Bitcoin trades around $40,000 as downward trend continues
Bitcoin is down more than 13% month-to-date and off more than 14% year-to-date
Stocks open flat as inflation fears linger
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Bitcoin hovered around $40,000 on Wednesday morning after trading lower in eight of the past nine days.
The cryptocurrency is down more than 13% month-to-date and off more than 14% year-to-date.
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Inflation figures and Federal Reserve actions have had an impact on recent bitcoin trading.
The monthly U.S. Consumer Price Index came in slightly higher than expected at 8.5%, a fresh four-decade high.
A cryptocurrency expert was sentenced Tuesday to more than five years in federal prison for helping North Korea evade U.S. sanctions.
Virgil Griffith, 39, pleaded guilty last year to conspiracy, admitting that he presented at a cryptocurrency conference in Pyongyang in 2019 even after the U.S. government denied his request to travel there.
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The former Ethereum developer will also pay a $100,000 fine, according to CoinDesk.
In this Saturday, April 11, 2020, file photo provided by the North Korean government, North Korean leader Kim Jong Un attends a politburo meeting of the ruling Workers' Party of Korea in Pyongyang. (Korean Central News Agency/Korea News Service via AP / AP Newsroom)
Griffith also developed "cryptocurrency infrastructure and equipment inside North Korea," prosecutors wrote in court papers.
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The U.S. and the U.N. Security Council have imposed increasingly tight sanctions on North Korea in recent years to try to rein in its nuclear and ballistic missile programs.
The Associated Press contributed to this report.