Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
A slew of negative reports hit the cryptocurrency world Tuesday.
Facebook announced a ban on advertisements for "binary options, initial coin offerings and cryptocurrency." The blanket decision is part of the social media giant's efforts to prohibit ads for financial products and services "that are frequently associated with misleading or deceptive promotional practices."
The news followed a Bloomberg report, citing a source, that on Dec. 6 the U.S. Commodity Futures and Trading Commission subpoenaed Bitfinex, one of the largest cryptocurrency exchanges in the world, and a digital coin company called Tether that is run by many of the same people as the exchange. The CFTC and a representative for the companies did not immediately respond to a CNBC request for comment.
Also on Tuesday, the U.S. Securities and Exchange Commission announced that a court approved an emergency asset freeze for AriseBank, which claimed it raised $600 million in sales of new digital coins. Two websites for the Dallas-based firm were unavailable Tuesday morning, and its lawyers couldn't immediately be reached for comment.
Bitcoin tumbled 12 percent to a low near $9,810 on CoinDesk before recovering slightly, and all major cryptocurrencies sold off.
The headlines hit as U.S. stocks tumbled for a second straight day amid a jump in Treasury yields. Some market analysts have attributed the cryptocurrency mania to the generally positive sentiment generated by stock market gains — the S&P 500 is in its second-longest bull market ever, a period without a drop of more than 20 percent from a recent high.
Worries about regulation persist in east Asia, a major market for cryptocurrencies. South Korea's Financial Service Commission is trying to limit speculation. It confirmed Tuesday, South Korean time, to CNBC that new measures, such as bans on anonymous trading accounts, had been implemented.
In Japan, regulators are still trying to handle the fallout from a Friday hack on a major local exchange called Coincheck, which lost the equivalent of more than $500 million. Coincheck said the stolen NEM coins were held in storage linked to the internet, making it easier for hackers to steal the cryptocurrency.
Alex Sunnarborg, founding partner of Tetras Capital, noted the hack likely "spooked the market a bit, and especially among those with balances on exchanges, leading to the recent selling and drop in prices across crypto assets."
Despite Tuesday's slew of worrying headlines, bitcoin has survived worse over the years. It recovered from a more than $2,000 drop in September following China's cryptocurrency crackdown and has bounced back from several other plunges of more than 20 percent.
"Because of the growth of the industry last year, there are some cracks in the industry as well that are being quickly ironed out," said Joe DiPasquale, founder and CEO of BitBull Capital, a cryptofund that invests in other cryptofunds.
He said hedge-fund managers he spoke with "are pretty encouraged now for the defining of a new bottom for bitcoin around $10,000. It's a support level that can be moved up from. The other things are growing pains for the industry."
Correction: This story has been updated to reflect that Bloomberg revised its story to state the subpoena was sent on Dec. 6.