Bitcoin price under pressure as regulatory concerns mount

Bitcoin was trading around 1% lower on Friday morning.

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

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Cryptocurrencies have recently been under pressure due to regulatory concerns.


SQUARE PLANS TO ENTER THE BITCOIN STORAGE INDUSTRY

 Square Inc plans to make a hardware wallet for Bitcoin.

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

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

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

.”We have decided to build a hardware wallet and service to make bitcoin custody more mainstream…,” Jesse Dorogusker, head of hardware at Square said in a twitter thread.

Jack Dorsey is CEO of Square Inc.

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

Many companies have emerged to protect customer assets from online theft

ISRAEL SAYS IT’S TARGETING HAMAS’ CRYPTOCURRENCY ACCOUNTS

In other Cryptocurrency news, Israel said Thursday it will begin seizing cryptocurrency accounts used by the Palestinian Hamas group to raise money for its armed wing.

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

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It said Hamas has been waging an online campaign to raise donations for its military wing, efforts that accelerated after the 11-day Gaza war in May. Cryptocurrencies such as bitcoin are favored for illicit transactions because they are perceived as hard to trace.