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

A hand holding Bitcoin.
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
Caitlin Owens 4 hours ago
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Congress doesn't love the spending bill, but it'll pass anyway

Congressional leaders
Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, and House Minority Leader Nancy Pelosi. (Photo: Matt McClain / The Washington Post via Getty Images)

House Speaker Paul Ryan touted the defense spending increase, Sen. Rand Paul angrily tweeted about arcane government spending, and Democrats shook their head at the lack of gun control measures. But most members of Congress are accepting the omnibus spending bill for what it is: A giant collection of what has to get done to keep the government functioning, while mustering enough votes to pass.

Why it matters: This is a $1.3 trillion dollar bill affecting every branch of government that will pass mostly because it has to. Members voted/will vote on it without really reading it, as it was released Wednesday night and must pass the Senate by midnight.

Ina Fried 9 hours ago
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Craigslist pulls personal ads after passage of sex-trafficking bill

Craigslist site
Craigslist site, with personals still listed as an option. Screenshot: Axios

Online classified site Craigslist has pulled its entire personal ad section after Congress passed a new sex-trafficking bill that puts more liability on Web sites.

Why it matters: Smaller tech companies and advocates for sex workers had feared a chilling effect if the bill becomes law.