The second week of May has brought exciting news for the cryptocurrency markets. Arguably the biggest news is that the social media giant Facebook (FB) is seriously considering creating its own cryptocurrency only days after unveiling a brand new blockchain group. Because the reports remain anonymous, the public is unsure what exactly Facebook's token project will be or how it will work with its existing ecosystem.

Here's the rest of the crypto week in review:

On Monday, Bill Gates, the founder of Microsoft (MSFT), said on CNBC's Squawk Box that Bitcoin (BTC) and cryptocurrency as an asset class are bad investments. He claimed that because crypto does not produce anything, investing is participation in a "greater fool theory." Gates added: "I agree I would short it if there was an easy way to do it." In response, Tyler Winklevoss tweeted at Gates to tell him how to short BTC with CBOE futures contracts and to put his money where his mouth is. Gates did not publicly respond.

Another member of the global elite who publicly criticized crypto this week was billionaire investor Warrant Buffet, of Berkshire Hathaway (BRK.A) fame. Over the weekend, Buffett told CNBC that Bitcoin is "rat poison squared." He compared it to gold and belittled gold's historical returns. He warned that crypto will "come to bad endings." Berkshire's vice chairman Charlie Munger went further, calling crypto dementia and "trading turds." It seems Buffett and company are permanent "nocoiners" and crypto bears.

Meanwhile, the rest of Wall Street is quickly catching the crypto fever. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is reportedly building a Bitcoin trading platform designed for institutional investors looking to diversify into digital assets.

Ethereum (ETH) and Ripple (XRP) are about to be more liquid. On Friday, the first-ever regulated ETH and XRP futures contracts were launched by Crypto Facilities, a fintech startup under the purview of the United Kingdom's Financial Conduct Authority.

Finally, Bloomberg and Galaxy Digital Capital Management, a crypto firm founded by noted bull Michael Novogratz, launched the Bloomberg Galaxy Cryptocurrency Index (BGCI). It is an index of the top ten largest cryptos projects, very roughly weighted by market cap (both Bitcoin and Ethereum are 30% of the index). The index gives little real information about the overall health of the crypto market due to the weighting missteps and lack of constituents, but it's a good first attempt.

But positive news like the Facebook and Bloomberg stories didn't lift the market, suggesting significant selling pressure. CCN noted that another 8,200 Bitcoin moved from the Mt. Gox trustee wallet to the open market as part of the bankruptcy liquidation. Many have questioned why these coins are being dumped on exchanges rather than sold in dark pools or OTC, where they wouldn't tank the market.

The crypto markets were hit by strong resistance around the $475 billion level. Comments by Gates and Buffett, while biased and possibly unjustified, likely contributed to the selling pressure. BTC failed to break out above $10,000, and ETH was clobbered at $830. The majors are retesting their 200-day exponential moving averages, a key indicator as to whether last month's surge is the beginning of a new bull market or a false breakout.

The author owns a small amount of BTC.