coming, coinbase and the sec are at it again.is bluebird. -- this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create >> congress has looked at this issue. they want to try to find a pathway forward. i think instead of doing this regulation by enforcement, we should be looking at the legislative process. the open executive order, research and study that is going on right now to think through this from a public policy perspective. emily: that was kristin smith of the blockchain association earlier. reacting to the latest in the coinbase s.e.c. saga. the crypto platform is facing an sec looking into filings. what is the sec cont

coinbase is refusing it filed a petition today.re does -- where does coinbase end up ultimately with the s.e.c. and how does today's news fit in? >> it's an interesting question. the doj case actually does not depend on whether coinbase is selling securities it doesn't even depend on whether a piece of cryptocurrency is considered a security, which is a very complicated debate and so in this case the charge was wire fraud, which was essentially just a scheme to defraud that doesn't have to include securities so in this case the doj was saying it doesn't really matter if this is a security or not the other thing that's very interesting here is that coinbase is actually the victim in this case it was coinbase's confidential business information that the indictment alleges that these defendants stole from coinbase and used to make a handsome profit >> got it. ian, thank you i have a feeling we'll be talking to you again soon on crypto ian mcginlcginley. >>> shares of one medical skyrocketing after amazon made a bid on it. >>> plus for

coinbase because the stock dropped 20%. the market cap has come down so much.xchanges have with the industry likes to think of as quasi-regulatory powers. when you look at these big crypto exchanges which are the primary way to regulate the industry or oversee it, where they look like stocks in the future? will they be more subject to fec -- fcc oversight? will they have more claim over some of these assets as commodities instead? it is an open question. it will be played out in court in a lot of cases. >> any precedent for this good land? >> none at all because digital assets are sown in. >> not a lot of precedent here in terms of whether digital assets are securities. this is the first time we have really seen the fcc come out and list specific tokens. it is kind of a rare move for the agency. normally they stray away from making specific identifications partly because it is not really in the interest to pigeonhole themselves into these assets or securities. it gives them a little bit more leeway. >> thank you for clarifying a very confusing situation. thank

coinbase is the biggest u.s. and the only publicly listed crypto company other than robinhood. >> but the stock is down 21% what is wall street so fearful of here if the s.e.c. does make a bigger move on coinbase? >> the worst-case scenario is that they are not able to facilitate any of the trading of the tokens they do about half of their revenue or less than half comes from bitcoin trading. if the s.e.c. said everything you're listing is an unregistered -- from that perspective and also from a competitive perspective if people say, all right, i'm going to one of these exchanges overseas, coinbase has really tried to build its reputation on being the more compliant, transparent version of this. if they're not able to operate within the existing regulatory framework, really bad news for coinbase and you're seeing it in the shares today. >> absolutely. >>> take a look at alphabet, it is lower it is reporting after the bell after snap's warnings on advertising spending they will watch ad revenue numbers closely to

things ahead of results from google and amazon this hour and then finally, ever trade crypto on coinbase according to the s.e.c. you may have broken the law. that story coming up later as well, jon. >> we'll start this feed with consumer weakness. walmart warning that shoppers are spending more but getting less because they're spending it all on food and energy higher margin items like apparel and tvs therefore not moving walmart shares plunging taking down names like amazon and etsy in the process and more evidence of a consumer slowdown logitech reporting a 38% fall in profit cutting outlook on slowing demand for webcams and gaming equipment, though keyboards and mice, things like that actually sell more and shopify shares also under pressure cutting 10% of its workforce, its ceo saying he expected surging e-commerce sales to continue, quote, it's now clear that bet didn't pay off. shopify shares done 80% since the high in november and reports earnings tomorrow. dee, it seems like we're seeing signs of a scenario i've been concerned about for awhile, consumers racking up debt, spending

coinbase just made a new low.re crumbling, these shares right now down 21% to $53.10 a share. in reaction in pardon to a bloomberg report that securities & exchange commission launched an investigation into some of its crypto listings. a huge battle, charlie, once again of securities versus security. >> 10-q, they have been under investigation since at least may. if you read the 10-q, their filing with the sec which they have to disclose material events. one they received subpoenas from the sec this is in may they released it. stories are coming out now. they actually released receive this in may but the story is now released. this is why the market is crumbling. in gary gensler believes xrp is a security, which he does, obviously, if they win the case, the ripple, xrp case he also believes etherium is security. unregistered obviously because ethereum is unregistered. he said everything is on the table concerning crypto. everything maybe except for bitcoin could be illegal. if that is the case, coinbase is actuall

