Bitcoin traded about $36k, up 8% despite regulation calls

Bitcoin traded about $36k, up 8% despite regulation calls

The world’s largest cryptocurrency, Bitcoin, was trading more than 8% higher on Thursday morning.

According to Coindesk, the cryptocurrency traded about $36,293 per coin. Meanwhile, the second-largest cryptocurrency Ethereum was trading at $2,545. Meanwhile, Dogecoin was trading 33 cents per coin.

Elizabeth Warren, U.S. Senator Elizabeth Warren of Massachusetts, called for oversight of the cryptocurrency market to protect consumers from scams coming from the increasing interest in digital currencies.

Elizabeth Warren chaired a Senate Banking subcommittee hearing on June 9, looking at issues with cryptocurrencies and whether the U.S. Federal Reserve should issue its own digital currency.

Moreover, Warren referred to cryptocurrency markets as the Wild West during an interview on Bloomberg TV.

The senator didn’t suggest new regulations. However, she announced that some financial market protections aren’t available for cryptocurrencies.

Furthermore, according to some sources, police in China arrested more than 1,000 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams.

Additionally, the Ministry of Public Security announced the arrests came as authorities in China stepped up their crackdown on cryptocurrency trading.

In May, three industry bodies forbidden crypto-related services

As we remember, in May, three industry bodies forbidden crypto-related financial and payment services. Moreover, the State Council, China’s cabinet, pledged to clamp down on bitcoin mining and trading.

Besides, the public security ministry announced that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

According to the association, because cryptocurrencies are anonymous, convenient, and global in nature, they have increasingly become an essential channel for cross-border money laundering.

According to Reuters, cryptocurrencies have already become a popular means of payment in illegal gambling activities.

Bitcoin, the world’s largest and most popular cryptocurrency, is up 30.8% from the year’s low of $27,734 on January 4. Moreover, a meme-inspired currency, Dogecoin, stood at $0.330703 on Thursday.