Bitcoin holds above $5,000 as cryptocurrency market evolves

Bitcoin holds above $5000

Most cryptocurrencies traded in red on Thursday, where the Bitcoin hovered near $5,000, yet there is optimism the cryptocurrency and blockchain market is evolving.

The Bitcoin slipped 4.05 percent to $5,042.60, Ethereum fell 9.15 percent to $163.86 and Ripple stumbled 7.16 percent to $0.3304.

It seems that the Bitcoin has shifted from support at $4,000 to $5,000, which could help build a gradual increase over the coming few months.

Despite today’s retreat in digital currencies prices, many analysts believe the market is developing rapidly, with large institutions planning to step in and governments all over the world putting regulations for the crypto market.

Coinbase announced on April 10 its plans to launch a crypto debit card in co-operation with global payments processor Visa to allow payments in bitcoin, ethereum, Ripple's XRP, and litecoin balances.  

Also, Facebook has noted that it will consider releasing a cryptocurrency that would facilitate transfers across billion of users all over the world.

IMF Managing Director, Christine Lagarde said that the introduction of JP Morgan’s coin is a proof that digital assets are seeping into the financial system and hoped that the JPM coin would be “scaled beyond institutional clients.”

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