Bitcoin price clawing back from Thursday plunge

Bitcoin is up more than 5% month-to-date, but down 12% year-to-date.

Bitcoin was attempting to pare the previous day's losses, trading Friday morning above $40,000.

Bitcoin took a hit of more than 7% on Thursday as markets reacted to concerns over a possible Russia invasion of Ukraine spiked. It was the largest percentage decrease since Jan. 21, when it fell more than 11%.

Bitcoin is up more than 5% month-to-date, but down 12% year-to-date.

Bitcoin dropped 7.4% to $40,631.78 at 2205 GMT on Thursday, down $3,248.05 from its previous close.

Ether, the cryptocurrency linked to the ethereum blockchain network, suffered a similar fall on Thursday. It is trading around $2,900 on Friday morning.

The U.S. arm of Binance has named a new chief compliance officer. The world’s largest cryptocurrency exchange by trading volume has hired Tammy Weinrib, according to the Wall Street Journal.

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She recently served as vice president of the financial crime compliance department at Société Générale SA.

Weinrib will be in charge of the company’s know-your-customer onboarding and anti-money-laundering programs. She'll be in contact with regulators and law enforcement across the U.S., the company said.

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The move comes as the Securities and Exchange Commission examines the relationship between Binance.US and two trading firms with ties to Binance’s founder, according to the Journal.

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