Bitcoin price slumps after DOJ recovered pipeline hack ransom
Jodie Kelley, Electronic Transactions Association CEO, discusses the hit to Bitcoin and explains how the Justice Department was able to recover much of the ransom paid out during the Colonial Pipeline hack.
Bitcoin was trading more than 8% higher on Thursday morning.
The price was around $36,293 per coin, while rivals Ethereum and Dogecoin were trading around $2,545 and 33 cents per coin, respectively, according to Coindesk.
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U.S. Sen. Elizabeth Warren, D-Mass., called for oversight of the cryptocurrency market in order to protect consumers from scams coming from the growing interest in the digital currencies.
Warren chaired a Senate Banking subcommittee hearing on Wednesday looking at issues with cryptocurrencies as well as whether the U.S. Federal Reserve should issue its own digital currency.
Warren referred to cryptocurrency markets as the "Wild West" during an interview on Bloomberg TV.
CRYPTO NEEDS REGULATION, BUT IT DOESN’T NEED NEW RULES
The senator didn't suggest new regulations, but said that some financial market protections aren’t available for cryptocurrencies.