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Good Tuesday morning, and welcome back. Situational awareness: Bitcoin dropped 10% in an hour, and fell as much as 20%, after South Korea repeated that the country may ban trading. There's been a big January selloff in cryptocurrencies. (Bloomberg)

"The Trump administration is taking its campaign against illegal immigration to the workplace," per N.Y. Times: Raids on dozens of 7-Elevens last week were the first big show of force meant to convey the consequences of employing undocumented people.

Thanks for reading, and see you all day in the Axios stream ...