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In a major shift for the cryptocurrency market, Bitcoin is undergoing a transformation from a highly volatile speculative asset to a more stable, "blue-chip" investment.

The Internet Giant Entered the Crypto World with Strategies

The global market cap of cryptocurrencies is $1.27T, down 14% in 7 days. This was one of the worst trading periods in the cryptoasset market since May 23.

Bitcoin is continuing to find its way into many sectors including tourism, online shopping, hotels and restaurants, supply chain, online casinos, and charity. There is also a growing dire need for Bitcoin in banks.

Institutional investors have been redundant to make risky investments like cryptocurrency. But following the widespread embracement and adoption of digital investments including Bitcoin (BTC), investors have significantly developed an interest in this nascent kind of assets.

The existing interaction between banks and cryptocurrency companies is not the best so far, and there are little to no efforts being put in place to address this issue. Some central banks are giving orders to other financial institutions not to deal in cryptocurrencies including Bitcoin. Bans and warnings have been issued by banks to keep away from using or trading cryptocurrencies.

The US cryptocurrency industry has been quite controversial in its growth. The country’s financial watchdogs are mostly being cautious about this new technology. However, as the power in the USA has changed its face, the situation for cryptocurrency might change as well.

Choosing cryptocurrency might sound a great idea for both short-term profits and long-term investments, however, there are a lot of scammers in the industry striving to take away one’s money. So one needs to take all precautions before putting in a penny.

In a call with investors on May 27, Goldman Sachs, the New York-based multinational investment bank and financial services company maligned Bitcoin and cryptocurrencies, saying they are “not assets.” This statement attracted negative reactions from the crypto community.