Investing.com - Bitcoin traded higher on Friday in a slight recovery with all cryptocurrencies still on track for a sharp weekly decline.
Bitcoin gained 1.0% in the last 24 hours to reach $6,250.70 on the Bitfinex exchange by 9:47 AM ET (13:47GMT). The recovery still left the largest cryptocurrency by market cap on track for a weekly decline of 5.5%
Inflows into the crypto market has been thwarted by concerns over security flaws at various cypto exchanges amid several reports of successful hacks at popular exchanges leading to the theft of billions of dollars’ worth of crypto.
The U.S. Department of Justice has established a task force to combat consumer fraud, including digital currency fraud. The Task Force on Market Integrity and Consumer Fraud will work on deterring crime and focus protection on elderly people, service members and veterans.
The total crypto market cap regained ground, rising to $250 billion, at the time of writing, from about $245 billion on Thursday.
In other crypto trading, Ethereum rose 1.3% to $435.92 in the last 24 hours, bringing weekly losses down to 7.3%, Ripple gained 1.7% to $0.44054, decreasing the weekly decline to 7.6%, while Bitcoin Cash, product of the Bitcoin fork and the fourth largest cryptocurrency by market capitalization, traded up 1.4% to $693.00, diminishing weekly losses to 5.5%.