shares of coinbase on a similar roller coaster ride.k to the company's ceo about the ftx fallout. ncian armstrong next on "power luh. stay tuned for that. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. i remember the day you looked at me and asked, “what now, dad?” so i said, find a job, any job. work hard. that's just how it is. but of course, you didn't listen. you showed me there's another way. i'm proud of you. ♪ ♪ >>> welcome back to "power lunch. cryptomarket has been marked by the collapse of ftx. it's shaken the confident in crypto, especially bitcoin bitcoin is up today, however we want to ask a lot of questions about cryptocurrency and the investability of it right now. let's bring in zack guzman

i think this is really concerning for coinbase. >> why coinbase specifically because it has similarities to ftx and it's vulnerable to this type of liquidity event? >> exactly because if you think about 90% of their revenue, at least, are made from these tokens so they're just trading these tokens there's very little diversification. the question is, can people trust the tokens that they own and what happens if everyone is trying to sell those tokens at the same time. and i think coinbase is specifically prone to these issues robinhood not so much. only 14% of robinhood, people don't understand that only 14% of robinhood is crypto everything else is equities, options, et cetera so i think there's an overreaction on robinhood and i'm not surprised to see the reaction on coinbase. >> didn't people think that sam bankman-fried might buy robinhood? isn't that part of what's coming out? >> i think what's happening is a couple things. first, he owns directly or indirectly a 7.6% stake. i think people are maybe worried about his personal financial situation and they're worried that it would get

emily: would coinbase consider buying fts ux?i've had a number of conversations over the last few hours and there is reasons why that would not make sense and we are not quite at liberty to share details. i'm going to let other people sure that if and when they are ready. it will probably all come out eventually. finances looking at the details -- binance is looking at the details to see if it makes sense for them. we are in a position where want to focus on building our own products and it may be a bad situation if this deal does not go through for the customer involved, so i have a lot of sympathy for that. but it's not something where we felt like we had the opportunity to acquire that would make sense for us. emily: what is your pitch to ftx users about why they should move their funds to coinbase over binance? brian: coinbase has always taken this approach over the last 10 years of being the most trusted, easiest to use out there. we developed a suite of products that allow people to come to the platform and not just trade b

crypto platform coinbase is also powering higher.g nearly 10% so first on fox business, joining me now to talk about all of this and some headlines coinbase is making of its own is coinbase chief financial officer alicia h aas. thank you for getting in the chair for us. what is your take first on what's happening at ftx and what are the conversations you and executives at coinbase are having right now to make sure there isn't exposure or some type of contagion. >> thanks for having me. we're just talking about frankly how sad it is because whenever there's a customer loss it's a very sad day for crypto, and it's a time for the industry now to step back and figure out how we move on from here, how we continue to fight for regulatory clarity in the u.s. , and a level playing field around the world, & companies fail and unfortunately we see this in traditional finance also so we think this is just a bump in the road and it's going to be a bump we have to work through, but it is not going to change the long term success of crypto, and we

market is not taking this as a bullish sign for coinbase. why do you disagree? >> yeah.was a week that for the crypto markets, some time i think put on a note today trying to gauge early read-throughs of how the ftx bankruptcy impacted broader centralizes exchanges across the market. we saw coinbase has taken early share along with some other regulatory compliant players in the united states like gemini and kraken i think when you look at that contrast to some of the global players that are less transparent, that, know, similar to sort of, not say ftxs, but offshore operating -- you know, regulatory compliance. their volumes declined prior to the turmoil we saw with ftx. early read-throughs there. and -- you know, again, i think -- our view is that investors underappreciated coinbase and secure crypto globally and think that was legitimized to a certain extent last week. >> but it's, isn't it overshadowed by the fact there's a huge trust problem right now in the entire ecosystem? even if able to pick up market share from ftx i think there's a real re-think of crypto give

what is the bear case for coinbase >> so there will be winners.s is the darkest before dawn type of stuff makes a lot of sense. it's a very stressful time for the industry we have probably more shoes to drop we believe the coi given it's sort of mission, the way the company has been run for the last decade is going to avert the disasters that are following many of its competitors and come out a winner crypto is not going away we believe in the long-term value of what technology can do for financial services >> and dan, you're not a complete hater, right? you've got a hold. it's not like it's a super cell rating what's your take on coin base and its prospects right now? >> i think the prospects are pretty grim. all you have to do is read the 10q. in the third quarter, they made $590 million revenue and $1.2 billion of expenses, with over $2 billion, $3 billion of leverage they're burning cash i mean, this thing doesn't look good investors, retail investors are fleeing crypto they're not coming back. i don't know what's to like about this one >> wel

