south china sea as russia and china seek to assert greater control over the maritime regions. the president make the remarks as his commencement address at the coast guard academy in new london, connecticut today. >> whether that is the south china sea, the arabian gulf, and increasingly the arctic, we need unimpeded flow of global commerce. mark: the u.s. has criticized china for expanding its military presence in the south china sea and russia for creating outposts along the arctic coastline. israeli prime minister benjamin netanyahu as airstrikes in the gaza strip will continue despite calls from the u.s. to wind down the conflict. the prime minister says he is determined to continue the operation until "quiet and security is restored for the citizens of israel."

mr. biden and the israeli prime minister spoke today for the first time since new hostilities broke out between israel and hamas last week. the house of representatives is poised to vote today on a 9/11 style commission to look into the deadly generous sixth riot at the capitol. the vote today will be the first step to creating an independent panel that would investigate the siege but the bill is expected to be a more difficult sell in the senate. mitch mcconnell says he opposes the idea. british prime minister boris johnson is not ruling out the idea of a trade deal with australia that removes tariffs on food despite warnings that would put some british farmers out of business. during a session of parliament today the prime minister called "great things u.k. farmers could do with britain's free trade deals" and calling it a massive opportunity. many farms will not survive if

they have to compete with zero tariff imports of beef and lamb. global news 24 hours a day on air and on quicktake by bloomberg. powered by more then 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ >> it is 1:00 in p.m., 1:00 a.m. in hong kong and i am matt miller. welcome to bloomberg markets. here the top stories. we are going to bring you continued coverage throughout the hour of the selloff and bounce back in cryptocurrencies. bitcoin felt a 30000 and is now back up to 40 and change. later on in the program we're going to discuss the selloff

with the chief strategy officer of digital asset investment firm coin shares. they have an exchange traded product that is very interesting. would ask what the interest is today. we also speak with jamie leverett and the ceo all the wild ride in digital assets. chief among them bitcoin but everything else is living as well. let's look at what is going on in the markets. in case you tuned in to see what is going on with the 20 year auction i will tell you the 20 year bonds grew 2.286%. this is a $27 billion auction of 20 year bonds in the one-year anniversary of the first release of the vintage. we will continue to follow that but you are probably more

concerned about the selloff in crypto or fascinated by not concerned. let's bring in joe weisenthal, anchor of what did you miss and long-term crypto skeptic as well as cross as a reporter katie greifeld. katie, what other moves have we seen after bitcoin drops to have a trillion dollars, losing 500 billion dollars in one day? how does that affect stocks, commodities, treasuries it etc., katie: you have seen them come back now. the nasdaq 100 is down 3/10 of 1%. you see the same picture if you look at the s&p 500 and this is bitcoin rebounding as well. it is only down 7.5% right now and that is still a lot, but we were down over 30% at one point.

you are starting to see people by across assets especially in crypto. matt: joe, what does this mean? joe: you said i am a skeptic but i am a realist. matt: you said it is the cloud currency. joe: it was 2012. everybody else thought it back then. [laughter] volatility is not that new in the crypto space and i think i have heard it said by many people if there is one asset that is almost strictly analyzable by technicals it is crypto, because there is a fundamental that is tenuous. the momentum for bitcoin was already below the february highs.

but what we saw prior to this the last several weeks was the most extreme form of egregious, nihilistic speculation. i joked yesterday -- it wasn't a joke -- someone named a coin after me and it had $100,000 market cap. that is how absurd this space is getting. it is always hard to say when we are going to see the top. this is the top, this is the top, but we are in a moment in the crypto space of extraordinary amounts of extreme speculation on the sort of most -- the biggest junk out there. a coin named after me is pure junk. i would not be surprised to see the boil coming off. matt: it is not the first coin you have had. it is not your first crypto right? in 2012 or 2013 you had one as well. what do we know about the reasons behind the selloff, katie? we often hear that 2% of the

