NEW YORK : Cryptocurrency investment products and funds showed net outflows for a second straight week, a report from digital asset manager CoinShares showed on Monday, on persistent concerns about regulation and the possible fallout from the Russia-Ukraine conflict.
The outflows came amid ongoing efforts to regulate crypto. President Joe 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. On Monday, bitcoin was down 0.5per cent at $41,047. Since its intra-day low on Feb. 24 when Russia invaded Ukraine, bitcoin has gained about 18per cent.
"Such a retrace seems healthy after a notable move up over the past week and shouldn't be viewed as a negative reaction to any particular piece of geopolitical or macro news. As long as bitcoin stays above $40,000, there is a good chance of continuation."
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