Bitcoin price hovers around $39,000
BItcoin is down more than 5% month-to-date and off more than 141% year-to-date
Bitcoin expert Layah Heilpern joins 'Making Money' to discuss the volatile crypto market amid the Russia-Ukraine conflict.
Bitcoin was hovering around $39,000 Wednesday morning after a modest gain in the previous session.
Heading into Wednesday, Bitcoin had gained in three of the past four days.
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The cryptocurrency gained 1.9% over the past two days.
Still, Bitcoin is down more than 5% month-to-date and off more than 141% year-to-date.
Investors are looking to a possible safe haven to shield assets from the impact of the Russia-Ukraine conflict.
The move they are making is grabbing stakes in cryptocurrency funds and companies, according to Reuters.
Bitcoin prices were down early Tuesday morning. (istock)
Venture capital (VC) buyers invested around $4 billion in the crypto space in the last three weeks of February, according to the research firm Fundstrat.
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VCs poured in another $400 million to start-ups in the sector last week, data showed.
The VC investment is consistent with broad weekly inflows.
U.S. President Joe Biden speaks while meeting with business leaders and governors in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Wednesday, March 9, 2022. (Ting Shen/Bloomberg via Getty Images / Getty Images)
Since the beginning of the year, weekly investments in the industry have been averaging anywhere between $800 million to about $2 billion, Fundstrat data showed.
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New crypto funds also raised nearly $3 billion over the last two weeks.