Mar 9, 2018

Bitcoin plunges below $9,000 after 24% decline this week

A Bitcoin cryptocurrency coin at the DeeCrypto retail store selling cryptocurrency mining equipment. Photo: Artyom Geodakyan\TASS via Getty Images

Bitcoin carried its steep decline from earlier this week into Friday morning when it fell below $9,000, CNBC reports. This is the second time the cryptocurrency has fallen under $9,000 in 2018. It fell to as low as $8,370.80 before rebounding back to $9,077 as of Friday morning.

Why it matters: Bitcoin has yet to hit its stride again since rocketing up to more than $19,000 in December 2017 and much of it is due to regulation. The U.S. Securities and Exchanges Commission announced new requirements for exchanges earlier this week and that coincided with the initial drop.

What they're saying: Regulation has caused an initial setback to the market, but may not be a bad thing. Bartek Ringwelski, the chief operating officer at bitFlyer, a trading firm, told Axios regulation is necessary because of growing popularity.

"For the same reason that stocks are regulated and trading is regulated. It's a new form of asset that is emerging."
— Bartek Ringwelski

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World coronavirus updates: World Bank warns economic pain unavoidable

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus has caused a "global shock" and significant economic pain "seems unavoidable in all countries," the World Bank said in an economic update for
East Asia and the Pacific on Monday.

The big picture: COVID-19 cases surged past 786,000 and the death toll exceeded 37,800 early Tuesday, per Johns Hopkins data. Italy reported more than 11,500 total deaths.

Go deeperArrowUpdated 25 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 a.m. ET: 786,228 — Total deaths: 37,820 — Total recoveries: 166,041.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 2 a.m. ET: 164,603 — Total deaths: 3,170— Total recoveries: 5,896.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

U.S. coronavirus updates: Death toll tops 3,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The U.S. death toll from the novel coronavirus has now surpassed 3,000, per Johns Hopkins data.

The state of play: The U.S. had by Monday night recorded more than 163,000 positive cases — more than any other country in the world, per Johns Hopkins. The COVID-19 death toll stood at 3,008. The number of recoveries had risen to more than 5,800.

Go deeperArrowUpdated 5 hours ago - Health