Steem Rated a "Buy" By Investment Rating Agency! (Up almost 30%)
In Short
Today, the Steem currency received a “buy” equivalent rating from a historic independent rating agency. Now, the Steem currency is up almost 30%!
Steem Rated a "Buy" By Investment Rating Agency! (Up almost 30%)
I woke up today to see Steem up almost 30%! What could be the reason?
One notable piece of news is, today, a rating agency announced they are publishing the first ever ratings on cryptocurrencies. Weiss is an independent rating agency and one of (if not) the first to issue grades on various crypto assets.
While Bitcoin received a C rating, and a few coins received low ratings, Ethereum and Steem each received a B rating (technically a B- for Steem)! As Weiss notes, the A and B ratings could be viewed as similar to a “buy” rating that we would see on typical stock research reports.
The rating agency will be cover a total of 74 currencies to start, but is only disclosing a handful; to get the remainder, there is a subscription service. I do not have access to the full reports/ratings but I might consider buying it at one point.
The fact that Steem is mentioned seems promising, maybe this means, in the view of the rating agency, there is positive tech and use case that they apparently cannot ignore. Again, I have not read the report but am thrilled to see this positive exposure for the platform/currency.
What do you think?
Feel free to comment and follow for more finance/economics topics (the main focus of this blog is also tax articles)
Source: http://finance.weissratings.com/crypto/
Picture Credit Coin Market Cap
Disclaimer: This is not investment advice, I am not an investment professional. This is not an endorsement by me of the accuracy of the ratings agencies or currencies mentioned above. If you decide to buy Steem, do so based on your own research/decision, I am not your personal advisor and not recommending anything to you either way. This post does not create a client relationship between author and reader.
STEEM sure could use another buy rating right about now...
While I think it is great Steem is receiving a buy "rating" from the rating agency these types of ratings usually do not translate into anything meaningful.
My guess is we see some technical breakout on the news and then slowly move down again.
Ryan
Good news! Yay! Bad news... HODL! Rinse, repeat.
Thanks for sharing your opinion. Right, maybe there is no significant impact, maybe there is, couldn't tell you either way. I'm just glad to see some positive feedback from "wallstreet."
Whilst this is good for Steem investors and the platform we need to take a serious look at what was actually in the ratings report.
Monero and XLM rated C? The same as Doge and verge?
Have a look through the list yourself if you're curious because it seems like a 4 year old put it together.
Thanks for the comment.
It will be very interesting to see how the Key Indicators and Metrics for Cryptos evolve. This has been a fundamental issue with valuation of cryptocurrencies as they start going mainstream. Once a few of the bigger banks admit they're trading cryptos, then you will definitely begin seeing what their "special sauce" for valuation and trading are.
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