Pete Pachal, CoinDesk’s chief of staff for the content team, argues the idea of cryptocurrencies being an inflation hedge has not turned out to be the case so far as the assets have been mirroring traditional markets recently.
Bitcoin was attempting to pare the previous day’s losses, trading Friday morning above $40,000.
Bitcoin took a hit of more than 7% on Thursday as markets reacted to concerns over a possible Russia invasion of Ukraine spiked.
It was the largest percentage decrease since Jan. 21, when it fell more than 11%.
Bitcoin is up more than 5% month-to-date, but down 12% year-to-date.
Bitcoin dropped 7.4% to $40,631.78 at 2205 GMT on Thursday, down $3,248.05 from its previous close.
Ether, the cryptocurrency linked to the ethereum blockchain network, suffered a similar fall on Thursday. It is trading around $2,900 on Friday morning.
The U.S. arm of Binance has named a new chief compliance officer.
The world’s largest cryptocurrency exchange by trading volume has hired Tammy Weinrib, according to the Wall Street Journal.
CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA
She recently served as vice president of the financial crime compliance department at Société Générale SA.
Weinrib will be in charge of the company’s know-your-customer onboarding and anti-money-laundering programs.
She’ll be in contact with regulators and law enforcement across the U.S., the company said.
CLICK HERE TO READ MORE ON FOX BUSINESS
The move comes as the Securities and Exchange Commission examines the relationship between Binance.US and two trading firms with ties to Binance’s founder, according to the Journal.