why should the sec regulate crypto?rules might cover crypto, cryptos again, a very broad topic, certainly things we could have done by crypto lending, one area where we might have written rules and might have prevented what happened from happening, there are other areas they could help people buying these crypto tokens to get disclosures to make decisions about these tokens but congress is considering whether they want us to have regulatory authority, and looking at other agencies, whether they have the authority to other agencies. i hope we would be able to step up and show we do a better job if congress decides to give us more of already. jack: a lot of problems, counterparty risk, wasn't actually sustainable. to many other asset classes. one specific thing the entire crypto industry is thinking about that desperately want an exchange traded fund that owns bitcoin or whatever. where does that stand? >> the last four years, bitcoin has been around a long time and people are wondering about a product they can get exposu

they discuss crypto.miami, philly, new york, and orlando. >> we bring in people who have lot of experience in crypto who come to the shop >> reporter: their audience, mo mostly black and brown men in their 20s and 40s. one says his portfolio is not doing well, but. >> markets always go up and down that's why it's important never to invest more than you're willing to lose. >> reporter: and the conversations expand beyond barbershops, even reaching to local governments. elijah is part of the crypto task force working to make miami-dade florida the first to accept crypto as payment in fall 2022 >> employees' salaries and retirement accounts can be converted into crypto. >> reporter: he has a warning. what do you say to people, specifically black people holding on and say in 2022, i can still make a lot of money off of crypto. >> before you give up your hard-earned cash for this, do your homework. to your research >> our thanks for that report. >>> coming up, michelle grossman is back with a look at our weeke

are you still bullish on crypto in this environment? guest: i am always bullish on crypto. was early in the space. in crypto, what we have seen when you look at the historical bitcoin price charts, in particular bitcoin, not the luna s of the world, that have had these big public tobaccos, not the nfts -- i don't want to own a picture of a drawing of an ape -- but when you look at bitcoin, what you see is historically, crypto winter hits, the price goes down then it starts to go back up. it becomes a great time to buy when there is a downturn if you are a true believer. emily: speaking of the subculture of the tech industry that has been very male-dominated, that is cryptocurrency, are you seeing progress or the same urgency to change that we hope to see in the broader tech industry? guest: crypto is unfortunately, like the rest of the tech industry, male-dominated like finance. the two industries that it straddles. it is predominantly. there are some bright spots, like coinbase. but the industry has to fundamentally change. it is the same vc's funding crypto companies as t

given what's already heading crypto, are there implications more broadly because of crypto exposure? >> within the syntax space, some of the areas to watch are, well, with companies like paypal, they have about 6% of revenue directly from their lending products. these are a combination of primarily small business loans but small businesses are essentially individual loans, so they are monitoring the risk losses in those pieces of the business and in addition, i would say, they are more heavily tied to, well, on the positive, when you asked the question about crypto, places like a paypal wallet or coin base because of the publicly listed companies, so they have to me all the fcc filings and you can see where the reserves are, are a bit safer haven. if someone who is not going to solve custody their crypto input on a hard drive, they want to put it with a third party, we will likely see movement of asset into these safer names during this downturn. >> i wonder how the individual investor should frame the risk in crypto. and i will preface this saying crypto could go up from here, of co

my organization runs an nft project called crypto chicks. we were the first crypto donation ever.nk we are starting to see entities as a fundraising measure but i think we will start to see one step further than that where decentralized autonomous organizations which are self governed entities will start to create this network nationwide of people who live in safe states where women can get an abortion and people who live in states where they woke up in the morning and realized they need access to an abortion or save reproductive health care, they can no longer legally do that in their space and the dow can provide the mechanism to not only just connect women or sponsor -- but sponsor emergency trips. the interesting thing with this is that for people who are upset about what happened with overturning roe v. wade, that number is looking to get involved and mobilize in an action driven way instead of getting out into the streets and protesting which we have seen. they don't always have as much of an impact. i think this is a great way to mobilize people who are passionate about how

is crypto legit?h, i think crypto's going through the same things new technologies go through at the start, just like the internet went through a lot of innovation cycles where there were internet companies that tried different business models that didn't work out. and so it's not that crypto itself is a scam. it's going through the growing pains of any new technology. and you see regulators finding different ways to regulate and finding new problems with the way that people are interfacing with the technology. the technology itself isn't a scam. geoff: when you talk about regulation, president biden, as you know, back in march, he signed an executive order calling on the federal government to examine the risks and benefits of cryptocurrency. is more regulation the answer, do you think? andrew: i think it's inevitable. you know, if you think about what regulation is, is regulation is to protect consumers. and when you have situations like you've had in the past couple of months where companies have ta