coinbase is pushing back on the allegations. is coinbase defending this former product manager?here's a lot of questions and what is at stake is securities and digital asset securities. coybase's -- coinbase did cooperate with this investigation, but what is really in question is the definition of securities and if this is securities fraud. we have paul greenwell talking in a blog post the idea of seven of the nine assets included in the sec charges listed on coinbase's platforms and none of these assets are securities. you have different regulators coming in and offering different definitions. he has often said coinbase has a rigorous process to analyze each digital asset before making it available on the exchange, a process the sec itself has reviewed. he talks about and sites -- cites the sec commissioner talking about a striking example of regulatory enforcement, so you see that in the way coinbase is interacting with those agencies as they comply with this investigation of an issue here where securities are traded before certain tokens were listed. emily: stay with us. i wa

a landmark case that affected a coinbase employee.coinbase has been under pressure already because of the crypto route. where are we in the markets today? things have been looking green. >> we are flipping to the green again after a couple of days of weakness. this was a month where you are seeing crypto jump again. ending last month less than $19,000 in the red. we really seen a deep selloff in crypto winter. now you are seeing gains above $23,000. last month above 31 k. we have a way to go before recouping gains, but we are coming back. emily: hang on, i want you to join us for this next conversation. we're going to talk about this and the impact of crypto winter on crypto mining. our guest is the ceo of core scientific. thank you for joining us. what is your take on what's going on in the crypto markets? we are seeing a lot of red. a bit of a turnaround, nobody knows if this is a long-term sustainable rally or just a blip. i know it's hot where you are, but it's feeling cold if you are an investor. >> you're right, it is hot where

but it has massive implications for coinbase and for the rest of the industry.work that uses that is also used by dozens of other exchanges. coinbase could face a penalty if the s.e.c. finds that it was trading unregistered securities. you also can't retroactively register something as a security. investors are arguing they lost money. instead of trading some of these tokens, coinbase might need to register as a national securities exchange or a trading system. for now, the s.e.c. has not issued an injunction or cease-and-desist order, so and base can continue operating as it has for the past couple years. crypto companies have complained about the s.e.c.'s enforcement actions and are clamoring for more clarity on these types of things, these frameworks around registering and listing securities. the s.e.c. commissioner has said that anything other than bitcoin and potentially either , he says is a security issue, so act accordingly. interesting case here. >> fast-evolving. i see some senators want to exempt crypto if they use it for purchases under $50. so they

that coinbase might be selling geo tracking data to the government.waiting to hear the extent of that information being shared, but i would caution people to realize when you are using a centralized body as a platform, they are tracking your information. if you are using something that purely bids on the blockchain that you manage and host yourself, you can maintain the on and emanate new are looking for. -- you are looking for. caroline: we will look to get some sort of reaction from coinbase and other entities on that fact. i'm interested in your perspective more broadly. i look at what you have provided . i am interested as to -- how quick were you able to raise funds in this difficult environment? elissa: we saw incredible excitement. there is a lot of people in the industry that were outraged with the news we came to light in the past couple of weeks, people who are thinking about this as an opportunity to be a part of driving change in history. we have outpouring support from our community and there are a few other projects doing similar fundrai

more bad news for coinbase. cathie wood's ark sold $75 million in shares after the sec announced an investigation into trading activities. why are shares up double digits? we will explain. all that in a moment, but first i want to get a look at the markets. big tech names, meta and qualcomm reporting after the bell. ed ludlow here to break it down. ed: not all good news. meta, its first-ever sales decline. the stock down 3.5% in after-hours. the option market priced in a lot more volatility. you might even call it a muted reaction. they miss, but not a disaster. lots of questions around the road forward in terms of control and the restriction side of the company in terms of costs, the advertising market slowing down. a big name we will watch throughout the show. i'm also looking at other movers aftermarket. the chip industry a big focus this week, qualcomm lower in after-hours after giving a tepid forecast to the current period that once again has us concerned about consumer demand for electronics. qualcomm, a b