wallets hold 95% of the bitcoin. are we seeing crypto move out of those wallets that hasn't moved in 10 years? is this retail investors that were speculators selling? have institutions gone short? how did this work? what are the mechanics? katie: it is a great question. i have the stat right here that fewer than 2% of accounts pulled 95% of bitcoin supply. that was as of january so it might've changed since then. we are still reporting that whether we saw big whale selling. if you look at the chart of bitcoin and ether, they hit their low a little after 9:00 a.m. new york time. that would suggest perhaps we did see some big selling from a single account but it remains to be seen. crypto whales very prevalent in

the universe and it is possible we saw some selling. matt: or they are debtor lost their passwords. a viewer writing in, joe saying, it is still a clown currency but joe is a crypto cheerleader, not a skeptic. not sure where you stand and the same could be said of elon musk. what do you think about the tesla founder's involvement in this wild ride? joe: tell that viewer to email me. i want to get his reasoning for calling me a cheerleader. i think elon likes to have fun. i like to have fun so i can relate. it is fun talking about cryptocurrencies, it is fun to tweet about doge coin and elon is the king of trolling and having fun on the internet. he has become the third richest

person in the world because he combines having fun with having built a lot of extraordinary stuff. when he bought bitcoin in february he was seen as the new god of the space and then i think he enjoyed being that and sort of toying with all of his followers. but it kinda flies in the face of how robust it is. bitcoiners fantasize about taking on the central bank, fantasize about unseating the u.s. dollar, but there is a long way to go before all of that. matt: it is a beautiful fantasy. the d5 fantasy lives on. katie, we saw a tweet from elon musk saying "tesla has diamond hands." i am not sure what the dollar value of the holdings is, but we have seen similar statements from other beholders. michael seiler says the

companies he controls have bought $111,000 bitcoin. kathy wood was on earlier doubling down setting bitcoin will go to -- down saying bitcoin will go to several thousand. katie: it feels like the heavy hitters came out to play. from kathy to elon musk, even though he is of questionable standing. to joe's point it is an asset that can be based on technical. it is also sentiment driven. the fact you had the biggest crypto advocates come out and say they are standing firm, that probably helped. but the institutional side, i am interested to see what happens. the wall street embrace of crypto has been the bitcoin bull case for months now. to see bitcoin plunge 30% in one day, if you are a corporate treasurer, it is hard look at

that and say i want that on my balance sheet. it remains to be seen if this speaks wall street. matt: katie greifeld, thank you for joining us. joe weisenthal, always good to have you. i look forward to seeing what responses you get now on twitter. kathy wood, she called the bitcoin market very emotional at the moment. but despite their wild ride she is still a true believer. she has diamond hands. take a look at the conversation the ceo had earlier with carol massar. kathy: i think what is happening now is because the stock market, the innovation part has gone through such a correction which has been inflamed by inflation fears, i think the correlations among volatile assets are going

to one right now. carol: you told the dow jones in april it could go to $500,000. do you still think that is where we are headed? kathy: i do. our crypto analyst -- we go through soul-searching times like this and scrape the models and our conviction is as high. matt: this is bloomberg. ♪

♪ matt: this is "balance markets."

i am matt miller. we are following the reopening trade. target, lows, and tj maxx reporting robust sales and a jump in traffic during the spring as more people return to shopping at brick and mortar stores. let's get more from jim taylor, brixmor property group ceo. his company owns more than 500 strip malls in 38 states. i not sure if that is derogatory. his stripmall a fair quest vacation? jim: we like to call them open air centers. stripmall has negative connotations but we know you're talking about. matt: i'm just saying because i know a number of -- i am originally from ohio. we have open air centers that are not anything like strip malls. they are fantastic places to hang out. people go there not just to shop. what kind of properties are doing the best right now? jim: those properties that have

a mix of uses. when you think about the category generally it is a category that really permits a lot of different types of businesses to have a great presence in the community they are trying to serve. most importantly near where the consumers live. i think one of the benefits of the open air space is its proximity to the consumer. it is convenient and for the retailer provides a great environment for them to have a store. the better environments attract people, encourage people to stay and well, utilize many of the products and services offered by the tenants in the open air centers. but generally that is our business. our business is to own and operate centers that really do meet the needs of that community. matt: how do you best mix an

online experience with a brick-and-mortar store? this is one of the keys walmart is focused on, trying to get the shopper to do both because than that shopper buys more. jim: you know, the great retailers like walmart and certainly target understand the time of the consumer is incredibly valuable. they look to meet the consumer where the consumer is whether it is ordering online from their home, going to the store, picking it up on the curb, or certainly providing that store experience for the customer. what you're hearing from a lot of these retailers -- and i think it is important to listen to -- is how central the store is to their strategies of serving the needs of the customer. providing a seamless, easy, convenient experience builds customer loyalty, gets them coming back.

