Sep 15, 2017

Bitcoin's no good, horrible, very bad week

The value of Bitcoin has plummeted so far this week, driven largely by Chinese regulatory action that now includes a pending ban on cryptocurrency exchanges (following an earlier ban on initial coin offerings). Then there also were comments from J.P. Morgan boss Jamie Dimon, who called it a "fraud" and said he'd fire any bank employee "stupid" enough to trade bitcoin. And it probably doesn't help that movie theaters are now showing a film about the tulip bulb bubble.

Data: Coindesk; Chart: Lazaro Gamio / Axios

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Oil industry predicts "severe consequences" if U.S. bans fracking

The oil industry and its backers are coming out swinging against proposals pushed by Democratic presidential candidates aiming to virtually eliminate oil and gas.

Why it matters: The emphasis, made at an annual luncheon attended by hundreds of energy executives, shows how worried the industry is about the potential impact of such proposals, including fracking bans.

Go deeperArrowJan 7, 2020

Swiss president says Facebook's Libra has "failed" in its current form

Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee in October about Libra. Photo: Chip Somodevilla/Getty Images

Outgoing Swiss President Ueli Maurer, who is also the country's finance minister, said Friday that Facebook's cryptocurrency Libra has "failed" in its current form "because central banks will not accept the basket of currencies underpinning it," CNBC reports.

Why it matters: The project is seeking regulatory backing in the country, as it will be issued and governed by the Geneva-based Libra Association.

Go deeperArrowDec 27, 2019

The Fed opens its doors to fintechs

Photo: Caroline Brehman/CQ Roll Call

The Fed is extending invitations to financial technology companies (and other companies interested in fintech) for face-to-face conversations. The sessions are called "financial innovation office hours,” the central bank announced Tuesday.

Why it matters: This is a first for the Fed board, though the San Francisco regional bank has hosted similar events in the past.

Go deeperArrowDec 18, 2019