by the way, coinbase not reacting to that report.% to the upside, but we're going to watch coinbase on the ark investment news. >> the fed is announcing its decision today at 2:00 p.m. eastern time they will raise rates. the only question is by how much will it be the expected three quarters of a percentage point or will they go big, a full percent? inflation is at a 40-year high the question is will chairman powell at the federal reserve be forced to be more aggressive in terms of bringing down inflation? that's the question. let's get answers. joining us now, michelle happy fed day. >> happy fed day, brian. >> maybe next fed meeting -- do you think they go big? is there a possibility they go one full percent >> no. i have to say the markets are quite worried about that after that last surprisingly high cpi report the fed, you know, whether it was official or unofficial, again signals not only in comments made by fed officials after that meeting, but also there was another report in "the wall street journal" that suggested that was

crypto winter is chasing out the bitcoin tourists as well up up next, what their dropoff means for coinbase us on "the exchange. heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >>> welcome back to "the exchange," bitcoin back below 20,000 today, down 57% this year it's turning off a lot of smaller crypto investors, which could be bad news for coinbase, a company that's already experienced a lot of bad news with the shares down nearly 80% this year. kate rooney looking at the demise of the bitcoin tourists kate >> hey, kelly, that's right, bitcoin tourists meeting those casual crypto traders. this cohort is leading the market at the fastest rate in f

emily: coinbase is striving to be a global company.er government doing this that are than the u.s. or are they ahead of the u.s. on regulation? kara: some of the companies are ahead of where the u.s. is. by nature of the fact they may be set up with a single regulator, for example in the u.k. in the eu, they are putting together a comprehensive approach to digital assets. we are seeing additional work in india, singapore, japan and australia. there are a lot of contribute or's coming to the table and working with stakeholders and consumers to understand what the assets are. that's where we need to get in terms of the united states, creating a rulemaking process and a regulatory process that's transparent, engaging stakeholders, thinking about retail institutions and how we can move forward in a way that includes all the different people. that's what we are missing in united states right now. emily: we have u.s. midterms coming up. could that be a pivotal moment? kara: 100%. we have more crypto advocates and allies, members of the house

it's not surprising coinbase sooner later will drop below.aving said that top five in , terms of number of users, coinbase is still top three. in general, i think the total combined market cap trading volume is now back over $900 billion. it's not as bad as 30 days ago, but the rest of the world particularly in asia is now catching up like beyond just the u.s. trading volume. emily: the question is how long does the winter last? >> who knows. emily: thank you for stopping by. coming up, policymakers are rethinking crypto energy rules. this amid record high temperatures in europe and heat waves across the u.s.. our crypto report is coming up. this is bloomberg. ♪ emily: bitcoin miner's in texas are taking the week off to keep the energy grid in intact. right now, western europe is undergoing record high temperatures. most of the u.s., particularly the south is preparing for a triple digit heat wave this weekend. the hot weather, the war in ukraine, supply chain bottlenecks are sending energy costs higher and that is beginning to impact bitcoin

policy for coinbase. look, a couple of competing narratives here.that there is no regulation, this according to the chair of the sec. the companies are not listening, they are not coming forward. what do you think? >> we actually pride ourselves on being compliant and being the most secure. we are regulated by 42 state licenses. we view ourselves as very well-regulated. we are regulated at the federal level. we have a broker dealer license. we think there is a regulatory framework in place that was pretty effective. we think what we need to do is modernize those rules. and bring them into a space that can really understanding technological capabilities of blockchain and digital assets. >> if those rules were modernized, do you think the spectacular crash we have just seen could be avoided? >> i think it is difficult to predict but may have happened. there were clear rules of the road with all different types of companies engaged. we saw through the recent volatility that the issue was really a credit problem. not a crypto problem. what they are hopi

coinbase global said to be facing a u.s.estigation as to whether it improperly let americans trade digital assets that should be registered as securities. the fcc chair previously said trading platforms should do more to protect retail investors. a surprise cut to profit outlooks for the second time. citing the need for lower prices and bloated inventories. walmart said earnings will fall 13% in the current fiscal year. it said consumers are shifting to spending on necessities, hitting margins. global news 24 hours per day, on-air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. tom? tom: thank you. now to the u.k. leadership race. rishi sunak and liz truss faced often a tv debate. -- faced off in a tv debate. they clashed over brexit, china and inflation. >> your economic advisor said that would lead to mortgage rates, interest rates going up to 7%. can you imagine what that will do for everyone? that is thousands of pounds on their mortgage bi

