Bitcoin, the largest cryptocurrency by market cap, has seen little movement over the past week, staying around $5,100. Bitcoin currently seems to be in a consolidation phase, with $5,100 serving as support and $5,200 as resistance, with ongoing sideways movement.

Ethereum and Ripple, the next largest coins by market cap, have similarly experienced little to no growth, currently trading at $166 and $0.32 respectively. Ripple has in fact contracted by 9.5% compared to the previous week, likely due to news about a major Japanese bank ending a Ripple-powered blockchain project..

France Allows Insurers to Invest in Crypto

World governments are beginning to wake up to cryptos potential, with France being the first country to authorize insurance markets instruments for crypto trading to invest in crypto, meaning that French insurance contracts can now contain cryptocurrencies. The law, adopted April 11th, gives insurers the right to invest without limit. This could mean that French insurers may soon issue policies exposed to Bitcoin and other cryptocurrencies.

IMF And World Bank Exploring Crypto With In-House Prototype Coin

Major financial institutions are also getting into the crypto game, though a bit cautiously. The International Monetary Fund and the World Bank have both created a private blockchain running the Learning Coin, a purely internal coin to be used as rewards for IMF and World Bank employees. The institutions are planning on using the Learning Coin to examine the behavior of cryptocurrencies in a controlled environment, as an IMF spokesman recently stated that there is a growing knowledge gap between the legislators, policymakers, economists and the technology.

Two Bipartisan Crypto Bills Introduced in US Congress

Not to be left out, lawmakers in the United States are furthering efforts to normalize cryptocurrencies in the country. Two bills, titled Token Taxonomy Act and the Digital Taxonomy Act, submitted by Representative Warren Davidson (R) and Representative Darren Soto (D), are aimed at clarifying the often murky regulatory status of cryptocurrencies in the United States. Supporters of the bills say that by defining terms such as Digital Tokens and making them explicitly separate from securities, the United States will now be able to be a leader in cryptocurrency innovation, while also unifying the regulatory standards of the states. Critics state that the bills are only a first step, and more clarifying legislation will be needed before token sales become widely accepted in the US.