Bitcoin is sliding after Federal Reserve Chairman Jerome Powell poured cold water on Facebook's plans to launch a cryptocurrency.
"Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability," Powell said at a congressional committee Wednesday. "These are concerns that should be thoroughly and publicly addressed."
Analysts have been bullish on Libra, at least from the perspective that it could pave the way for more adoption of cryptocurrencies. 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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