coinbase dumping for $53 a share. the average share price in the original purchase for kathy wood was $254.65. that is one ugly slide in return however, coin is still in the top 15 holdings of arc's flagship fund. arkk and coinbase competing to see who can have a worse 2022 with the fund down more than 50%. coin is down nearly 80 john, kathy woods has stuck with coinbase through so much, you have to wonder if it was the sec scrutiny investigation that was the catalyst to get her to sell some, though it's a slr small amount of her holdings. >> just a small amount, just a small amount she's hanging in there as she does >> she's not buying more that's the key sometimes it's an opportunity to pick up for her. >> indeed. >>> let's get to shopify i'm not the canadian i don't know why i'm doing this, but i will the stock making a comeback despite yesterday's 14% drop at issue in the play is weakening consumer demand. higher inflation and rising rates are going to, quote, pressure consumers' wallets for purchases of goods sec

here is my problem with coinbase.ve, even with the best of banks, they are all hard stocks and they think they will get better. but i need the upside from a bank and i don't think coinbase, which rescinded offers and people are saying has a hard time getting talent, can necessarily be the one that you want to be. let's go to tyler in california, please. tyler. >> how are you doing? >> i'm doing well, how are you? >> i am all right, thank you for asking. i was wondering the stock i was watching moved up 1.4% in the same direction for every 1% move in bitcoin. i was bullish on bitcoin, of course. i was wondering if marathon, down 80%, if this would be a long term hold in coordination with bitcoin? >> i think it is, i just don't know i want to be correlated with that. i was checking in with some people on my mentions column and people were saying, now you tell us you don't like bitcoin. i once again remind people i sold my bitcoin and bought a farm in pennsylvania and i will never think about selling that farm and buying

charlie: employees of coinbase.their trades through certain, i don't know, i don't quite understand it, but you mentioned the thing that you have the ledger so you can, so easily find. >> it's a little bit stupid on this person's part because the ex-product manager of coinbase this person is in charge of listing different cryptocurrencies. liz: deciding they are the deciders. >> deciding factor this coin is listed on this day. liz: ahead of that. >> this person is put in large buy orders for maybe in some instances micro cryptocurrencies before the coin is listed on the exchange. then the retail is in on that listing. charlie: they tried to hide it? >> there was a little bit of foul play. liz: apparently not well. >> evident any not. they didn't do very well. charlie: back to what you were saying earlier it's impossible to hide your crypto trades. >> that's the beautiful thing about cryptocurrency and it's a common myth that crypto is used for drug offenders or money launderers. everything is available on the crypto

there is news recently that coinbase might be selling geo-tracking data to the government.e waiting on exactly the extent of that information being shared but i would caution people that when you are using a centralized body as a platform for sending crypto, they are tracking your information. you are using something that is used on the blockchain, then you can maintain that anonymity that you are looking for in a situation like this where you are worried about potentially being tracked by the government. >> we will look at more centralized entities. i am interested in your perspective more broadly on this time of great volatility. i looked at crypto chicks. a lot of this is nft project. i am interested as to whether that makes people less willing? i think at the height of the crypto craze, money was raised within a click of your thumbs around by the constitution. how quickly are you able to raise funds in these more difficult environments? >> we saw incredible excitement from the market. i think there are a lot of people in the crypto industry that were just outraged. and

coin best -- coinbase is said to be facing a u.s. investigation.rces say the sec has increased scrutiny of coinbase since the platform expanded the number of tokens it offers. the chair has previously said trading platforms should do more to protect retail investors. it is your bloomberg business flash. tom: coming up, europe still faces the daunting challenge in the event of a cold winter. we discussed the implications of a further reduction in gas close -- and gas flows from russia. stay with us. your tom: welcome back to the open. 30 minutes into your trading day. your top stories. outflows mount. ubs reports weaker than expected profit as the global selloff season. gazprom curbs flows through nord stream as the eu draws up plans to reduce consumption. china tech lives asian stocks as alibaba announces plans for a primary listing in hong kong. let's check in on these markets, range bound across european equities. optimism in asia on the back of the news from alibaba. they will be exposing themselves to mainland china. in europe, range bound. wei