this is very early, as crypto people will say.ng a bunch experiments, but the thing is that you only need to use these experiments in using the individual tokens that come good for the whole thing to be vindicated i mean, it's less about just currencies it's more interesting i think to think about what can you do technologically which is useful for the world? >> yeah. >> when you have a digital token that you couldn't do without it? and i think you can incentivize the users in your community to get involved in your project it's like a united air miles, but much more advanced >> so sebastian, crypto proponents love to say that it's early. they love to point to the first wave of the internet, but in that era, there weren't easy to understand use cases like radio. what is it for crypto? what's a use exists today? >> i think actually the first thing to be said is that even if it's purely an internal game where people are gambling on different tokens that have no meaning outside the token world, actually, gambling is a big business, an

crypto in general were aware of.did the collapse of three arrows really cause or lead to potentially the crypto -- broader crypto contagion? muyao: what we have seen so far, there is definitely contention in the crypto market right now. we are seeing some of their bigger counterparties, for example, the canada-based voyager digital, they announced bankruptcy as a result of exposure to three arrows. who are at tons of money from voyager and was not able to fulfill the obligations. emily: talk to us about the role of transparency here. i mean, where they betting that crypto was going to go up? what hedge funds does that? muyao: that is i think one of the things that i most per sonally found surprising. that these two people were former traders, they are supposed to be intelligent, sophisticated traders in crypto. but it turned out literally every single person i talked to told me they are the biggest bulls in crypto and they believe this erie of super cycle, that crypto would never fall -- theory of super cycle that cr

they have needed to borrow a lot of money and it's often been from those crypto companies, the cryptoquidity crunch. the capital is not there tomorrow. interest rates are a lot higher. wall street wants nothing to do with the crypto minors or crypto companies in general so they have been cut off from some of the credit they have used in the past to go. you have lower bitcoin prices. higher energy prices, so they are facing what some have said is a perfect storm. those companies under pressure, i would watch that space for potentially more m and a and consolidation. >> if you're looking for more crypto content, tune into crypto world for the latest news and market ti. 00acon3: p.m. eastern time. cnbc.com/crypto world. dow is up to 40. back in a moment. your record label is taking off. but so is your sound engineer. 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 this is evolving from gym to global media company. this is connecting your people and content in one place. this is

crypto, fdx signing an agreement to purchase a crypto lender for as much as $240 million.o-founder spoke with bloomberg about the ftx deal and how the companies align. >> there are a lot of ways our products can mesh together in a way that is better than either would be independently. and i also say that they have been working really productively with regulators on building out regulated yield products, which we are excited about. and excited that they have been doing it in a regulated way. that is a healthy way to do attend is going to serve them well in the long term. and it is something we are ok with as well. >> you told politico ftx was looking to bailout or would otherwise be underwater. but are you worried about whether bailing out in industry may not -- bailing out a company may not be good for the industry at large? >> good question, i guess you are getting at, does that bail out a company that shouldn't have been bailed out? first, i am excited -- way more excited to bailout customers that shareholders. so, the focus of this is not how we deliver as much sharehol

crypto. look at the number of people this that said crypto's worth zero, and yet it gets to $3 trillion worth of value. you look at -- well, how do people make money buying sparks, buying crypto, flipping houses? this is because we've created this sea of liquidity. record liquidity always leads to record illiquidity, and that's what we're starting to see now. liz: i agree with you on that, and we do have central banks to blame for leaving rates so low for so long. there were appropriate moments where rates should have been 0 or .25% but not two or three years ago we were having a gangbuster economy. jeff, i do want to talk about crypto really quickly here. crypto is seeing 2 of its 3 rl in market cap -- if we could put up crypto, that would be helpful, guys -- vaporize over the past several months. biti, this is the short-term etf where you short bitcoin. within just a week of its existence, it has become the number two u.s. crypto everything, f. that's how many -- etf. that's how many people

again, we saw -- if you think about crypto's return, what drives crypto's return?oms when it develops products people want. it boomed in the early 2010 when people developed bitcoin which was a nonsovereign monetary asset. it boomed in 2016 and 2017. the most recent was when we had nft's and stablecoin and d5, but that just penetrated 1% of the market. i think the market opportunities for all those are to next. i think there are five or six other killer products we will see in the next market cycle, so i think the next boom could be 5, 10 times bigger than the prior boom. i think it will be the moment crypto goes mainstream and your friends, uncles, cousins are all interacting with the market via gaming, ticketing, traditional nft's or stablecoins for payments. i think it is orders of magnitude larger. it is probably still a year or two off, but you can still see it clearly on the horizon and we are getting closer to it every day. emily: always good to have you. cio of bitwise asset management. appreciate it. coming up, apple tries to unlock the ipad pro's full pot

caroline: there is also a misconception that crypto is anonymous.you ensure you are protecting women who are actually using funds to ensure they are legally protected in some way? elissa: i would strongly advise anyone getting involved or the recipient to use crypto in a self hosted wallet. not using and storing platforms you might be more traditionally familiar with like coinbase, news recently that coinbase might be selling geo tracking data to the government. we are 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 yo

