The Bitcoin rollercoaster is back. The cryptocurrency fell by as much as 15% on Sunday before recovering a bit Monday with rival coins like Ether and XRP also taking a dive. The retreat came just days after Bitcoin hit $64,000 following the market debut of the U.S.’s largest exchange for the tokens. How did this come to pass, and what will happen next? —David E. Rovella 

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America. 

Here are today’s top stories   

The four largest U.S. banks sucked in a tremendous $919 billion in additional deposits last year during the height of the pandemic. Here’s what they did with it. 

JPMorgan is bankrolling the biggest upheaval of European soccer since the 1950s in a 4 billion-euro ($4.8 billion) bet that’s already drawn heavy criticism from fans, domestic leagues and politicians. There’s already a plan afoot to stop it.

Russian opposition leader Alexey Navalny is continuing a hunger strike after he was moved to a prison hospital, as the U.S. threatened the Kremlin with unspecified “consequences” if the nemesis of Vladimir Putin dies.

Harassment allegations and fear are haunting the European investment Bank as a December suicide sparks concern about the risk of more deaths.

The European Investment Bank in Luxembourg 

Photographer: Olivier Matthys/Bloomberg

U.S. President Joe Biden is asking congressional Democrats to vote for a tax increase, some of which would reverse cuts Republicans rolled out four years ago (mostly for corporations and the rich). The move will test a long-held liberal article of faith: that many wealthy Democrats won’t mind paying more taxes if they believe the money will lead to greater prosperity for everyone.

That 2017 overhaul also hit higher-tax states by capping state and local deductions, or SALT. Democrats, who allege the provision was intended to hurt blue states, are now suggesting a way to lift the SALT cap and make up for lost tax revenue: More IRS audits.

U.S. stocks retreated from an all-time high on Monday as investors awaited the heart of the earnings season and more economic data later in the week. Here is your markets wrap.

What you’ll need to know tomorrow 

• Shorts collapse as hedge funds fear getting heads “ripped off.”
• Cigarette stocks plunge on news U.S. may regulate nicotine.
• Trial of Minneapolis cop in George Floyd killing goes to jury.
• The coronavirus once spared the young. Not anymore.
• A Tesla with no one at the wheel crashed in Texas, killing two.
• L.A. will soon be the largest U.S. city to offer guaranteed income.
• Russia’s circle of friends just got a little smaller in Eastern Europe.

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What you’ll want to read in Bloomberg Hyperdrive

Why Flying a Helicopter on Mars Is a Big Deal

NASA conducted its first flight on another planet early Monday morning, a short hop for a small chopper named Ingenuity. The feat demonstrated technology that could prove critical to the future of space exploration. With the U.S. and other nations preparing to return humans to the moon, and eventually land on Mars, using drones will become much more important.

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