Bitcoin’s winning streak snapped | Fox Business
Payne Capital Management President Ryan Payne, University of Akron Endowment Investment Committee Chair Dennis Gartman and Comerica Wealth Management CIO John Lynch provides insight into how the Russia-Ukraine conflict is impacting the markets.
Bitcoin gave back some of this week’s gains following a strong run.
The cryptocurrency was trading around $41,000 after a three-day winning streak was snapped heading into Friday.
Overall, bitcoin is down more than 9% year-to-date.
The U.S. Treasury Department has warned cryptocurrency companies about their cybersecurity controls.
The concern is that Russia could wage retaliatory cyber attacks in response to Western sanctions, according to a person familiar with the situation and reported by Reuters.
Sanctions have been placed on Russia by the U.S. and its allies following the country’s invasion of Ukraine.
CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA
Governments have warned for weeks that Russia or its allies could carry out cyber attacks in retribution for sanctions.
U.S. regulators see the ballooning cryptocurrency industry as a growing source of systemic risk.
The value of all cryptocurrencies surged past $3 trillion last year, with approximately 13% to 14% of Americans invested in digital assets as of 2021, according to research by the University of Chicago.
CLICK HERE TO READ MORE ON FOX BUSINESS
Regulators have warned that crypto routs or runs on crypto currencies could pose a risk to the broader financial system, according to Reuters.