it is showing in the results of these retailers that have been adopting it so well. matt: what changes are we going to see as a result of the pandemic? a lot of people have talked about increased ventilation. i feel some people are always going to want social distancing to stay regardless of whether or not we reach herd immunity. what do you think is going to stick? jim: i think it is quite contrary. i think there is pent-up demand to go out and socialize. as soon as people feel comfortable to do it -- and as people get the vaccination they will feel that way -- you are seeing it in the traffic counts at our centers which are equal or exceeding the levels we saw pre-pandemic. for all manner of uses whether it is walmart or target or kroger. even some of the full-service restaurants are seeing traffic

pick up which i find encouraging. i think it speaks to the need all of us have for that social interaction which is something the retailers really thrive with. matt: thank you for joining us. great to get your insight on this aspect of a growing reopening economy. jim taylor, brixmor property group ceo. when we come back we are going to dig into, again, the volatility in crypto. someone saying is it normal to devote this much time to digital currency? it is when they move $500 billion in 24 hours and china is one of the main focuses for us on bitcoin because of, well, part of the reason we saw the drop in part of the reason we see this incredible power. this is bloomberg. ♪

♪ matt: this is "balance markets." i am matt miller. in the weekly segment of the new economy where we examine how global leaders are trying to solve the world's biggest challenges we welcome andy brown, a bloomberg new economy editorial director and andy, it is interesting because i think china is in some ways at the heart of the story. as with many things they are part of the reason for the incredible growth and power of cryptocurrencies. at the same time from the top they are trying to really stop this phenomenon. how serious are the regulators about putting an end to bitcoin spending? andy: china is prone to these great buffs of what they call

speculative. the chinese market is often compared, perhaps a little unfairly, to a casino. they have determined, the chinese financial authority, to put an end to it. if you look at the language they used in this banning order today, it is very serious. it says that crypto has no real value. purely speculative. it says that it is disrupting economic order, i.e. has implications for the economy. you have this group in hong kong and it tweeted cheaply today, oh yeah, every bull cycle, the bank of china come out of band bitcoin. but i one not be that dismissive. if they are serious about de- risking the financial system, and more to the point avoided the kind of monetary and fiscal

blowout that you saw in the united states in response to covid precisely because they do not want to blow up anymore speculative bubbles, they have enough of their own. the property market being one of them. matt: essentially they are trying to de-risk end of it makes the chinese feel better, populace conspiracy theorists will call every financial market a casino no matter how well regulated and researched it is. in terms of china they clearly want to control these kinds of economic tools. they are also a leader in the experiment of digital currencies from the central banks, from the pboc perspective right? it seems the biden administration is concerned about the digital u.n. how far forward are they? how advanced is china when it comes to digital spending and digital economy? andy: they want digital all

right. they absolutely want digital currency but they want no part of the peer to peer currency of crypto. what they mean is central bank issued currency. that is the control they want. they want full visibility over financial flows. one of the problems they have with cryptocurrency is it allows individuals in china to evade very strict capital control. they want top-down, central bank issued currency to -- for purposes of financial surveillance and to give them better tools to micromanage the economy. matt: i read somewhere if you are taking a cab somewhere in beijing or shanghai, you have to pay digitally. you can only pay with cash if you get in a pirate cap apparently. andy: nobody cares cash. matt: it is that far advanced,

exactly. thank you for joining us. we appreciate your weekly visits. andy brown, bloomberg new economy editorial director. you can check out the new economy daily from bloomberg economics focused on what is driving the global economy and what it means for policymakers, businesses, and investors. sign up for the daily newsletter at bloomberg.com. this is bloomberg. ♪

mark: i am mark crumpton with bloomberg word news.

