India said no to cryptocurrencies for
several reasons whether tax evasion, money laundering, retail investor economic
interest and more. However, much of the traditional business sector is getting
on board in one way or the other.
Facebook is launching the cryptocurrency, and the regulators are
freaking out. Goldman Sachs is scouting
for a cryptocurrency project manager.
David Solomon, CEO of Goldman Sachs made a statement in April, “We
are watching and doing work in order to try and understand the cryptocurrency
marketplace as it develops.
We have some clients that have specific functionality we have
engaged with in clearing the physically-settled futures. But other than that,
we did not have plans to open a cryptocurrency desk.”
It now seems that the Goldman Sach are interested in coming up
with their cryptocurrency as opposed to helping their clients invest in cryptos
which already are in place. The company
can identify the threat of disruption, and they are probably thinking of making
a bold entry into the cryptocurrency market.
Solomon stated, “We are clearing futures around Bitcoin and
we are further talking about doing some
other activities but it is happenning cautiously. We are listening to our
clients and we are trying to help our clients as they’re exploring those things
At this point in the financial industry, it will be big trouble
for those in the Fintech industry, if they are not going to take to
There are regulatory hardships; however, the benefits provided by
the cryptocurrency are far more. The
price slump of Ethereum ended recently.
The coin went below its significant support level at $265 yesterday. The coin resumed from the fall, and it is
currently trading at $275.06. If
Ethereum gathers momentum towards a positive move, it might face a price
resistance at $280 and if the coin will fall it is likely to face support at
$265. There are expectations for the
currency to trade around $500.
The price of the Litecoin is in an upward trajectory. A rising wedge pattern is beginning to
form. Miami Dolphins are to endorse
Litecoin as the official cryptocurrency of the team.
Charlie Lee stated, “This collaboration propels Litecoin in
front of an audience of millions of people around the world at a time where adoption
of cryptocurrencies continues to gain momentum, and the ecosystem can support
real world use cases in ways previously not possible. We see this as a powerful
way to raise awareness and educate people about Litecoin and cryptocurrencies
on a tremendous scale.”