that's coinbase. winner from what's going on here could cz inadvertently be pushing up another rival >> that's a good question. i was looking at the stock price. coinbase was down significantly this morning it recovered a little bit here too, but it's one benefit of being reshugulated and being ine u.s., they have to have public audits, they have to have that information and level of transparency so investors can look directly into what's happening under the hood at coinbase where they don't have that ability at ftx one thing i want to bring up as well in terms of ftx and what it means, the international business has been way more profitable because ftx has been able to do arguably some of the riskier trading strategies that are not approved in the u.s. they don't do as much derivatives trading. ftx from at least 2021, it's by far the least profitable side of the business it's a slower play, and they're going to have to really operate within the guardrails in the same way coinbase has. >> right >> kat

coinbase is on the move here, gaining 11.5%. investors are bank on it maybe picking up market share, so let's bring in a bull-bear debate. d.a. davidson, gil lauria has a buy on coinbase, and duke university's financial economics center policy director lee reiner is here, he says contagion is coming. gil, bitcoin is trading right now down about 5.33%. it was kind of up yesterday but still now below 17,000. this looks a lot like the ftx decide is -- decide is spreading. are you still as bullish on bitcoin as you were maybe last week before this disaster? >> oh, absolutely. there's a lot of legitimate players in crypto and bitcoin, and there's even more players that are not legitimate, stateless, unregulated entities like the one that just went bankrupt. there will be more. i'll concede that right at the offset, there will be some contagion. very smart people made a bad decision to invest in ftx which, again, is an unregulated entity. it has nothing to do with bitcoin. bitcoin is a phenomenally interesting technology and payment n

starbucks, am, block, paypal, coinbase plus, netflix rolling out basic with ads plan. will it help subscriptions take off? we have the tas enfadeilwh "st money" returns back in two. well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about. >>> welcome back to "fast money. starbucks shares rising after the company said u.s. customers spent more on their orders in this latest quarter. the earnings just kicked off at the top of the hour. pippa stevens has been listening in >> the call under way. the key is 2023 guidance nothing on that quite yet. but we did just learn incoming ceo lakshma

coinbase and square.is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. emily: coinbase and block just reported earnings. what are the highlights? >> it's a pretty good day. block had already sold off 67% this year. coming back with gross profit above expectations. i want to hone in as it pertains to crypto. we have a very crypto friendly ceo in jack dorsey. it is still up 128% on a three-year compounded growth rate. if you're looking at the crypto market and what it makes -- what it means for these fintech companies it's not as bad as it could be. quickly pivoting, coinbase they really highlighted a lot of headwinds. you do see a jump

are investors concerned that coinbase could be the next ftx? there's concern that the rise in crypto, the big bull run, many thought would be the winning crypto winner. with coinbase the largest u.s. cryptocurrency exchange, it is continuing to take hit after hit. it dropped as much as 10% to close down 9% in the monday u.s. the session. it's down 80% year-to-date. and again, there is concern that with the concurrent downturn in the cryptocurrencies themselves. it doesn't bode well for the stock here. the ark fun run by kathy woods -- arc fund, run by kathy woods she's a former rock store -- rockstar trader, she is actually buying coinbase, loading up on this. and it has increased her holdings in coindesk by 19% in the past month as the shares continue to drop. she is a buyer in the face of all of the selling. yvonne: quite a buying three. kathy woods. su keenan, thank you. we want to hear from the ceo of the philippines leading fast food chain jollibee. we have plenty more on that. this is bloomberg. ♪ david: welcome back. fast food giant joll

that is crypto coinbase and square. coming up. ♪ emily: coinbase and block just reported earnings. headwinds for crypto persist. bloomberg's sonali basak doug through the reports. what are the highlights? sonali: it's a pretty good day. block had already sold off 67% this year. coming back with gross profit above expectations. they are growing their cash out there. i want to hone in as it pertains to crypto. we have a very crypto friendly ceo in jack dorsey. bitcoin revenue was 1.8 billion nearly. while it is down 3% year-over-year, it is still up 128% on a three-year compounded growth rate. if you're looking at the crypto market and what it means for these fintech companies, it is not as bad as it could be. and that commitment is still there as they grow other financial services. quickly pivoting, coinbase they really highlighted a lot of headwinds. you do see a jump in subscription and services revenue. and that is even larger, that jump. it would be 82% when you hold crypto prices constant. they are benefiting from n

as far as coinbase, this is an onshore, regulated company.anting to help shape regulations, brian armstrong, the ceo, and alicia, cfo, have been leaning into what is going on right now and saying, ok, regulators, we need more clarity in order to protect investors. those who wanted to get involved with a certain type of crypto were forced offshore. look at what has happened. i think that coinbase is going to come out here looking very, very strong. it just lost a very big competitor in ftx. tim: what is the market missing? that could be one narrative, but at the same time, we have not exactly seen shares of coinbase rally since ftx's collapse. you think that represents broader concern about people's interest in crypto following ftx's collapse? cathie: nocathie:, i think it is more fear. many people say we don't know what we don't know. what we do is we step back, put a little perspective into the situation, and what do we have? the entire crypto asset ecosystem is an $800 billion ecosystem. apple is three times larger in terms of market cap. t