senate minority leader mitch mcconnell opposes the democrats plan to have a commission investigating the january 6 riot, casting doubt about whether congress can agree on the insurrection. after saying he was undecided to establish a commission, mcconnell said today that it was imbalanced. they are set to vote today. boris johnson is enforcing the uk's stance on travel. speaking in the house of commons, the prime minister said people will need to follow the guidelines when making travel plans. >> you should not be leaving except for an extreme circumstance such as serious illness of a family member. you should not going out of the country on holiday. if you do go to an amber list country, we will enforce the 10 day quarantine period, and if you break the rules, you face

substantial fines. mark: health officials say at least 70% of u.k. adult have received one dose of a covid vaccine and 40% are fully vaccinated. texas governor greg abbott has signed a new strict abortion measure into law. it bans abortions in the state after a fetal heartbeat can be detected, possibly as early as six weeks. more than a dozen states have similar laws. the texas law has a unique provision that essentially seeds enforcement to private citizens. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.

amanda: welcome to bloomberg markets. i am amanda lang. matt: i am matt miller. we welcome our bloomberg and bnn bloomberg audiences this time each day. here are the top stories we're following for you from around the world. crisco comeback -- crypto comeback, bitcoin free ball -- bitcoin freefall and bounce. the latest on the digital currency and volatility surrounding it. it is coming back. we discussed the wind saw -- the whipsaw with meltem demirors, from coinshares, one of the foremost experts in the space. we also speak to jaime leverton of hut 8. we will cover it from every angle, amanda.

amanda: and you set the tone today, matt. we have markets negative today. the s&p 500, every subgroup lower, led by energy. materials right behind. tech is the best performing group and that's worth noting. down about .25%. nasdaq not fearing is poorly -- not fearing as poorly as you might think on a day when you think there might be a risk off mentality. we will get the stock of the hour and a moment. it is up more than 5% on its earnings and outlook. that is key. we are watching the bond space. there are some signals. for what it's worth, when you talk about bitcoin and the bounce off the bottom, it might be worth it to look at the technical point of view. there are believers in bitcoin.

kathy wood says she thinks $500,000 is possible. watch the moving average other technical levels because i think we will see program buying around some key levels. matt: absolutely. mike mcglone -- well, first, joe weisenthal made a great point when he was on about half an hour ago. if there's any asset that can really trade on the technicals, because it is difficult to pin down fundamentals here, it is cryptocurrency. mike mcglone also, to his credit, worked in the pit in chicago for many years. this is happening exactly as he would expect a commodity to trade that moves a lot on technicals. people are watching margin calls and people are watching stops. obviously, you don't see a lot of assets move around with this kind of severity, right? dropping from over $40,000 down

to 30000 and back up to over $40,000 again. pretty serious volatility. amanda: and we cannot ignore the reality for some investors who wanted to trade and found the exchanges they were trying to trade on were hitting roadblocks because of the sheer volume, which is a bit of a setback. you want to have access when you are trying to trade something. the pure speculative nature of this part of the market makes it the perfect time for our stock of the hour, which is target. it's numbers are showing -- its numbers are still showing that there is still a place for big retailers. dave will -- dave wilson with us now. dave: the first quarter numbers got people's attention. sales were up 23% in the fiscal first quarter. analysts were only looking for

10%. digital sales, largely online, up 50%. let's not forget that the quarter ended in april, so you started to see the shift toward online sales last year from the pandemic. so 50% growth on top of that gets your attention. earnings up sixfold, whether you look at generally accepted accounting principles or adjusted earnings, it does not matter. you still have that kind of growth. and store brands, private labels, are more profitable for target than other products, and up 30%. companies like target have benefited from consumers stocking up in the past year. we had the results yesterday out of walmart. they were well received too. you see how target and walmart stack up when it comes to those comparable sales and the growth has been sustained at target even more than walmart, so, you know, that's definitely getting people's attention. beyond that, you mention the outlook and it is positive.

