Illustration: Rebecca Zisser / Axios

Bitcoin had a wild day, dropping nearly $5,000 from its opening price before clawing back $3,500 of that decline by late afternoon.

Quick hits:

  • "[B]itcoin has lost about $110 billion of its total market value in less than a week, twice the market cap of Tesla Inc." [WSJ]
  • "Michael Novogratz, the former macro manager who's turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000." [Bloomberg]
  • Past bubbles: "In 2013, Bitcoin's price rose first to a high above $200 before crashing. Later that same year, an investing mania in China drove the price to another high above $1,200, followed by yet another plunge." [NYT]

The big picture: Bitcoin nearly hit $20,000 earlier this week. It was valued around $1,000 at the beginning of 2017.

Go deeper: People bought a lot of "coin" and "crypto" web domains in 2017

Go deeper

Updated 20 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: The pandemic is getting worse again New York reports most cases since MayMany U.S. coronavirus deaths were avoidable.
  4. Education: Boston and Chicago send students back home for online learning.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases — France becomes the second.

Biden says he will appoint commission on Supreme Court reform

Photo: Chip Somodevilla/Getty Images

Joe Biden told CBS' "60 Minutes" this week that if elected, he would put together a bipartisan commission to study the federal court system and make recommendations for reform.

Why it matters: Biden has come under pressure to clarify his position on court packing after some Democrats suggested expanding the court if Senate Republicans confirm President Trump's Supreme Court nominee Amy Coney Barrett.

Dion Rabouin, author of Markets
51 mins ago - Economy & Business

Wall Street still prefers bonds

Illustration: Aïda Amer/Axios. Photo: Sunset Boulevard/Getty Contributor

Investors' return on U.S. corporate bonds has been falling since its August peak, but buying has only accelerated, especially in investment grade bonds that are offering historically low yields.

The state of play: Since hitting its 2020 high on Aug. 4, the benchmark Bloomberg Barclays U.S. bond aggregate has delivered a -2.2% return. (For comparison, the S&P 500 has gained 3.9% during the same time period.)

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