Bitcoin's winning streak snapped
Bitcoin is down more than 9% year-to-date
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.
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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.
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Regulators have warned that crypto routs or runs on crypto currencies could pose a risk to the broader financial system, according to Reuters.