coinbase is a company that is navigating that and also navigating the need for workforce reductions. shares of 11%. we are continuing to watch the fallout from changes that twitter, including the fake twitter account that created uncertainty for eli lilly, there down 6%. kriti: you mentioned coinbase, remaining in turmoil as the ftx saga continues to on travel -- unravel. larry summers compared to the downward spiral of another company. larry: a lot of people have compared it to lehman. i would compared to enron, the smartest guys in the room, not just financial error but certainly from the reports, whiffs of fraud, stadium naming so early in the company history, vast explosion of wealth that nobody quite understands where it comes from. kriti: certainly something we will keep an eye on. he mentions enron as opposed the other righty of bankruptcies that have been flooding the sphere, as we talk about recession talks. sam friedman no longer the ceo of ftx. he tweeted, i am sorry again that we ended up here and hopefully things can find a way to recover and hopefully this can bring som

we know that arch capital's cathie wood is buying some of coinbase on the downturn.athie wood has reiterated her faith in crypto assets despite the collapse in ftx and its ongoing fallout. she said the underlying value of the technology remains. >> the infrastructure, the technology has not skipped a beat throughout this entire crisis. in fact, the hash rate -- bitcoin's hash rate is at an all-time high, and that is a real indication of the security of the network. on ethereum, we are seeing the total value stakes at $24 billion. that is an all-time high. we think the infrastructure is working beautifully. as far as coinbase, this is an onshore, regulated company wanting to help shape regulations. the ceo and cfo have been leading it into what is going on right now and saying, ok, regulators, we need more clarity in order to protect investors. those who wanted to get involved with certain types of crypto were forced offshore, and look at what has happened, so i think that coinbase is going to come out here looking very, very strong. it just lost a very big competitor

that only gets us to 4.32, another exchange, coinbase up 9% on the day. clearly there has been a lot of volatility in the space the last several days. >> is the cpi numbers that are helping, not only traditional finance, but also crypto markets absolutely rip face today. let's focus on the continued turmoils in crypto, wrapping up pressure on regulators to step in. >> market events over the last couple of days have been shocking. >> continuing to reverberate across crypto markets and beyond. >> what we have seen over the last six or eight months, and bits of turmoil in the crypto market. elective disk -- the lack of disclosure, opacity. >> from three arrows, we have seen a lack of -- >> must be at the core of the firms in the crypto space. >> we have been working director with bipartisan bills to develop a regulatory framework. to protect investors and ensure market stability. >> without the strong protections in space -- place you may see more instances like this. >> the investing part -- public is hoping for a better future. they are not having it here.

coinbase as well is on a five to ten-year story arc right now all are down but coinbase is so well positionedg volumes are starting to come up. they've consolidated a lot of products and shipped a lot of products over the years and consolidated them over the last six months i think they're well positioned, when basically equities, crypto and nfts and the web 3 world rise back up i'm bullish on coinbase's opportunities in the future. >> it's great to talk to you come back soon steven jang from kin drid ventures. >>> tech is down more than 27% if you're looking at the s&p tech sector this year. our next guest says one slice of tech has been unfairly lumped in with the laggards. let's bring in marc leman. you have liked these for a while. are you saying enough is enough? >> partially, sara we have been selective and we've talked for the last six months how we no longer talk about faang tomorrow and we want to be careful lumping the entire sector into everything is good or bad so you've got to be really selective and i think we've seen some quarters for the third quarter reports that we've seen s

i think coinbase is going to come out here looking very strong.just lost a very big competitor in ftx. >> what is the market missing? that could be one narrative but we haven't seen shares of coinbase rally since the collapse of ftx. does that represent broader concern about people's interest in crypto following the collapse of ftx? >> i think it is more fear. many people say we don't know what we don't know and so what we do is we step back, put a little perspective in the situation and what do we have? the entire crypto asset ecosystem is an $800 billion ecosystem. apple is three times larger in terms of market cap. so that is some perspective. many people are saying is this another lehman brothers? could we see the domino effect here? i've given you one reason why. the banking system in 2008, two thousand nine, trillions of dollars and it was the global banking system. right now, we have it seems from ftx, $5 billion to $10 billion in creditors as ftx has filed bankruptcy. they will be making claims. if you look at lehman brothers, that was one

i think coinbase is going to come out here looking very strong.just lost a very big competitor in ftx. >> what is the market missing though? that could be one narrative, kathy. at the same time we have not seen shares of coinbase rally since ftx's collapse. do you think that reflects broader concern about people's interest in crypto following ftx's collapse? >> i think it is more fear. many people say we don't know what we don't know. so what we do is we step back, put perspective into the situation here. what do we have? the entire crypto asset ecosystem is an $800 billion ecosystem. apple is three times larger in terms of market cap. that is some perspective. many people are saying is this another lehman? could we see the domino effect here? i have just given you one reason why. the banking system back in 2008-09, trillions of dollars and it was the global banking system. right now we have it seems from ftx, five to 10 bullion dollars in creditors -- $5 billion to $10 billion in creditors. ftx will be making claims. lehman, that was $1.2 trillio

