Bitcoin price hovers around $42,000
Bitcoin is up more than 2% month-to-date, but down 8% year-to-date
Jeremy Kauffman tells 'The Claman Countdown' if LBRY loses its case to the SEC it could 'severely damage' the crypto industry.
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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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.
CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA
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.
CLICK HERE TO READ MORE ON FOX BUSINESS
Year-to-date flows remained positive, however, at $63 million.