Crypto remains weak this morning with Bitcoin (BTC) holding below the psychologically important USD 10,000 level. Another busy day in the space with Facebook's David Marcus' second day testifying to Congress and the G7 Finance Ministers' meeting with crypto a scheduled topic of conversation.
Crypto currencies have been in demand again of late, with prices making higher highs and higher lows. It is not clear what exactly is behind the rally but with the stock markets falling in the U.S., they may have found some safe-haven flows.
Two recent criminal enforcement actions against individual cryptocurrency exchanges, including one offering to do business with a small-level marijuana business in California, indicate that federal agencies are using anti-money laundering laws as a vehicle for oversight over transactions involving cryptocurrency and proceeds from the sale of cannabis.
The crypto carnage that started at the end of last year may have ended at the start of February. In recent weeks, prices have stabilized across the board as fears over the clampdown on crypto exchanges abated.