look at coinbase, because coinbase has been treating down over the last four days. to look at coinbase bonds, a set that matures in 2031, trading $.50 on the dollar. the reason i bring it up is because these are much more liquid, regulated in the u.s., and there is trading around these situations. i want to point out the grayscale bitcoin trust. there's and a lot of questions about what it means for the trust to be trading below half of its net asset value at certain points. has been fluctuating, but at last look at was about 48%. is that a problem, especially as it is seen as a sense of collateral in so many places, and has been a waiver that industry to gain exposure to bitcoin itself. some are publicly traded and more tied to traditional markets. we have to be watching those more systemic worries, such as stablecoins and stuff like that, but when you look at what is happening you can see regulators worried about what kind of collateral a lot of folks are holding and how they are accounting for these assets. alix: is that the takeaway, you cannot use this stuff as

having said that, coinbase has been operating for 10, 12 years.'m sure they already have a lot of audited financials. we just don't see that on the blockchain. for people in the industry, we like to see data on the blockchain which is the most transparent way to display information. >> you've talked about launching a crypto recovery fund, you've talked about interest being quite substantial. who is interested? >> we should have a blog article going out today. there has been back and forth on how to structure that. do we make it a loose fund, or an actual fund. i think we are going with a loose approach where industry players contribute as they wish. a blog post is going out today. it will be quite public, with a bitcoin address people can look at. so it is not just some behind-the-scenes fund. that is being finalized now. francine: that was finance chief executive cz saying there is fraud occurring at ftx. we must make it clear that it has not been proven. we are doing our due diligence, speaking to haslinda amen, the full interview will be online

one side coinbase says the grayscale has 635 k bitcoins with them.he other article said it only has 600,000 bitcoins on the exchange. i understand the exchange is suffering from the custody so i posted it as a question are the numbers correct? that caused misunderstanding, so i diluted the tweet. >> are there solvency issues to do with those companies? some say you tweeted because you want to build your own empire to spread the fear. >> i don't not there are issues with those other businesses. unless we get very accurate financial statements, we don't know for sure. i'm not tweeting that because we want to build our empire. i reflect on the ftx and -- situation and i blame ice -- myself for tweeting that too late. as an industry, we let ftx get too big before we started to question some of those things. i'm taking the approach where we ask questions much earlier because it does not mean any attacks on our industry peers, we just want to be more transparent and more scrutiny into the industry. coinbase has been operating for 10-12 years. the listed co

. >>> check out coinbase barron's reports the yield on the debt was trading at 57 cents on the dollar. distressed territory shares of coinbase down 38% since the end of october they are up fractionally right now. again, coinbase debt falling in price and raising el oyidsn the debt "worldwide exchange" is back in a moment is it possible the only thought that comes to mind is... ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ what if we wanted to electrify all of this... 100% carbon free... is it possible? ♪♪ aes has been leading energy transitions for decades... and is partnering with the worlds leading companies to decarbonize industries... cities, and nations. even the internet. is it possible? can we reliably power the things we love and green the planet at the same time? yes... aes. let's have some fun. alright. [announcer] marc benioff [announcer] and bret taylor! you excited to be here? this is going to be huge. [michael] i want my daughter to have a livable world. [marquita] i just try to keep a [

ftx was new on the scene and trying to become like coinbase and saying, we aren't binance, we are coinbase always biased with regulators. now he is coming on as this white knight. but he had a lot of history to sort out with regulators, too, so i don't think they are the savior. the savior is proper governance. getting regulations involved. unfortunately, regulations will probably happen and they will overdo it, which is better than not doing it. i see that coming in the next year or so. caroline: really great to get your professional take. thank you for coming on when he will still be raising money for your own venture. thank you so much. sonny: thank you very much. caroline: come back with your new company. coming the new "black panther" was a big trend online and peters across the weekend were full. we have all the latest data on it. this is bloomberg. ♪ caroline: if you haven't checked out what is trending on twitter, if you failed to notice all the tiktoks and instagram reels around it, you should have known that it was a record picking weekend for the box office. "the black panther:

we asked whether coinbase had thought about acquiring ftx. take a listen to what he said. >> i had a number of conversations with people over the last 24 hours. there's reasons why that would not make sense. i'm not at liberty to share the details right now. i will let other people share that if and when they are ready. it will probably all come out eventually. emily: some foreshadowing there may be? what should we be looking out for going forward? katie: the big question among many big questions is what actually happens to ftx users right now. in that interview which i was tuned into, brian armstrong made the point that if the deal does fall through, ftx customers would face losses. that's what is at stake here. if you think back all the way to yesterday, we got a tweet saying that all assets will be covered one-to-one. this is one of the main reasons why they asked binance to come in. without liquidity for those massive withdrawals that ftx is facing, it's unclear what happens here to those actual customers. emily: all right. another one of