for the equity folks out there, coinbase is still an attractive opportunity, volumes historically forapers and other cryptocurrencies, typically about 12 months from their peak, so we're coming up on that period now so we're getting close i think a lot of the concern with coinbase and other exchanges and other equities linked to the space is volumes have come down a lot you are to the point we've been talking about earlier, you're getting close to the bottom. historically vgts you've had the bottom around now. you can't get to that bottom once again the macro backdrop looks a little different, but call can q3, maybe q4 you could see them pick up again coinbase should do well. >> jill, any perusal of these bankruptcy filings, a lot of roads lead to mr. bankman-fried, how important is this guy? >> the warren buffett of crypto, right? >> yeah. >> he's also proven to be in a strategic position for himself and ftx, also proving to be in a critical position. there are reporters, of course, who are well positioned to be able to bail out companies and prop up the industry, as it were here, bu

the ceo of nasdaq, coinbase, but those are companies you can imagine really create a partnership comingut of rather than large-scale takeovers. 23andme ceo will speak to ed ludlow later on. last year they had the partnership with lemonade. not huge deals but these are deals that are helping companies navigate a paradigm shift in the economy and reach more customers in a cost-efficient way. jon: connecting those dots. great reporting. we look forward to more and some great interviews coming up. that is sonali basak joining us from sun valley. minutes from the u.s. federal reserve june meeting. we talk about what likely the market will focus on in the next 15 minutes. this is bloomberg. ♪ jon: this is "bloomberg markets ." i am jon erlichman with kriti gupta. time for what it is worth. the latest model shows there is a 38% probability of a u.s. recession the next 12 months, up from 0% months ago. we are getting the fomc meeting at the type of the hour and risk is something the fed must deal with. kriti: kriti: let's discuss that. from an investor perspective, who better than gene tannuzzo

and coinbase is the only publicly traded exchange you can own o.hink it's going to take time to and once again we still don't know >> also had a question about basically stacked up the crypto industry whatever you want to call it stay here. un like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification... and long-term gratification,too. they have their own interests, but at the end of the day there's nothing like being... a gold-owner. visit invest.gold to see why gold is everyone's asset. >>> time for unusual activity. >>> amazon we can have strong activity 15,000 calls we're trading amazon at the weekly 111 strike and that's with amazon trading at about 109 $2 out of the muchy. 1.5 million share equivalent so, we jumped on that one. they paid between 73 cents and $1.50 for those calls. second trade was going to be roblox they were buying the 39 upside calls. third browne nounce it lazr or laser, your choice they have

morgan stanley calling the stock coinbase now, calling the stock safe haven in the second half. will dig in stay with us your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire as a business owner, match your bottom line istion. always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. >>> gut check on cyber security. morgan stanley calls the space a safe haven shows no signs of slowing down some top picks, palo alto, crowdstrike, cyber arch. morgan stanley more than 20% growth elevated threat environment that cont

. >> crypto voyage digital filing for bankruptcy what does this mean for stocks like coinbase?and other names in today's three-stock lunch keep it here >>> welcome back to "power lunch. three big movers, coinbase downgraded to neutral citing crypto price volatility and a collapse in volumes for trading. doordash shares are lower after amazon struck that big partnership and possible stake with grubhub and shares with crude oil. let's bring in now david treanor and i guess maybe we'll talk about this, david, first with coin base and crypto that 20,000 area for bitcoin has been key for a lot of folks out there the same note pointed to some problems attracting and retaining in the future. is coin base after its precipitous fall a stock you would be buying? >> not at all. the business is headed in the wrong direction. it's become terribly unprofitable and management has guided down on every single kpi so we'll be going from unprofitable to even more unprofitable so we think the stock has another 50% plus down side, $17 a share, and that even assumes that margins stay positive and th

>> wow, up 16% ♪ ♪ d they're just a hair below 23,800 a check on shares of coinbase, and microstrategy marathon up they've lost major gains over the course of this month marathon digital has soared 140% so far just in july. microstrategy up 60% and coinbase is up 31% and maybe the most important to note here, these stocks are still holding on to very big losses for the overall years. you see here, and yes, a very good couple of weeks and we'll see if it gets better. >> thank you very much as we await president biden's remarks on the economy our next guest has a unique pulse on the economy and consumer kimco's includes home depot, albertso albertson's, walmart to name a few, and he raised guidance and increased its dividend and all things investors like to hear, conor. congratulations on that. >> thanks, tyler nice to see you. >> what do your results of your business and you posted, i guess, an eps loss accounting of some writedowns of stock in albertson's that you own what do your results and higher revenues tell you about a, the state of the economy and most especially the state of th

