CNBC After Hours
CNBC After Hours

Bitcoin leads $100 billion crypto sell-off right as Biden becomes president: CNBC After Hours

Bitcoin leads $100 billion crypto sell-off right as Biden becomes president: CNBC After Hours
Bitcoin leads $100 billion crypto sell-off right as Biden becomes president: CNBC After Hours

In this article's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Kate Rooney breaks down what to expect from the Biden administration in terms of cryptocurrency regulation. Plus, CNBC's Deirdre Bosa explains why Chinese billionaire Jack Ma's reappearance this week captured the attention of the global business community.

Two-day bitcoin sell-off wipes out over $100 billion from the entire crypto market

Bitcoin slumped for a second day Thursday, taking the digital currency's losses to more than 10% over 48 hours and wiping off billions of dollars from the crypto market.

The price of bitcoin slipped 8% on Thursday to as low as $31,007, falling below the $32,000 level for the first time since Jan. 11, according to data from industry website CoinDesk.

The world's most valuable digital coin has had a wild few weeks, briefly hitting $41,940 earlier this month before sinking sharply the subsequent week. The reason for its latest move wasn't immediately clear, but investors told CNBC it is likely a natural correction.

Alibaba founder Jack Ma appears for the first time since crackdown on his tech empire

GUANGZHOU, China — Alibaba founder Jack Ma has emerged after weeks out of the spotlight, which sparked speculation about his whereabouts as his companies face increased regulatory scrutiny.

Alibaba's Hong Kong-listed stock was up over 8% on news of his reappearance.

In a video posted on Chinese social media, Ma addressed rural teachers as part of one his charity foundation's initiatives. The annual event, which is usually hosted in the resort city of Sanya, sees the Jack Ma Foundation celebrate the achievements of rural teachers who are awarded cash support.

"Jack Ma participated in the online ceremony of the annual Rural Teacher Initiative
event on January 20," a spokesperson for the Jack Ma Foundation said.

In October, Ma made some comments that appeared critical of China's financial regulator.

GM may be engineering one of the best turnarounds in business history, Morgan Stanley's Jonas says

Morgan Stanley auto analyst Adam Jonas didn't mince words when talking about General Motors' push into electric vehicles and what it means for the legacy automaker.

"What Mary Barra and the team are doing at GM — and look there's still room to go — but what they're doing may end up being one of the most profound strategic turnarounds, not just in the auto industry, but in business," Jonas said Thursday on CNBC's "Squawk Box."

Shares of GM hit an all-time high on Wednesday as investors continue to reward the company's initiatives, which include 30 new electric vehicles under a $27 billion investment in electric and autonomous vehicles through 2025.