but the coinbase stock, the market cap is at 11 billion.or the common equity is at 11 billion, it's odd to me that the debt itself will be trading at below par it's substantially below par there's just questions i think what it is right now when wall street came into this market last year big time -- they really weren't in it before -- i think one of the things they dragged in was their fascination with leverage. >> that may be true, william as well, you pointed this out. the lack of transparency, some very big name investors in ftx perhaps didn't fully ask all the questions or didn't understand all the enter relationships. we have more questions than answers here when are we going to get this level of transparency that investors are deserving of >> do you know how we can get it centralized exchanges do have an issue. they are regular businesses. they don't report things on a blockchain decentralized exchanges, what we call dexs, every single transaction and the volume is transparent. it's exposed on a chain that anyone can see i suspect yo

take coinbase real quick >> coinbase bottom line is this they still have $5.6 billion in cash they hadquarter. the stock trades about three times cash the debt they have doesn't mature until 2028 and 2021 with an average interest expense of around 3.5%, so about 70 million a year in interest expense, so you could actually buy this name here, and i have a call idea you could buy it here around 60. you could sell the january 75 calls. you're going to get $5 that's an 8% premium income for like ten weeks and you still have 20% up side on the stock. i think the company will trade on the stock between 50 to 70. i think you have limited down side you get really great 8% income for ten weeks and nice up side as well. >> good stuff. shares of starbucks on pace for their best day since march of 2020 after the company topped earnings estimates stephanie link, she owns the stock and joins us now by phone. steph, obviously having a nice day. got a bunch of price target raises how much of thisdo you think i due to earnings and how much do you think it's due to potentially positive headlines in chin

another part of the story being part of that crypto universe is coinbase global.t continues to fall, down 4.6%. this is where that ftx/binance news hit it's holding all bit, maybe better than some hat stock, but the stock is still down nearly 5% in after hours. >>> all right, another big money mover we've got to watch, and this is going to be the big story. from a stock perspective, your stock story is going to be disney shares fell short this morning they fell short on profit. the streaming number came in terrible i don't think it's after overstatement because the market is telling you that. disney stock, maybe one of the worst we've seen for a while of course, it's in the dow this right now may not be the only reason dow futures are down, but that is going to hurt the dow tofrmd we're going to get more coming up you've got a mixed picture in asia, maybe a little good news out of china they had an inflation number that actually dropped for the first time since december of 2020 you can say, i don't believe the chinese data figure, either way, you see it there you

i'm starting with coinbase, ouch. 7%. anxiety across the sector in the wake of the ftx fallout. goldman sachs cutting coinbase price target to $40 from 49. coinbase the largely sue lated from the ftx fallout but taking it on the chin. stuart: last week when we had a live studio audience, what do you think of amc, why do you own it? he said i think it will go. amc is up 6%. why? lauren: brac panther, wakanda sequel. amc says it will be the second highest grossing movie. stuart: enphase. lauren: set to join the nasdaq 100 next monday. the stock is up. it is up. 1 1/2%. it replaces ocha is down. stuart: they cut the price stock to 105 and thing is 52? >> yeah. stuart: i got that. multiple shootings hit a upscale neighborhood in new york city. last we want to hear. tell me more. lauren: chelsea, west side of new york city. one person is dead after this weekend. 3:00 others were wounded in two separate shootings. one of them the people injured ask an assistant deputy warden at rikers island. she was off-duty at the time. look

coinbase the most visual one, currently down markedly over the course of the last year or so. 80% ofts value lost. coinbase continues to be a place where on weakness, asset managers like cathie wood at ark invest have been adding in weakness their firm now has about a 4.5 to 4.7% stake in coinbase, making it one of the largest institutional holders of this particular company, coinbase with ftx, david, we're waiting to see if there's more of a ripple effect fallout. coinbase, a stock a lot of folks are watching on that front back over to you. >> it's been interesting to see, perhaps the lack of fallout. thank you. >>> next hour, ftx executives will make their debut in delaware bankruptcy court. eamon javers is there with a look at what we may be expecting. eamon? >> reporter: yeah, that's right, david. we're about 45 minutes from getting under way at bankruptcy court in wilmington, delaware. we just saw what can only be described as a battalion of lawyers coming into the courthouse here for this ftx hearing, including andrew dietrich, the lead attorney for sullivan and cromwell, who a

i know carl mentioned it but looking at the shift in market share over the coinbase, do you think that more positioned now and look more broadly do you think this is a moment consumers are going to be shifting out of crypto currency? how important is crypto going to be a year from now >> yeah, i mean, what you just said i cannot agree with you more than that i think investing in coinbase is just a waste of time because what's going to happen is consumers are disinterested. if you go back to the dot combubble it took people five years to come back and those were real businesses what we're talking about here is just kind of these crypto tokens which are essentially -- ftx told you one day you could be worth the world and the second day you could be worth nothing those market shares are very minimal, i wouldn't get overexcited about them because the overall volumes are coming down and making 600 revenue and $1.2 billion in losses it's a very bad business right now. >> wow dan, what a shift in that market and we'll be looking obviously for more signs of contagion. thanks so much have a gre

