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

Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: California to independently review FDA-approved coronavirus vaccines
  4. Wisconsin judge reimposes capacity limit on indoor venues.
  5. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  6. Business: Consumer confidence surveys show Americans are getting nervous — How China's economy bounced back from coronavirus.
  7. Sports: We've entered the era of limited fan attendance.
  8. Education: Why education technology can’t save remote learning.
Go deeper (1 min. read)Arrow
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The 2020 holiday season may just kill Main Street

Illustration: Eniola Odetunde/Axios

Online retail and e-commerce have been chipping away at brick-and-mortar businesses over the years but the combination of the coronavirus pandemic and the 2020 holiday season may prove to be a knockout blow.

State of play: Anxious consumers say financial concerns and health worries will push them to spend less money this year and to do more of their limited spending online.

Go deeper (1 min. read)Arrow
Rebecca Falconer
3 hours ago - Health

California to independently review FDA-approved coronavirus vaccines

California Gov. Gavin Newsom. Photo: Justin Sullivan/Getty Images

California will "independently review" all coronavirus vaccines approved by the Food and Drug Administration before allowing their distribution, Gov. Gavin Newsom (D) announced at a news conference Monday.

Why it matters: The move that comes days after NAID director Anthony Fauci said he had "strong confidence" in FDA-approved vaccines could cast further public doubt that the federal government could release a vaccine based on political motives, rather than safety and efficacy.

Go deeper (1 min. read)Arrow