Saturday, August 13, 2022

Bitcoin trades close to $40,000 as downward trend continues

Bitcoin surged to nearly $40,000 on Wednesday morning after trading down eight of the past nine days.

The cryptocurrency is down more than 13% month-to-date and more than 14% year-on-year.

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Inflation figures and the actions of the Federal Reserve have had an impact on recent bitcoin trading.

The monthly US Consumer Price Index came in slightly higher than expected at 8.5%, a new four-decade high.

A cryptocurrency expert was sentenced on Tuesday to more than five years in federal prison for helping North Korea evade US sanctions.

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Virgil Griffith, 39, pleaded guilty to conspiracy last year, admitting that he presented at a cryptocurrency conference in Pyongyang in 2019 even though the US government denied his request to travel there.

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According to CoinDesk, the former Ethereum developer will also pay a fine of $100,000.

Bitcoin trades close to $40,000 as downward trend continues

In this Saturday, April 11, 2020 file photo provided by the North Korean government, North Korean leader Kim Jong Un attends a politburo meeting of the ruling Workers’ Party of Korea in Pyongyang. (Korean Central News Agency / Associated Press / Korea News Service via Associated Press Newsroom)

Prosecutors wrote in court papers, Griffith also developed “cryptocurrency infrastructure and equipment inside North Korea.”

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The United States and the United Nations Security Council have imposed tough sanctions on North Korea in recent years to curb its nuclear and ballistic missile programs.

The Associated Press contributed to this report.

Nation World News Desk
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