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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

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

19 mins ago - Technology

Review of Trump ban marks major turning point for Facebook

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.

Updated 27 mins ago - Politics & Policy

Biden to attempt "emergency economic relief" by executive order

President Biden. Photo: Mark Wilson/Getty Images

President Biden will continue his executive action blitz on Friday, issuing two more orders in an attempt to provide immediate relief to struggling families without waiting for Congress.

Why it matters: In his second full day in office, Biden is again resorting to executive actions as he tries to increase payments for nutritional assistance and protect workers' rights during the pandemic.