rating of B-; this is the same as NEO and Cardano. Only EOS and Ethereum scored higher with a B. Every other coin was below this, with the flagship Bitcoin limping in at C+. The (unverified) data appears to be available on twitter.
This now explains the 60% spike yesterday, seeing STEEM go from about $4.30 to $6.80; as of writing it remains at $6.60.
With so much money now involved, cryptocurrencies will continue to come under the same kinds of scrutiny as other financials.
But this has been great news for STEEM!
What do you think about having rating agencies for cryptos?
With some 1500 coins, will it shine some much-needed light on the market, or will it introduce unwelcomed external bias?
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