Bitcoin price hovers around $42,000
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Bitcoin was trading around $42,000 Wednesday morning, paring gains after snapping a two-day losing streak.
Late Tuesday afternoon, the cryptocurrency traded above $43,000.
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Bitcoin is up more than 2% month-to-date, but down 8% year-to-date.
A report this week showed net outflows from cryptocurrency investment products and funds for a second straight week, according to digital asset manager CoinShares and reported by Reuters.
Concerns about regulation and the possible fallout from the Russia-Ukraine conflict were reported as the reasons.
The sector posted net outflows of $47 million in the week ended March 18, after experiencing outflows of $110 million the previous week.
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President Biden signed an executive order a few weeks ago requiring the government to assess the risks and benefits of creating a central bank digital dollar, as well as other crypto issues.
President Joe Biden at the South Court Auditorium of the Eisenhower Executive Office Building of the White House Complex on Monday, Dec. 27, 2021 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)
On its own, Bitcoin saw the largest outflow of $33 million in the latest week, following $70 million outflows previously.
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Year-to-date flows remained positive, however, at $63 million.