US to announce international cryptocurrency action soon

Market


The US Justice Department will “announce a major, international cryptocurrency enforcement action” on Wednesday, it said in a statement, adding the US Treasury Department will also make an announcement.

“The US Department of the Treasury will also announce an action in this space,” the statement said.

US officials, including Deputy US Attorney General Lisa Monaco and Deputy US Treasury Secretary Wally Adeyemo, will deliver remarks at 10:30 pm IST (1700 GMT) in Washington, as per a statement.

Other officials will include the associate deputy director of the FBI and the US attorney for the Eastern District of New York.

Meanwhile, cryptocurrency-linked stocks are roaring back as Bitcoin enjoys its longest winning streak in more than nine years.

Bitcoin is starting the year on a strong note, seemingly shaking off any negative sentiment it was mired in last year and on the verge of its longest winning streak in nearly a decade.

Bitcoin rose as much as 2.1% on Tuesday and was trading at $21,209 as of 1:16 p.m. in New York. Other tokens have also gained, with an index of the 100 biggest coins adding around 2.5%. Shares of some crypto-related companies were up even more, including those of Coinbase Global Inc., Riot Platforms Inc. and Marathon Digital Holdings Inc.

Meanwhile, other risk assets have also advanced to start the year, with the S&P 500 adding more than 4% so far in 2023, and the Nasdaq 100 advancing near 6%. Crypto analysts say that, too, is a big reason digital assets have been able to rally.

“We’re seeing a risk-on movement,” said Tony Roth, chief investment officer at Wilmington Trust Investment Advisors, referring to digital assets. “Bitcoin at this point is the best-looking house in a relatively flawed neighborhood. There is a good chance Bitcoin will survive over time.”


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