Dec 22, 2017

Bitcoin plunges below $12,000

A visual representation of Bitcoin. Photo: Chesnot / Getty Images

The price of bitcoin plunged dramatically Thursday night, a stunning drop for the digital currency after a year of exponential growth. Bitcoin is currently trading as low as $11,644, according to data from CoinDesk. The currency was trading at about $10,000 at the start of December, and broke $20,000 last weekend.

Why it matters: It's way too early to know whether the plunge is a signal of anything more than the cryptocurrencies' incredible volatility. But as Axios' Steve LeVine points out, this is another reminder of history — these fast, outsized jumps in value have typically ended in tears.

Go deeper

Scoop: Amazon's local podcast play

Illustration: Sarah Grillo/Axios

Amazon is looking to invest in localized podcast content, like news and sports, sources tell Axios. Sports content is top of mind as the company plans to buy up more TV rights and have adjacent audio content for users.

Why it matters: Amazon sees a strategic advantage in podcasts by leveraging Alexa voice tech to help users discover personalized content.

The oil stakes of Trump vs. Biden

Reproduced from Rapidan Energy Group; Chart: Axios Visuals

U.S. oil production is in a steep decline, but one question is how much November's elections will affect how much it does — or doesn't — bounce back.

Why it matters: The powerful price and demand headwinds from the coronavirus pandemic are creating a financial crisis in the oil patch.

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