one indicator you can look at specifically, operating profit margins. target raised its estimate. they were looking for possibly 8% or more. they haven't had that in 14 years. that shows you how optimistic they are about their prospects. back in march, they were talking 6% may be, so a much higher figure this time around. matt: what is -- by the way, i was googling, can you use bitcoin in target? they don't accept it, dave, just so you know. what is driving the rise in profitability? dave: it is the kind of things people are buying. you look at apparel, home decor. that's where the growth was in their latest quarter. you see the figures there. items like those are more profitable than the groceries they also sell, food and beverage. not expecting much in the way of growth there, but some.

you put it all together and the business is kind of moving in a direction that explains why target would be so much more optimistic for its fiscal year and why they raised their projection terms of profitability. matt: dave, thanks for joining us with the stock of the hour. dave wilson is our stocks boss, talking target. coming up, turning back to crypto, because it is insane how much it moved today. our next guest says the shakeout was necessary and expected. meltem demirors of the digital asset investment firm coinshares joins us next. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller with amanda lang. let's dive deeper into crypto. bitcoin taken investors on -- taking investors on a wild ride, plunging almost 29% before coming back. meltem demirors says the voluntary -- the volatility is expected and necessary. she is from coinshares. one of the most knowledgeable experts on digital currencies in the world. you teach classes at m.i.t. and you serve on a number of regulatory or governing boards, etc. oxford as well. so what do you make of this wild ride we have seen? why necessary? alex: yeah. -- >> absolutely.

coinshares manages $5 billion in assets. we have been doing this for seven years. we have seen this before. these cycles happen in crypto all the time. let's start with the macro picture. you guys touched on it. there's a lot of uncertainty. will there be more stimulus? will rates go back up? what's happening with inflation? people are worried about risk. institutional dry powder is back almost at record highs, almost three trillion dollars in cash on the sidelines, so investors are skittish. bitcoin's options viewed has been bearish. that used to be bullish. we flipped into bearish territory. the estrange trader project -- the exchange trader product side, last week, for the first time ever, over $50 million of outflows from bitcoin structured products.

what we are seeing generally is a lot of people are worried about risk. there's been a big run up this been sustained for a while. we saw some liquidations in april. over $8 billion liquid it on a saturday night. i wish these markets did not operate 24 7, 365 sometimes. we saw another big slate of liquidation. we are seeing fear and panic. a lot of selling. most of the selling activity has actually been from recent entrants to the market. over 23% of the coin holders are in the red. these are people who have come in recently. amanda: so one of the comments that we've had, and we know there are people on both sides. you have kathy woods saying $500,000 as possible. we had a regional banker on the canadian network earlier who said this is all speculation. there's no fundamental way to value bitcoin. so of course it will be volatile

as a result. what do you say to people? and i would say it is important to distinguish between bitcoin and ethereum, say, which is a different beast because it does not have the odd characteristics of bitcoin. meltem: sure. at the end of the day, let's start with the second point. we are starting to see a divergence between bitcoin and the theory him. as investors grow wealth and bitcoin, we were see rotation into higher risk, more speculative digital assets. we have seen sustained inflows into ether products. they started the year at a much lower number. we are seeing a lot of interest from institutions, and not just bitcoin, but the entire universe of digital assets. it is great in my view that this is becoming more than just bitcoin. we will see an actual marketing merging. we will start to see correlations diverging. on the first point, as we look

at what targets might be here, here's what's important to remember. 90 day moving volatility is actually not even close to where it was in january. that coin has been on a crazy run for the past seven months. we have seen it go from 10,000 all the way to $60,000 since the beginning of the year. ether went on a similar run. a lot of upside volatility. we need to remember is, in crypto, volatility is the price of opportunity. we will see dramatic swings and corrections. that's part of being allocated to the asset class. again, it is unfamiliar to some people. matt: and a lot of it is more about the platform than the token. i think investors lose sight of that. is it troubling -- there is a troubling stat that i often seen cited. few wallets own 90% of the bitcoin.