we saw news from the doj and the sec about an insider trading case with coinbase and in that the securrencies were securities but they didn't name coinbase in that complain. and so we're seeing the sec continuing to try to pull more and more cryptocurrencies into their space and the only cryptocurrency that the sec and cftc really agreed about is bitcoin being a commodity and not in that sec jurisdiction. charles: as someone who believes in this, maximalist, would you call yourself that? >> yeah, i would probably call myself that. charles: would you welcome this? i look at, i have just 1.1 bitcoin for the record. i put a toe in the water but i'm dubious. i get worried. i know it needs guardrails. it is kind of like the wild west right now. do you think there might be some nefarious you know, alternative really measures by the government for wanting to be involved so deeply? >> i think we need regulation really are got clarity, so it opens up more avenues for people to invest, for pension funds to get in, for more retail awareness really. i'm not worried about nefarious activity becau

>> that is exactly what i reported on coinbase a few weeks ago. to 5000. they had plans to go to 10,000. all bets are off when powell started raising interest rates. people worried about crypto winters. crypto prices are up. there is still bankruptcies. what was the latest one? liz: celsius announced. >> celsius announced a lot of people talking more pain for crypto. what i would say is this, liz, the pain is not over. we're just in the beginning. you can follow the markets every day, take solace from bits and pieces of good news. i think this will be a long drawn out problem. we'll just see how much the fed raises rates. if they go the full point, man that is pretty jarring. i'm not saying they are but i think they are going. in my ear guest coming up if full point that is the big parlor game in the markets. liz: we shall. with the closing bell three minutes away right now we see the dow, s&p 500 are in the red. nasdaq hanging on to the green by just a seven point thread. let's bring in nfg senior portfolio manager, burns mckinney. start with wha

that led the regulator last week to sue a former coinbase manager and two other people.s learned the company faces an sec investigation as we continue to see downside pressure on cryptocurrencies. bitcoin holding above $21,000. coming up, the philippines president promises to never return to lockdowns and his first state of the nation address. this is bloomberg. ♪ >> this is daybreak: asia. china says it is getting prepared for nancy pelosi's possible visit to taiwan. her staff has not ruled out plans to visit but no final decision has been made. the trip to asia could come days after unexpected call between president biden and xi jinping. china is forcing companies to operate within a closed loop for seven days as shenzhen battles a covid outbreak. operations are limited to employees living in a bubble with no contact. president biden's doctor says his symptoms have almost resolved. the white house physician said the president is experiencing some residual nasal congestion and minimal hoarseness. he tested positive last week, is being treated with paxlovid. federal pros

i have concern i have account at coinbase.ruptcy comes up. they might hold my bitcoin or my cash there. that is scary for someone new to it. where is an account? can i hold it myself? we're hearing opportunities. hearing reputable names. a week later you find out you can't have access to your cash? >> yeah, especially charles, we talked last time these yield products how unsustainable they were and ultimately it led to some of these shops closing their doors, right where customers get hurt, lose everything. self-custody is a very important thing. obviously it is new to this asset class, to bitcoin in general. you can't self-custody of stock, right? this is very new. i think ultimately kind after learning curve. charles: right. >> whereas coinbase or some more reputable like public companies may be in a better place than some of the other shops that kind of went down there is still kind of lifelong, this decade long lesson not your keys, not your coins. we seen countless occasions where emunfortunately learn these tough lessons

pro as they shutdown here stateside, but coinbase pro will be rolled into the regular coinbase platformick-and-mortar because who says that they are dead? ross stores opening 29 new stores in june and july, and they were adding 100 locations more this year, and that's despite, by the way, this rally we're seeing and this buy-in into the u.s. consumer. that's the worst quarter we've seen for kohl's and target since 1987 so it really depends on the retailer and kohl's and ross are outperforming obviously and then i want to show you snapchat and subscribers get access first and snap is trying to bring in the subscription model, charging a monthly fee and that's because we're seeing decline right now, slowdown in advertising revenue to makeup for it somehow. ashley: i love ross stores. it's like a treasure hunt you can find a great, great item for a great price. anyway -- >> i've never been in one. ashley: you've never been in one oh, my goodness well you have to , when you get a chance. show me bitcoin. i go way lower, i guess, than susan li. show me bitcoin rallying to a one-month high. t

stuart: all right coinbase. this is your turf.ople, obviously, coinbase is actually now up, i thought it was down. why is it, what's the connection between coinbase and this bankruptcy voyager digital. >> so they are competitors. i don't think there is much of a connection. i would say it's probably more to do with ftx, you know, sam bankman-fried, one of the richest men in crypto, and he is trying to propose to d.c. to allow traders, crypto traders to trade derivatives directly on to the exchange ftx in particular, without having to go through the brokers like voyager , et cetera. so that means more competition for coinbase, which is why it was down in the pre-market. now, it's also by the way, it's being lifted by atlantic equities, sorry downgraded by atlantic equities but it's more on the rebound that we're seeing crossing bitcoin, crossing 20,000, so atlantic is calling it neutral and they are just confused about the talent attraction. stuart: you know the economist magazine out of london? >> yeah, i haven't loved it in the l

