Bitcoin price falls below $40,000

Name: Once rates rise things for crypto 'might not look so great': CoinDesk exec
Uploaded: 2022-02-17T07:15:23-05:00
Duration: 4 min 50 s
Description: 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.

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.

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Once rates rise things for crypto 'might not look so great': CoinDesk exec

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 fell below the $40,000 after U.S. stocks saw fractional declines on Friday tied to ongoing uncertainty between Russia and Ukraine.

Bitcoin took a hit of more than 7% on Thursday as markets reacted to concerns over a possible invasion of Ukraine.

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.

Ether, the cryptocurrency linked to the ethereum blockchain network, also fell in sympathy.

In other crypto news, 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.

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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.

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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,.

On Thursday, the Department of Justice and the FBI established a "specialized team dedicated to cryptocurrency the virtual asset exploitation unit. This FBI unit will combine cryptocurrency experts into one nerve center that can provide equipment blockchain analysis, virtual asset seizure and training to the rest of the FBI" the agencies explained.

FOX Business' Ken Martin contributed to this report.