After beginning to recover from a months-long slide, bitcoin prices once again showed signs of weakness on Monday (July 30) after Goldman Sachs warned in a research note that the recent turnaround in prices will be short-lived, according to reports. Sharmin Mossavar-Rahmani, chief investment officer of the bank’s Private Wealth Management (PWM) Group, wrote that bitcoin does not fulfill any of the traditional roles of currency.
The price of bitcoin, after briefly slipping below $8,000, was down 0.8 percent at $8,130.07. In addition, a new survey reported that 72 percent of respondents, questioned by Gallup, said they have no intention of buying the cryptocurrency.
In a separate report, Token Alliance claims that a lack of regulatory clarity in the U.S. may stifle the "economic potential of utility tokens issued under the Initial Coin Offerings’ (ICOs) crypto crowdfunding model." The 120-member Alliance, led by former SEC Commissioner Paul Atkins, said that several utility tokens should not be considered securities.
Meanwhile, former Goldman Sachs partner Mike Novogratz is showing frustration because his crypto-focused merchant bank, Galaxy Digital, is peeved at the demands made by Canadian regulators, which caused his debut on Toronto’s TSX Venture Exchange to drag on for months.
In other news, the CEO of a cryptocurrency mining startup has disappeared with $35 million. Le Minh Tam, head of Vietnamese firm Sky Mining, has reportedly been missing since July 26. The firm, which rents crypto miners to investors for up to $5,000, received funds from about 5,000 investors before he disappeared.
According to reports, the Dubai International Financial Centre (DIFC) Courts, which deals with civil and commercial disputes in the financial sectors, is reportedly planning to launch a "Court of the Blockchain" to streamline cases. The court is planning to team up with the Smart Dubai Initiative to create a task force responsible for examining the streamlined effort.