Bitcoin price remains below $57,000

Bitcoin was trading lower on Friday heading for a week of losses.

Ethereum was also trading lower.

The cryptocurrency market will be the subject of the U.S. House Finance Service Committee next week.

The committee will hear testimony from the top executives of eight major cryptocurrency firms, according to Reuters.

It will be the first gathering of the major players before policymakers who are grappling with the implications of the new financial product and how to best regulate them.

Some progressives have become increasingly skeptical of cryptocurrency and the risks they may pose.

Sen. Elizabeth Warren is among those calling for a regulatory crackdown on the volatile sector.

In other cryptocurrency news, Britain’s ETC Group said on Thursday it will list five new “exchange traded cryptocurrencies” this month at the Frankfurt stock exchange, adding to the glut of exchange-traded products at European exchanges, according to Reuters.

Exchange-traded cryptocurrency products are seen as boosting access to the emerging asset class for a wider group of investors.

The so-called ETCs, which will list on the Deutsche Borse’s electronic trading platform Xetra, are based on “altcoins” – smaller cryptocurrencies that have been launched in the wake of bitcoin’s growth.

They include Solana, Cardano and Polkadot – the fifth, sixth and ninth largest cryptocurrencies by market capitalization.

ETC Group listed cryptocurrency exchange-traded products (ETPs) in Paris, Amsterdam and London in June.

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