Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Rebecca Zisser/Axios

The public markets' cryptocurrency hype is no more and it's losing votes of confidence from Wall Street.

Driving the news: The Chicago Board Options Exchange (Cboe) will no longer support bitcoin futures trading after June, despite being the first exchange to pioneer the bitcoin-futures market in late 2017.

Details: Citi nixed its plan to launch "Citicoin," a bank-backed cryptocurrency, CoinDesk reported on Monday: "Citi concluded that, while the [Citicoin] technology has the potential to live up to its promises, there were other more effective and efficient ways of making improvements in payments."

The big picture: News that Wall Street and traditional banks were buying into the digital currency phenomenon was seen as validation and drove crypto prices higher. However, things look to have turned.

  • Prices barely budged when J.P. Morgan said it was creating its own dollar-backed digital currency, "JPM Coin." (Perhaps because only institutional clients will be able to use it.)
  • But when Goldman Sachs said late last year it was scrapping its plan for a dedicated crypto trading desk, prices of bitcoin and other alt-coins plunged.

Our thought bubble, per Axios' Dion Rabouin: Crypto began as something of a counter-cultural current and Wall Street jumped on the bandwagon when it rose to a pop culture phenomenon, pushing prices higher. Those days are over now.

Crypto will live or die based on whether or not a sustainable use case can be found for it. There are a number of ongoing experiments:

  • Facebook is holding conversations with cryptocurrency exchanges about selling the "Facebook coin" to consumers — as the New York Times reported last month — and the company looks to be setting up a WeChat-like payment system where users can pay one another (or any of Facebook's 2.3 billion users) with the coin.
  • Crypto is also just now starting to make significant inroads in the porn (link suitable for work) and cannabis communities, underground industries with large user bases that have trouble accessing traditional banking services.
  • Venezuelan President Nicolás Maduro even tried to make a cryptocurrency the country's official payment system.

Yes, but: Financial analyst Wolf Richter points out that even without the Cboe, bitcoin futures trading isn't dead yet.

Expand chart
Reproduced from Wolf Street using CoinDesk; Chart: Axios Visuals
  • Bitcoin has managed to hold near the important $4,000 per coin level and CME Group, which still offers bitcoin trading, has seen higher trading volumes than Cboe. CME reps told CoinDesk that it has "no changes to announce re our bitcoin futures contract."

The bottom line: If nothing catches on in a big way soon, crypto may be out of lifelines.

Go deeper: Why Bitcoin's fall gives the planet a breather

Go deeper

McCarthy jokes about hitting Pelosi with gavel if he becomes Speaker, in new audio

Kevin McCarthy. Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) can be heard saying "it would be hard not to hit" House Speaker Nancy Pelosi with the speaker's gavel if Republicans retake the House in 2022 and he becomes speaker, according to new audio posted to Twitter by a Main Street Nashville reporter.

Driving the news: McCarthy made the comments during a fundraising event in Tennessee, as he was handed an oversized gavel by members of the Tennessee congressional delegation, reports CNN.

Updated 3 hours ago - World

U.S. and U.K. blame Iran for drone strike on oil tanker

Britain's Foreign Secretary Dominic Raab. Photo: Sameer Al-DOUMY / AFP

Secretary of State Antony Blinken and British Foreign Secretary Dominic Raab said on Sunday that the United States and United Kingdom, respectively, now believe Iran was likely responsible for last week's drone strike on an oil tanker in the Arabian sea.

Why it matters: The United States and Britain now join Israel in accusing Tehran of being behind the July 29 attack off the coast of Oman. Iran has denied involvement.

9 hours ago - Sports

Suni Lee wins bronze medal in uneven bars

Photo: Laurence Griffiths/Getty Images

U.S. gymnast Sunisa "Suni" Lee won her 3rd Olympic medal on Sunday, taking home bronze in the individual uneven bars event.

Driving the news: Also on Sunday, U.S. gymnast MyKayla Skinner won the silver medal in the vault on Sunday after stepping in for Simone Biles, who withdrew from the event to prioritize her mental health and well-being.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!