The first week of August has been exciting for the cryptocurrency markets. Arguably the biggest news is that the Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, will launch a startup called Bakkt, partnering with Microsoft (MSFT  ), Starbucks (SBUX  ), and Boston Consulting Group. Bakkt will serve as a federally regulated Bitcoin (BTC) marketplace. With bold ambitions, ICE wants Bakkt to eventually enable investors to buy BTC in 401(k)s and individual retirement accounts, as well as foster peace of mind with regulated and secure cold storage of coins. Bakkt also aims to disrupt the credit card industry by allowing consumers to pay for groceries directly from their Bitcoin wallets. The momentous news could mean that cryptocurrency is closer to institutional and widespread adoption than ever.

Here is the rest of the week in review:

The Philippines' securities regulator released a set of rules for initial coin offerings (ICOs). The draft states that any company must request the Securities and Exchange Commission (SEC) to determine if their ICO is a security token. The Commission will then review the application and respond within 40 days. The Philippine government has invited banks, funds, and the public to review and comment on the drafted rules. With that move, the Philippines is attempting to create a safe and regulated environment for cryptocurrency and ICOs.

Bloomberg reports that the US SEC is investigating cryptocurrency exchanges for misconduct. The regulatory agency is researching the exchanges' business practices with clients. In particular focus is trading commissions, investment firms' relationships with ICOs, and the method hedge funds use to price their cryptocurrency investments. The SEC has also subpoenaed Long Blockchain, the ice tea company that infamously changed its name in December to enable a pump and dump of its stock price.

Goldman Sachs (GS  ) reiterated its gloomy view on the cryptocurrency sector in the midyear issue of its Investment Management Division's 2018 outlook report. The investment bank remains committed to the view that cryptocurrencies are overvalued, citing Ethereum's price drop of over 70% from its all-time high. The report states that the bank expects prices to decline further, and argues that cryptocurrencies do not fulfill any of the roles of money. Although Goldman will open a Bitcoin trading desk and is warming to the idea of trading derivatives, it seems at least its private wealth management division remains skeptical of the sector.

Cryptocurrency prices plunged this week from $300 billion to around $260 billion, as the majors were clobbered by strong resistance at the 100 and 200-day exponential moving averages. The biggest losers are BitcoinDark (BTCD), down 46%, Peercoin (PPC), down 45%, and Wanchain (WAN), down 36%. The biggest winners are ZClassic, (ZCL), up 50%, Metaverse ETP (ETP), up 28%, and Ravencoin (RVN), up 27%. The majors' moving average convergence divergence recently crossed over into the negative, suggesting more pain ahead.

The author owns a small amount of BTC.