Staying updated on the ever-changing cryptocurrency market doesn’t have to be as tough as keeping up with the Kardashians. I’ve rounded up the latest set of news to help y’all stay in the loop.
Goldman Sachs to open bitcoin trading operation
Following earlier reports that several top financial firms and big hedge fund families are looking to invest in the cryptocurrency space, Goldman Sachs announced this week that it plans to run a bitcoin trading operation.
Now this means more brownie points for digital currencies as the Wall Street hotshot company also acknowledged that bitcoin is “not a fraud.” This also represents a shift from CEO Blankfein’s remarks on how “bitcoin is in a kind of a bubble.”
According to Rana Yared, one of the execs involved in these crypto plans:
“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value.’”
For now, though, Goldman Sachs is still working on getting regulatory approval to see how it can protect its clients against the higher risks involved in playing with cryptocurrencies.
Bill to legalize ICOs introduced in South Korea
Last week, it was reported that Japan created a regulatory body to watch over the crypto space and this week, South Korean lawmakers are reportedly drafting a bill to legalize the launch of new ICOs.
This move is being led by Hong Eui-rak of the ruling Democratic Party of Korea, who mentioned in a speech:
“The bill is aimed at legalizing ICOs under the government’s supervision. The primary goal is helping remove uncertainties facing blockchain-related businesses.”
Apart from easing fears of a full-blown ban on cryptocurrencies in the country, which happens to be one of the largest markets of bitcoin, it also supports IMF head Lagarde’s call for a more open-minded approach in crypto regulation.
Ethereum vs. bitcoin
While bitcoin tends to hog the spotlight in the cryptocurrency world, its little brother ethereum has been getting more attention these days.For one, Reddit co-founder Alexis Ohanian predicted that the price of ethereum could reach $15,000 by this year because developers continue to build apps on it, even making a brief mention of Cryptokitties.
However, after the interview, Ohanian said that he misspoke and actually meant that ethereum could reach $1,500 instead of $15,000.