Photo: Dan Kitwood/Getty Images

Cryptocurrency market value has dropped 70% from its peak in January, the Wall Street Journal reports, falling under $200 billion this week for the first time since November.

Why it matters: Per the WSJ, many are taking the "plunging cryptocurrency prices" to mean "the apparent failure of bitcoin, ether and other popular units." Chief global strategist and managing director for B. Riley FBR Inc., Mark Grant, told the WSJ that people "are starting to realize that they drove this stuff up in a feeding frenzy, and they're starting to realize just how dangerous it is."

The details: The most popular form of cryptocurrency, Bitcoin, fell below $6,000 for the first time since June. And Ether, the second-favorite, fell 17% in one day.

  • The bottom line: There's "virtually nothing holders of bitcoin, ether, or any other cryptocurrency can do besides trade it." Not everyone is sweating the instability, though: Kyle Samani, managing partner at crypto hedge fund Multicoin Capital, told the WSJ, "We're not as sad as you'd expect."

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 33,484,120 — Total deaths: 1,004,082 — Total recoveries: 23,212,633Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 7,180,179 — Total deaths: 205,729 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9pm ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.