is that true? and if that is the case, is that a worry? amanda: great question. we get that a lot. there's a lot of confusion about what wallets represent. a lot of that 95% number -- first, i don't think that's even correct. there are a lot of wallahs that hold more than 10,000 bitcoin -- lot of wallets that hold more than 10,000 bitcoins. most of these are exchange wallets. firms. so you are seeing one entity on the blockchain, one wallet address, that actually represents tens of millions if not hundreds of millions of customers actively trading. so that's a disambiguation. it is much more diverse than that. amanda: just quickly, we cannot ignore that china raises the very real issue for crypto,

which is the regulatory one. at any time, this is a market regulators could change completely. how do you factor that in? meltem: the news that came out of china was a rehashing of an announcement in 2017. it is a nonmaterial event in our view. we engage with regulators across the world. we operate in seven jurisdictions. regulators are still trying to figure it out. in the u.s., we're seeing some changes, but nothing dramatic will happen overnight. a lot of those concerns and fears are overstated, to be candid. after seeing lots of different types of regulatory concerns, most regulators are taking a prudent approach. they are working closely with industry, so a lot of these fears are overblown. matt: a lot of the point of this is to get around regulators. we are talking about a libertarian movement in some ways.

i know there's a split in the community. some people want to work with regulators. some people say forget about it. meltem: i actually want to disagree with you here. i don't think the objective here is to get around regulation. the issue is the regulatory perimeter is established by civil jurisdictions. cryptocurrencies don't have physical jurisdictions. it is global 24/7. it is software. when a market is software, how do you determine jurisdiction? this is the challenge. and not just a crypto issue. it is an issue for all of fintech. regulating based on physical perimeter does not work in a digital world. so it is old world matching up against new world. that's my view. amanda: great to have you with us, meltem demirors from coinshares. the chief strategy officer. we continue to watch the crypto space.

we will have more after this. ♪

amanda: this is bloomberg markets. i am amanda lang with matt miller. we are watching the crypto space today. lots of moving parts and questions. one company with a lot on it is hut 8. we are joined by jaime leverton. as someone running a company closely associated with the fortune and fate of crypto, what is your take? jaime: this volatility is something you have to expect in a market that still very, very early on, and on the leading edge of innovation. i think people in the industry have come to make their peace with the volatility, albeit we certainly had quite a ride over the last 24 hours. matt: i wonder about the concern

-- we always talk to you about this, jaime, over the carbon footprint of mining. how do you deal with that or what do you think of kathy wood's idea that this will push people to adopt more solar? jaime: i am completely aligned with caffe -- with kathy on this. not all bitcoin minors are created equally. -- bitcoin miners are created equally. we are one of the few that has a head of sustainability charged with building out a robust platform for us to tackle this conversation, but to do it with data and objective metrics and transparency, which we think is so important, and certainly, i think one of the bigger conversations that needs to be had is around all industries and how we look at different industries relationship with energy.

i think it is a healthy, important debate but shouldn't be one that's limited exclusively to bitcoin. amanda: would you not agree that there is a solid difference, if you are thinking 20 years from now, between blockchain technologies and their associated value and bitcoin itself, which is hard to measure, the fundamental value? jaime: i don't agree with that at all. i think bitcoin has already in its early years proven itself to be the hardest store of value in human history and that strength is only going to increase, and the value that we will see continue to evolve from the bitcoin network i think is second to none. matt: what do you think about bitcoin versus the others? i mean, ether has had a huge run until now. the internet computer to me is fascinating.

bitcoin continues to be the lion share of crypto market cap. jaime: i am bullish on a theory him as well. we made an announcement to start mining it. we made an investment in hardware to do so. i think that diversification optionality is really important, but i don't think it takes away from our view of bitcoin in the long run as that ultimate store of value. amanda: quickly, one of the things that kind of showed up here is the volatility overwhelming some of the trading mechanisms. some investors would have felt a little frustrated over the last 24 hours. how problematic do you think that is? jaime: obviously, it is problematic, and i think it is something that will have to be dealt with and certainly resolved, which it absolutely will. these are kind of catalyst events for hardening the system,

but bitcoin, as you know, can be stored in a variety of different ways and it may just lead to more exploration of a storage -- exportation of other vehicles for storage. matt: jaime leverton of hut 8, one of the big bitcoin miners out of the great white north. for amanda lang, i matt miller. this is bloomberg. ♪

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