i have a coinbase account.t year. 50 grand in cash, got 1 point something about it coin. i don't know how to get into another thing people say put it on a zip drive and stuff. how easy is it to make changes before it is too late. >> there are definitely some custodians, some exchanges more trustworthy than others. i would put coinbase in one of the more trustworthy buckets. charles: okay. >> the whole ethos, the bitcoin ethos don't trust, verify. we have a thing we can externally audit it, we can audit the entire supply. you don't need to trust a third party institution. it is a tough leap to go to custodial model we're operating in to self-sovereignty. bitcoin adoption fundamentally takes time. this is no fault of bitcoin, internals are up to the right hash rate. users, wallets. these things are all going in the right direction. but the exchange rate due to the kind of the crypto contagion and in entire industry cross collateralized, when you have a fraudulent event like this the exchange rate takes a hit. tha

i can't speak too in-depth i think that regulation is coming. >> here's the thing on coinbase, and thisve been positive on, and i think they have done a lot of really good things, but, you know, people in crypto are saying get your coins off of these exchanges because if you're the next thing to go, you're going to lose your money, and i don't know how a publicly traded stock is going to do well. every statement they put out about it, people are going, let's see. it's a tough road. we have been through this. this feels like september of '08 sort of stuff in the crypto space. much smaller and not the potential for the systemic risk to the regular banking system. it doesn't feel great here >> mike khouw, thank you, for more options action, tune into the full show, not this friday but the following friday, 5:30 p.m. eastern time. coming up, shares of carvana, the latest headlines that sent the stock to under 7 bucks a share during the day it was over 300 bucks a year ago. stick around, much more fast in two. you ok, man? the internet is telling me a million different ways i should be tradi

coinbase was never that.s no -- >> as far as we know. >> no, i am confident about that. >> you were all the way on the basis of crypto in general at one point. the underlying asset is questionable people are treating it like it is at this point >> there is a different between bitcoin and crypto. >> a valuation issue which is how much does it have to be worth? >> $1 and $62,000. >> that is the moment. the range may be lower or higher i never thought it has to be viewed with the kind of value it has been viewed with >> we will see you know who you have coming on? >> who >> christian who last time once tried to talk about short covering for a rally will you let her talk as long as she wants? will you let her do that >> absolutely. >> do you remember last time we had to go to break we had technical problems and the conspiracy -- just let her if she wants to talk about it. >> we will dig into the rally after the cpi data shows signs of cooling inflation the nasdaq soaring 7%. if you were in the market yesterday, i

have you ever looked at coinbase's 200 coins >> i have rarely i may have done that once. >> you everooked at the cramer coin down like 70% in a couple days they made up coins they have their own currency forget it. this is just -- it's a fanciful world. it smacks more of fiction than of fact. >> well, one fact here is that a lot of people are losing a lot of money when it comes to ftx. we know that the idea that this was a $35 billion company only a short time ago, perhaps somewhat fanciful, but that is where the company was. i talked to a number of people who were approached about a billion dollar fund-raising round only a couple of months ago, very much unclear whether they closed on any of it they were looking for hundred million dollar increments in terms of investments a billion at $35 billion that was going to be a flat round, not up. they were going to use that money, imagine this, just for padding. they said they had $2.4 billion in cash on hand. this was people who were doing some due diligence that i have spoken to at that time when they were looking for this latest round.

one saying coinbase said that grayscale has bitcoins with them. only has 600,000 bitcoins on the exchange. i just posted is a question are those numbers are correct? that caused a lot of misunderstanding in the community so i removed the tweet. >> are there solvency issues with those companies? some say that you did it to build your own empire? >> i don't know if there are issues with those businesses. i am not tweeting that because we want to build our own empire. i just reflected on the ftx situation and i blame myself for tweeting not too late. we let ftx get to bed before we question some of those things. we should of asked question much earlier. that does not mean it impacts our industry peers. we just need to bring more transparency and scrutiny into our industry. coinbase has been operating for years. they have already had audits on their financials. we would like to see it on the blockchain which is the best way to post information. >> you have talked about interest being substantial, who was interested? >> we should have a block going out