. >> if one of your investors is online talking about what coinbase or crypto is to web3. >> the simplee is sending cryptocurrency. if you have 20 or 30 different cryptocurrency addresses, you won't be able to remember all of them. that's like ip addresses on the internet in the early 90's. everyone replaced those with domain names. this is like that except for individuals. for a.com domain name, we think it's going to be every user on the internet which is 3 billion people with an nft domain to make it easier for people to find information about them, verify information, and send them money. you asked me what am i going to be using it for, we think it will allow you to have a portable reputation on the internet. we have two main problems. one is that you can't own anything. the other is that all of these problems around fraud, spam, bots, if you had portable reputation you could solve that problem. for instance, my dad bought tickets on ebay and it happened to be from a scammer. that scammer can go and start selling fake tickets or whatever on a different website like amazon marketplac

bounce back with the broader market, but down a bit again as i'm speaking crypto-related stocks like coinbaseood and block seeing similar moves, lower on the print, slow climb back but then down a bit. we're still early in trading these similar patterns to growth stocks, high multiple stocks, the ibg opened down about 2%, slowly approaching the flat line right now. hey, it's not noon yet, dee. >> it is early we talked about cost cuts and layoffs at crypto and high-growth firms. the uncertainty hitting tech, too. google planning to slow the pace of hiring and investments as the economy looks at costs per an internal email, patch chai called on employees to be, quote, more entrepreneurial. microsoft layoffs this week. we talked about the facebook memo to identify weak employees. in that memo, guys, he finished by telling employees, scarcity breeds clarity those are the same words that google co-founder used back in his 2008 investor letter it also underlines the fact that alphabet has been through this before many other firms vice president. it now plays such an important place in the broader m

. >>> keep your eye on coinbase, facing a federal probe they say we look forward to engaging with the o matter. >>> dow down 84. don't go away. >>> you have nucor tonight >> yeah. the stock's down so much, but look, we cannot just say, well, i guess that's the consumers these are companies, well, i guess that's the players these are coaches. >> jim, we'll see you at 6:00. >>> in the meantime, dow down 126 on this tuesday. we'll be right back. don't go anywhere. (ted) after talking and texting for years, we got married... for the family plan. (jane) and then we really expanded our family... for the wireless savings. (ted) it seemed like the responsible thing to do. (jane) and then, just yesterday, my sister told me about visible. (sister) yeah, get unlimited data for as low as $25 a month. no family needed. (vo) family plan savings without the family. get visible. single-line wireless with unlimited data for as low as $25 a month. >>> welcome back we're live at hq cme, with breaking news, the richmond fed index for the month of july expected minus 14, comes out much better, actually at

coinbase global is set -- says they are acing a u.s. -- facing a u.s. investigation. sources say the sec has increased scrutiny of the united states -- after the platform expanded their offerings. gary gensler said they should've done more to protect retail investors. president biden's covid-19 symptoms of almost completely resolved. in a memo the president is still expensing some symptoms, he was treated with the viral drug paxlovid. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i vonnie quinn, this is bloomberg. david: just ahead in the show we will give you an update on the ongoing property crisis. what they are doing to restore confidence with these mortgage boycotts. >> analysis of the politics of inflation and how it will insist much longer, talking with blackrock next. this is bloomberg. ♪ >> i love it. saying it straight. there is an ongoing debate with j.p. morgan and morgan stanley. basically have these 2 wall st angst -- thanks calling for the time -- banks c

