Bitcoin falls sharply as Fed's Powell flags 'serious concerns' about Facebook's cryptocurrency

Bitcoin falls sharply as Fed's Powell flags 'serious concerns' about Facebook's cryptocurrency

Bitcoin is sliding after Federal Reserve Chairman Jerome Powell poured cold water on Facebook's plans to launch a cryptocurrency.

On Thursday July 11, 2019, Cnbc at CNBC wrote:
President Trump ordered an investigation into France's planned "digital tax" on tech companies on Wednesday.

Shares of Snapchat parent company Snap rose in premarket trading on Thursday after Bank of America said a recent spike in app downloads will drive better revenue.

Small caps have underperformed the broader market this year, and Miller Tabak's Matt Maley says it could be a warning signal for the rest of the market.

But the Facebook-led project has been clouded by regulatory concerns, with central bankers and politicians around the world expressing skepticism.

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Visit CNBC for more details. Cnbc has recently written 5 articles on similar topics including facebook:
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  • "Facebook's David Marcus says Libra could use "a series of stablecoins" pegged to currencies like the dollar, the euro and sterling". (October 21, 2019)
  • "The new Facebook Portal is a lot of fun if you have friends and family on WhatsApp and Facebook Messenger who you like to chat with. But it doesn't have as many features as an Amazon Echo Show or Google Nest Hub Max". (October 15, 2019)
  • "TikTok, the upstart social media app, has opened an office in Silicon Valley and begun to poach Facebook employees, multiple people familiar with the matter told CNBC". (October 15, 2019)
  • "These are the stocks posting the largest moves before the bell". (October 14, 2019)