Investing.com - Cryptocurrencies dipped lower on Friday, with Bitcoin falling to a one-week low as the bear market returns.
Bitcoin was trading at $7,426.70, falling 1.70% the Bitfinex exchange, as of 9:20 AM ET (13:20 GMT).
The digital currency has struggled to maintain ground after falling toa six-and-a-half week low last week amid reports that the U.S. Justice Department is looking into whether traders are manipulating the price of Bitcoin and other virtual currencies.
Other digital coins were mixed, with Ethereum, the world’s second largest cryptocurrency by market cap, rising 0.16% to $574.69 on the Bitfinex exchange. Ripple, the third largest virtual currency, decreased 0.20% to $0.61192 while Litecoin was at $117.86, down 1.58%.
On the regulatory front, the International Monetary Fund thinks that central banks should regulate cryptocurrency assets to keep the digital coins from having an unfair competitive advantage.
The article, published on Thursday, stressed the need for fiat currencies to become more attractive to investors in the digital age, including issuing their own tokens to supplement cash and bank reserves.
Meanwhile, Israel is considering postponing a law that would regulate cryptocurrency exchanges for four months. The delay was due to the lack of prohibition on money laundering, said Jacob Enoch, co-chair of the Israel Bar Association.
“I am concerned that instability in such important decisions could lead to stagnation in existing fintech companies and delay the start of new companies with innovative financial solutions,” he said. “Even worse, this creates antagonism among fintech investors in Israel, which could snowball into a loss of trust.”