Bitcoin price under pressure as regulatory concerns rise

[ad_1]

Rocketfuel Blockchain CEO Peter Jensen discusses the emergence and future of cryptocurrency.

Bitcoin was trading around 1% lower on Friday morning.

The price was around $ 32,820 per coin, while rivals Ethereum and Dogecoin were trading at around $ 2,110 and 20 cents per coin, respectively, according to Coindesk.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Cryptocurrencies have recently come under pressure due to regulatory issues.

SQUARE CONSIDERS ENTERING THE BITCOIN STORAGE INDUSTRY

Square Inc plans to create a hardware wallet for Bitcoin.

The plan was confirmed by the payment company in a tweet on Thursday.

Bitcoin wallets can be stored in cryptocurrency exchanges, where bitcoins can be bought and sold for traditional currencies or other virtual coins.

The announcement came shortly before U.S. Senator Elizabeth Warren pointed out the growing risks posed to consumers and financial markets by the cryptocurrency market, according to Reuters.

“We decided to create a hardware wallet and service to make bitcoin custody more common…”, Jesse Dorogusker, Square’s hardware manager, said in a Twitter thread.

Jack Dorsey is CEO of Square Inc.

Warren on Thursday expressed concerns about the need to regulate the cryptocurrency market in a letter to Securities and Exchange Commission chairman Gary Gensler, according to Reuters.

Many companies have sprung up to protect customer assets from online theft

ISRAELL SAYS IT TARGETS HAMAS CRYPTOCURRENCY ACCOUNTS

In other cryptocurrency news, Israel said on Thursday that it would start seizing cryptocurrency accounts used by the Palestinian group Hamas to raise funds for its military wing.

Israeli Defense Minister Benny Gantz ordered security forces to seize the accounts after a joint operation “uncovered a network of electronic wallets” used by Hamas to raise funds using bitcoins and other cryptocurrencies, the ministry said.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

He said Hamas had run an online campaign to collect donations for its military wing, efforts that gained momentum after the 11-day war in Gaza in May. Cryptocurrencies such as bitcoin are preferred for illicit transactions because they are perceived as difficult to trace.

[ad_2]