we have seen coinbase lose 14% of the work force.m as well it will be affected by the issues of inflation and shrinkage in the marketplace some will fall by the wayside and some will survive of the. >> antony, i appreciate you taking the questions great to speak with you again. antony abell, director of variable pitch. >>> covid lockdowns have pushed tesla to the worst delivery in two years. the ev maker delivered 254,000 in the second quarter. the elon musk company cited supply chain challenges and factory shutdowns beyond its control. tesla shutdown the shanghai factory for three weeks in april. >>> fintech firm klarna is looking for more capital it is 1/7th the value from a year ago klarna told cnbc it will not comment on fund raising. we caught up with the ceo of klarna last month and steve asked these questions about the company. >> that is unheard of. it gives us a strong recession proof model. we havehave seen that in the uk as we move to more returning customers that we are familiar with, we see a massive swing those coming o

and there are a lot of companies like coinbase who would go in that direction but players like celsiusth funds might not survive. ed: joshua brown are of do not pay and bloomberg's sonali basak, thank you both. coming up, more changes in the app store landscape. apple making a deal with developer. is it time for google to follow? this is bloomberg. ♪ ♪ ed: more news in the app store ecosystem. google reached an agreement with developer holes -- developers who would let consumers subscribe to companies outside its lay store. our bloomberg reporter joins us. how does this impact google? >> thanks for having me. it doesn't impact google that much. they are going to start allowing, like apple recently, they are going to allow if you are a third-party developer, to point users to the web to subscribe to your services. i think a lot of people are going to want to subscribe to services within the actual lap themselves, which then they still have to use the google play processing engine which will give google a percentage. most consumers are not going to go to the web to find their application

check out coinbase that's after the stock plunged, remember following reports of an s.e.c.ill up double digits this month. we'll be right back. [zoom call] ...pivot... work bye. vacation hi! book with priceline. 'cause when you save more, you can “no way!” more. no wayyyy. no waaayyy! no way! [phone ringing] hm. no way! no way! priceline. every trip is a big deal. with dom chu. >> if you check out what's happening, markets mix friday a second perspective, although we're at session highs for the s&p 500. with the rallies in the tech heavyweights, communication service a big focus here westbound the technology specifically, paypal shares moving higher right now as activist investor elliott management reportedly takes a stake in the company that's according to a report from dow jones it's worth noting from paypal, since its all-time high, it's tluning a roughly $360 billion to just under $100 billion today. a sharp move lower we'll see whether there's any catalyst higher for paypal shares in the fin tech industry. carl, i'll send it over to you folks at the new york stock exch

they're saying there are incremental issues facing coinbase, one of which is its inabilities possiblyre workers going forward, given some of the macro issues we're seeing in crypto that joe had just mentioned. watch coinbase global and then another fintech type company, this is rocket mortgage, rocket companies. the big fintech company specializes in housing and lending. those shares are up 4.5% right now, thanks in part to analysts at wells fargo who have now upgraded the stock to an outperform from a neutral rating they like among other things the valuation that we've seen compressed, right, because on a year-to-date basis we've lost about 40% of its value so rocket company's catching a bit of a bid there joe, those are some of the analysts' notes coming up. one that's getting a little bit more traction is this big call from goldman sachs adjusting their base case and bear case scenario we'll continue to watch those apple shares in the premarket as well >> joining us now for more on the markets, head of derivative strategy at rbc capital markets. always good to get your insight from

coinbase backed crypto lender vauld nad -- has hired advisors to explore a restructuring and it is atructuring and it is suspending trading and deposits less than three weeks after saying it was processing as usual and would continue to do so. the company joins rivals in resorting to last-ditch measures to survive the market rout. haidi: let's take a look at the day ahead for australia and new zealand. and of course there is one major thing on the agenda. economists expect in rba to raise rates for a third straight month later today, signaling more big hikes to come as it tackles escalating inflation. they intend to use 4200 kilometers of high-voltage undersea cable to export power from a giant solar and battery complex in northern australia. we are also watching these floods in and around sydney. more evacuation orders were issued this morning. getting more on the rba policy decision ahead. we will be speaking to goldman sachs's andrew boak book specs the central bank to hike i 50 basis points, the second back to back 50 basis point move. goldman were one of the few economists to ge

there are some bright spots, like coinbase. but the industry has to fundamentally change.t is the same vc's funding crypto companies as tech companies. so of course, you are seeing more men get funded. emily: it is great to have you back. thank you as always for your voice in this conversation. coming up, we will talk more about sexism in that different part of the tech industry that is crypto. i will be joined by a crypto investor and founder. her perspective next. this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create emily: time for our crypto report. as we have seen bitcoin is on , track for its worst quarter in more than a decade as a string of high-profile blowu

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