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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Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
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Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.