Bitcoin hovers around $41,000 on three-day rise

Expert on bitcoin trading above $40,000 after volatile few weeks

Prochain Capital President David Tawil provides insight into the cryptocurrency market. 

Bitcoin has had a positive week so far, trading above $41,000.

The cryptocurrency is up for three consecutive days heading into Thursday.

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It has gained more than 2.8% during that time.

Bitcoin remains down more than 9% for the month and off more than 10% year-to-date.

The U.S. imposed new sanctions on Wednesday against more than 40 individuals and entities accused of evading the ongoing wave of penalties imposed on Russia in response to the invasion of Ukraine.

For the first time, penalties were brought against a cryptocurrency mining firm.

The Treasury Department’s sanctions arm designated the commercial bank Transkapitalbank, which has operations in China and the Middle East.

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Transkapitalbank is a Russian privately owned commercial bank which the U.S. says has helped sanctioned clients process dollar payments, by providing an alternative communication channel to SWIFT — the dominant system for global financial transactions.

Treasury also targeted people and companies led by U.S.-designated Russian oligarch Konstantin Malofeyev — the founder of a Russian Orthodox news channel, Tsargrad TV.

Treasury Secretary Janet Yellen (AP Photo/Andrew Harnik, File)

Digital currency firm Bitriver AG and 10 of its subsidiaries were included in Wednesday's package of sanctions from Treasury’s Office of Foreign Assets Control.

"The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions," Treasury said in a statement.

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"Russia’s invasion is an assault on fundamental international rules and norms and threatens the core of the international order," Treasury Secretary Janet Yellen said in a statement. "The United States stands resolutely with the Ukrainian government and the Ukrainian people."

The Associated Press contributed to this report.

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