Bitcoin price remains volatile trading above $38,000

Bitwise Asset Management chief investment officer Matt Hougan shares his outlook for cryptocurrency performance amid tensions in eastern Europe.

Investors continued to monitor the escalating tensions on the Russia-Ukraine border.

In a rare move Tuesday, while stocks fell drastically, bitcoin and other crypto bucked the trend and actually gained, although trading bounced between gains and losses during overnight hours.

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Bitcoin continued its run of volatility, trading Wednesday morning around $38,000.

Heading into Wednesday, bitcoin had snapped a five-day losing streak.

Bitcoin has traded a little more than 1% lower month-to-date and down more than 18% year-to-date.

Ether, the second-largest crypto by market cap, was trading just over $2,600.

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Global stock prices sank Tuesday as traders tried to figure out the impact of Russia's moves and the sanctions imposed by the U.S., Britain and the European Union on Russia's banks, officials and business leaders.

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Markets were rattled after Putin recognized the independence of rebel-held areas in Ukraine and sent in troops in defiance of U.S. and European pressure.

The Associated Press contributed to this report.