Bitcoin was traded lower on Friday, heading for a week of losses.
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ether was also traded lower.
The cryptocurrency market will be the subject of the U.S. House’s Financial Services Committee next week.
According to Reuters, the committee will hear statements from the top managers of eight major cryptocurrency companies.
It will be the first meeting of the big players before the policymakers who will grapple with the implications of the new financial product and how it can best be regulated.
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Some progressives have become increasingly skeptical about cryptocurrencies and the risks they can pose.
Senator Elizabeth Warren is among those calling for regulatory action against the volatile sector.
In other cryptocurrency news, the UK ETC Group announced on Thursday that it will list five new “exchange-traded cryptocurrencies” on the Frankfurt Stock Exchange this month, adding to the flood of exchange-traded products on European exchanges, according to Reuters.
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Exchange traded cryptocurrency products are seen as improving access to the emerging asset class for a wider group of investors.
The so-called ETCs, which are listed on the electronic trading platform Xetra of Deutsche Börse, are based on “Altcoins” – smaller crypto currencies that came onto the market in the course of Bitcoin growth.
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These include Solana, Cardano, and Polkadot – the fifth, sixth, and ninth largest cryptocurrencies by market capitalization.
The ETC Group listed exchange-traded cryptocurrency products (ETPs) in Paris, Amsterdam and London in June.