at bank of america to a neutral rating they think that coinbase is nowhere near, not close to being ftx, but that it's not immune to the downside being put from a macro perspective on the crypto industry from that reason, they've down their target prices. coinbase share down 8% we'll see if it sticks that way. >> this ftx story, a long way from being over, and there's a lot of collateral damage dom chu. >> if you're wondering why yields were all over the place this week, they sent the stock market up and then down before sending it back up look no further than the federal reserve. steve liesman is here to try to wrap up a wild week of fed speak. i'm trying to count how many speeches you had to listen to this week. >> don't be -- don't feel sympathy for me. i love my job, but there is a limit, brian we heard from fed presidents 16 times this week. some of them twice, but 16 total speeches to listen to. and along with the data, just as you said, brian, it created sharp movements in yields and the outlook for fed rate hikes on wednesday i spoke to san francisco fed president, mary daly

coinbase ventures, the arm of that business, are writing down that investment.hat investment tells me, it plans to write off the entire value there. this company coinbase will participate in the ftx bankruptcy protest and is seeking a claim of about $15 million in deposits that are at ftx right now. they say the exposure is not materiel at this point sam bankman-fried tweeting this morning and apologized and said essentially, i'm sorry that we ended up here. he said he's shocked to see how things unraveled the way they did this week. all of this hitting bitcoin prices you've seen the jitters this week about more shoes to drop potentially and other counter parties, robinhood and coinbase are higher today but down for the week >> the ceo of binance which passed on the deal in a conference overnight saying this is like the 2008 financial crisis for crypto and we could see more businesses fail kate rooney, thank you >> thanks. >>> bring in a venture capitalist voice on the story, eric hippeau, lerer hippeau managing partner you didn't have investments in ftx or anyt

coinbase was the gold standard. ftx was new. they were saying we are like coinbase.s in a bad light and now is coming on as the white knight. he has a lot of issues to sort out against regulars. the savior is proper governance, regulations involved. they will probably overdo it. we will see that coming in the next year or so. caroline: really great to get your personal anecdotes, professional take. negative or coming on when you are still raising money for your own new venture. come back with a new company. coming up, the new black panther was a big trendline. theaters were full. we have all the latest data on it. this is bloomberg. ♪ caroline: if you have not checked out what is critical in twitter, if you failed to notice tiktok and instagram, you should have known it was a record-breaking weekend for the box office of black panther. it surpassed all expectations. $180 million in the united states alone, $330 million worldwide. this makes it the best ever opening in the box office for the month of november. 13th overall. let's back it up to how this helps amsi. --

that is between nine and 11 times earnings, and you see coinbase traded a higher multiple.look back at what cz said, when traditional crypto firms pair with finance firms, the stock of the finance firms tend to jump. by partnering with those companies, taking a stake, or buying a right you can get a potentially higher multiple for finance -- binance and that firm. it will be interesting to see what deals will come out, not just a partnership we saw on the last year or so, but pure money from traditional financial firms. firms that got so large in the crypto space like binance. emily: so much more to come there, thank you. coming up with u.s. china tensions continuing to escalate we take a look at the chinese tech giant alibaba, how to get this far, and what is next under a potentially more controlling calmness party what is up with jack ma. that is next. this is bloomberg. ♪ emily: let's take a look now at the behind the scenes of one of the world most influential tech companies in china and the world. that is alibaba. the topic of a new book from a former alibaba executive

. >> just a few minutes ago we heard from coinbase's ceo brian armstrong. >> dodds this as a possibility of being salvaged? >> from where i'm sitting, it seems unlikely i don't think why investors would put money in, given the allegations, so it's surprising they're still pursuing that line, but without being inside the firm, i couldn't say exactly what is going on there. >> ample strong talking about ftx in particular. joining us is peter smith. blockchain.com ranked fifth on this list this year. where do you think it's going? >> it's going to result in two trends, one a trend toward regulated institutions, so on-shore players like ourselves and coinbase secondly, you'll see people shift towards storing their crypto on their own private keys we have about 85 million signups that are doing that today. i think that trend will accelerate the ultimate reality and the coolest part of crypto is that you can store your funds on your own private key, where you have no counter-party exposure. it's been our mission to enal that in the last decade. >> you're explaining this is beneficial because o

stock three is coinbase. sales missing forecasts.coinbase shares up 8% and then starbucks. customers are paying more for iced drinks. the company says u.s. traffic has nearly bounced back to pre-pandemic levels outside of the u.s. continue to weigh on international sales. the cfo will be on "squawk box" in the first on cnbc interview at 8:50 a.m. >>> let's talk more about starbucks with sara senatore >> thanks for having me. >> let's start where we ended. you see the cfo on "squawk box" later today. what is your rating for starbucks? >> we have a buy onstar starbucs we think they have a lot of opportunities going forward. specifically within the u.s., you see the store sales is the best measure of health and demand one of the best numbers we have seen this quarter. 11% in the u.s they are just getting started with the opportunities whether it is on the demand side or customization and hold and loyalty initiatives or production side where they are rolling out to help speed up the process of making some of these drinks and become more

coinbase closing at a record low.hile that stock is at a record low we see cathie wood and are buying 1.3 million shares of coinbase, buying the dip so far in the month of november. draftkings down 5%. users reporting issues with their accounts weighing on the stock. tesla down 25% since october 28 when elon musk closed his deal to buy twitter. some concern that muska is distracted away from tesla. there is the impact of covid shutdowns in china. and disney, up 6%. bob iger is back. bob jpeg has departed the company. this amazing price chart. look at the stock over the last two years and reminds yourself of the story behind disney. disney plus lunged at the end of 2019. che peck does not take the help until the early stages of the pandemic in 2020. you have this fuller coaster ride with the share price rising to mid 2021 and falling away as we get concerns over subscriber growth and how expensive the losses are for the streaming business. on the far right side of your screen, bob iger is back with ceo. -- back as ceo.

