The first week of May has been exciting for the cryptocurrency markets. Arguably the biggest news was that Wall Street investment bank Goldman Sachs (GS  ) is officially preparing to open a Bitcoin (BTC) trading desk. Other big financial institutions are inclined to follow in Goldman's footsteps, according to Spencer Bogart, a partner at the venture capital firm Blockchain Capital.

Here is crypto's week in review:

In India, crypto trading volume has risen markedly, despite the central bank's regulatory crackdown last month. After the Reserve Bank of India gave banks three months to cut ties with crypto exchanges and traders, Indian investors have rushed to convert rupees to BTC and other coins. As the central bank's regulations are challenged in court, Indian crypto enthusiasts will sit tight and watch what new developments occur.

Financial services multinational Mastercard (MA  ) has blamed cryptocurrency for its first quarter drop in earnings growth. After payment processors and banks banned crypto purchases on credit cards in February, users could no longer use their plastic to buy coins at places like Coinbase. On its recent earnings call, Mastercard sent mixed messages. Though it attributed the dampened growth to the crypto purchase ban, it reiterated that crypto makes up a small portion of revenue and is not part of the company's overall strategy.

Omni, an on-demand storage startup, has recently raised $25 million in a funding round led by Ripple Labs CTO Stefan Thomas and Chairman Chris Larsen. The unconventional fundraising mechanism included an undisclosed exchange of Omni equity for Ripple (XRP), part of which will be converted to U.S. dollars. Omni is now planning to expand its operations and team.

A big question for both regulators and investors is whether Ethereum (ETH) is a security. The Security and Exchange Commission's (SEC) answer will greatly influence the future of Ethereum and similar cryptos in the West. If Ethereum is not a security, it could be classified as a commodity, like BTC, and be unencumbered by federal securities regulations. But if it is classified as a security, then there could be consequences for exchanges and promotors of ICOs.

Popular messaging app company Telegram has opted to cancel its public ICO. It reported that its private fundraising rounds raised enough capital. The $1.7 billion Telegram raised by issuing its crypto token will be used to create the Telegram Open Network, an ambitious project spanning multiple sectors. Retail investors lose opportunity to invest, but it might be a blessing, as Telegram's move remains controversial.

Cryptocurrency prices are broadly up this week. BTC broke the $9500 level and tested $10,000 before dipping. ETH topped $825 before retracing toward $800. The technical picture seems good. The majors have all crossed above their 200-day exponential moving average, a bullish sign. The next levels of resistance will be February highs. Continued bullish confirmations will support being long.

The author owns a small amount of BTC.