"Even as investors celebrate a banner year for stocks, the [Bitcoin] party next door is so wild there's no longer any way of ignoring it" ... Barron's cover story by Avi Salzman:

  • "The crypto-rocket shot past $11,000 [this] week just hours after eclipsing $10,000, which itself was mere days after pushing past $9,000. It then slid sharply before surging yet again."
  • "Now Wall Street is about to join in the fun. On Friday, the Commodity Futures Trading Commission green-lighted plans by the CME and the Chicago Board Options Exchange to introduce Bitcoin futures ... Nasdaq is planning to offer its own futures next year, while Cantor Fitzgerald will introduce a Bitcoin options product."
  • Why it matters: "[G]etting listed on some of the largest exchanges in the country is a tectonic shift for Bitcoin, which has been associated with drug dealing and called a 'fraud' by the chief executive of the nation's largest bank."
  • But, but, but ... "Because the futures are cash-settled — traders will receive dollars on the settlement date instead of Bitcoin — the Street technically won't be getting its hands dirty by buying the stuff directly."
  • "[T]here is a flip side ... extreme volatility, operational risk, security challenges."

Go deeper

Deadly Hurricane Zeta slams U.S. Gulf Coast

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta has killed at least one person after a 55-year-old man was "electrocuted by a downed power line" in Louisiana as the storm caused widespread power outages Wednesday night, per AP.

What's happening: Zeta made landfall south of New Orleans as a Category 2 hurricane earlier Wednesday before weakening to Category 1. But it was still "battering southeastern Louisiana and southern Mississippi with life-threatening storm surge, high winds, and heavy rain" late Wednesday, per the National Hurricane Center.

Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Fauci says U.S. may not return to normal until 2022 — Trump's testing czar: Surge "is real" and not just caused by more tests Some coronavirus survivors have "autoantibodies."
  3. Business: Consumer confidence sinking Testing is a windfall.
  4. World: Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
1 hour ago - Health

Fauci says U.S. may not return to normal until 2022

Director of the National Institute of Allergy and Infectious Diseases, Anthony Fauci, testifies during a September Senate hearing on COVID-19 in Washington, D.C. Photo: Graeme Jennings/Pool/AFP via Getty Images

NIAID director Anthony Fauci told the Journal of the American Medical Association on Wednesday he doesn't expect a COVID-19 vaccine to be ready until January 2021 or later.

What he's saying: Fauci said during the interview that the U.S. was in a "bad position" after failing to keep case numbers down post-summer. "We should have been way down in baseline and daily cases and we’re not," he said.