charles, i'm glad you ended on crypto or at least coinbase. we are going to look at bitcoin and ether. we need to start with breaking developments in the ftx fiasco. bitcoin right now is lower by 3.6% and now getting perilously close to going under $16,000. in the last few hours, lehner blockfi revealing it too has significant exposure to ftx. sam bankman-fried's embattled exchange. ftx signed a deal in july with blockfi to provide it with a $400 million revolving credit facility with an option to buy blockfi for up to $240 million. friday ftx filed for bankruptcy and booted founder bank month-fried from the ceo -- bankman-fried from the ceo seat. binance tweeted out it would be liquidating its holding in the token ftt, seen on your screen right here, due to, quote, recent relations. as other -- revelations. ftt fell from $25 to right now $1.27. more on the biggest implosion in the crypto industry later with charlie gasparino who's working the phones right now. he will bring that story to us in just a moment. fox business alert, a after a brie

to make your money back, and coinbase will say, how dare you?not understand blockchain do you not understand the way the world works? my ma used to say, if jimmy can't understand it, maybe it can't be understood. >> a lot of people are understanding they're not getting their money out and it's really tragic. >> that's the point. >> $2,000 to $10,000, significant sum for many people. >> the hit that people are -- they just say, yeah, caveat emptor gary gensler has not been as vocal as i'd like him to be. by the way, gary was up at m.i.t., same time. i wonder if sam bankman-fried took his course. >> i'm going back, looking, people are trying to estimate what the recovery value is going to be. people keep coming up with 5 to 10-cent number >> i want the s.e.c. to come in. the horses have not left the barn the s.e.c. can come out and say, look, we're going to regulate this, and i think the -- it would calm the markets the markets are not calm you can look at the -- did we get rid of the chain link fence check? you ever see some of the ones that are

think about coinbase that had headcount reduction in place. john: thanks very much.omberg's ed ludlow with the latest on amazon's latest potential moves on employees. we will take up -- a quick break and the latest bloomberg survey is out and what does it say about the outlook for the economy? we will have details next. stay with us. this is bloomberg. ♪ john: this is bloomberg markets. 22 point 4% is the percentage of canadian to think that housing prices could increase in the next six months. a survey suggested a turning point and home prices have dropped. some see a glimmer of hope it central banks privet and mortgage rates plateau -- pivots and mortgage rates plateau. central banks are not done but something to watch. kriti: something to watch as the housing market globally and it is something that brainard brought up. housing prices are going down but not fast enough and that could influence whatever decision the fed takes in becoming gear. the stock markets your session highs up 4/10 of 1% on the s&p 500. stick with us. for jon erlichman, i am pretty good. -- k

both of those stocks coinbase up 5.2%.biden administration scrambling to keep the trains running on time. literally, after one of the largest railroad unions voted to reject a labor agreement that team biden helped to negotiate. it is the fourth union out of 12 to shoot the deal down, leaving the very real possibility of a strike, of the nations rail workers, one that could seriously impact the counte c ilhappnds to hpoye, , i get into that i want to tell you that within the last 10 minutes president joe biden has now tweeted out saying he's going to extend the student loan ban on repaying federally-backed student loans until through junf those student loans federally- backed student loans will have to be paid until june 30 of next year. now on to this. yeah, we're about two weeks away from a possible rail strike in the u.s. , as the holiday shopping season is ramping up. now stores really need this holiday shopping season, because they need to recover from the pandemic. now a strike could cost the u.s. economy $2 billion

coinbase closing at a record low.ell that stock is at a record low, we see cathie wood and ark buying the date, 1.3 million shares of coinbase. other movers, draftkings down 5%. users reporting issues with their accounts. tesla is down 25% since october 28, when elon musk closed his deal to buy twitter. obviously, some concern elon musk is distracted away from tesla, but also, the impact of covid shutdowns in china and the question of how that will impact many fracturing at the shanghai plant. and then. disney is up 6%. bob iger is back, bob chapek has departed the company. this is an amazing price chart. look at the stock in the last two years and remind yourself of the story behind disney. disney plus lunch at the end of 2019. capac didn't even take the helm until the early stages of the pandemic in 2020, then you have the roller coaster ride with that share price rising mid 2021 and then falling away as being concerns over subscriber growth and how extensive the losses are for the streaming business. and the far ri