USA to announce international cryptocurrency action plan

The US Justice Department announced that it will be making a major international cryptocurrency enforcement action on Wednesday, as per its ...

The US Justice Department announced that it will be making a major international cryptocurrency enforcement action on Wednesday, as per its statement

The US Justice Department announced that it will be making a major international cryptocurrency enforcement action on Wednesday, as per its statement.

Additionally, the US Treasury Department will also be announcing an action in the same space. Officials including Deputy US Attorney General Lisa Monaco, Deputy US Treasury Secretary Wally Adeyemo, the associate deputy director of the FBI and the US attorney for the Eastern District of New York will be delivering remarks at 10:30 pm IST (1700 GMT) in Washington, D.C.

USA to announce international cryptocurrency action

As the news of the enforcement action by the US Justice Department broke, cryptocurrency-linked stocks have been experiencing a resurgence.

Bitcoin, in particular, has been performing well, starting the year on a strong note, and seemingly shaking off any negative sentiment it was mired in last year.

Thecryptocurrency is on the verge of its longest winning streak in nearly a decade. As of 1:16 p.m. in New York, bitcoin rose by 2.1% and was trading at $21,209. Other tokens have also seen gains, with an index of the 100 largest coins adding around 2.5%. Companies related to crypto, such as Coinbase Global Inc., Riot Platforms Inc., and Marathon Digital Holdings Inc. saw even more significant gains in their stocks.

Additionally, other risk assets have also advanced at the start of the year, with the S&P 500 adding more than 4% in 2023 and the Nasdaq 100 advancing near 6%. Crypto analysts attribute this to the fact that 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."