the crypto winter, taking hold after a massive selloff. the future of crypto securities, next.is bloomberg. ♪ emily: time for our crypto report with bitcoin sinking into the $19,000-20 $2000 range. has bitcoin found its floor? our crypto contributor has been investigating that question. what are we thinking? >> it is interesting, last week bitcoin slipped past $23,000 and has come back down. it has several days of muted price pressure and has catalysts that could make the right ahead rocky. the $19,000-$22,000 range has everyone warren -- wondering if the leverage is out of the system. we have had pressure on pricing but over the last seven days, you are seeing bitcoin trading higher than seven days ago. i want to show you ethereum, a bigger decline than in bitcoin over the last 24 hours but over the last seven days, there is some excitement about in -- ethereum land bitcoin. for ethereum there is the merge date on the table. does the excitement push prices back up in the face of uncertainties? is the leverage out of the system? emily: we will explore this more. our next guest

over two weeks in june, the crypto billionaire bought two companies, propped up the crypto platform,ed to save voyager digital with a large loan. he committed about $1 billion in the midst of a crypto route that has wiped $2 trillion in market value out in eight months. that spring and hannah miller now for more on today's big take. it is fascinating to see how ambitious and seemingly successful spf has seemed to be but there are competing views of him. is he the messiah or is he a shargh? >> you have people calling sam bankman-fried the patron saint of crypto, that he is bailing out the industry, swooping in as a white knight to save struggling companies. on the other hand, you have people see him as a robber baron consolidating power and control over the industry. emily: so he spoke at our bloomberg crypto summit this week. i want to take a listen to what he had to say. >> certainly the asset price decline is a strong sign that crypto and a lot of fintech, things are too light on use cases and there's a lot of handwaving going on on this case is and financial modeling. emily: talk

during the crypto winter. in genevieve roch-decter. great to have you here. bitcoin is under 20,000. crypto firms getting knocked down. do you see an end in sight for this? >> crypto is being -- i want to draw a distinction with american ones like coinbase that have insurance on clients balances than ones like celsius are lending platforms going into bankruptcy. we'll see going into bankruptcy how they're treated but likely not insured. the sec has a tough job here. they will have to skirt the line not stifling innovation but protecting investor assets. these platforms need to have really clear disclaimers. i'm not talking about on the 20th page of terms and conditions reports. like right there on the website, you could lose all the money. if you're looking to make, 7, 8, 9% on a lending product, you have to ask yourself how is the company generating that return? they're taking risky bets with the capital. you need to know about it. crypto market lost two trillion in value here. we're trading below 20,000. gue

the crypto market continues to tumble. our crypto contributor here with more. what is the latest?he end of the day, the question is how are consumers protected not only to the event of a bankruptcy but in the event of larger market stress? you have seen several instances in which customer withdrawals were paused and now you are seeing in the bankruptcy filing for celsius, is there a clear roadmap on what happens to customer holdings as certain creditors want to get paid back? you are seeing this issue as celsius has started to pay back other parties in other ways but where do the customers fall at the end of the day when you are thinking about who gets owed what and in what order? emily: this bankruptcy has so much knock on effects including that it could potentially impact bitcoin mining echo sonali: this was an interesting question. part of the answer someone had was, to the extent it was tied to the defi activity, maybe we will think about it but probably not morbidly. a lot of worries about the bitcoin mining subsidiary. if celsius were to sell the business were off load rigs

in crypto, we are seeing that going lower by about 4%. one of our favorite percent pro guests, mark cuban, doing well with crypto. what is happening? >> good morning. >>> we have a european trade issue. it is underway in the region. in terms of the breakdown, it's red in the most part. here in the uk, we are seeing particularly strong performances for the oil and gas stocks. energy prices on the rise. we have the oil majors move. it they are performing quite well. we will get to that in a moment. one of the key movers to the downside, u.p.s. they are trading sharply lower after the blunder posted a swift quarter net profit of $21 billion. it's below analyst forecast. they are declining activity on the back of the global markets. shares are down nearly 6% as a result. on the flipside, we have green on the board. it's a consumer good space. they have guidance for the full year. they jumped 8.1%. ahead of expectations. they are hiking prices to counter foreign costs. they have the sales guidance for the year. as a result, the shares are 3% h

coming up with the crypto winter taking hold after a massive crypto selloff, we look at the future ofcurity with ledger, next. this is bloomberg. ♪ how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. emily: time for our crypto report with bitcoin sinking into the $19,000-$22000 range. and analysts expecting more swings ahead of another fed rate hike. the question everyone is wondering, has bitcoin found its floor? our crypto contributor has been investigating that question. what are we thinking? >> it is interesting, last week bitcoin slipped past $23,000 and it has come back down. it had several days of muted price pressure, and do your point it has som

then you have stablecoins that are backed by another crypto asset.asset the issuer does not control. that is like maker dow. you might back that with etherium. the third and toxic ones are stablecoins that are backed by a token issued by the creator of the stablecoin. that would have been terra luna and those don't work. we thought about that creating tether but we knew it was too complex. i don't for see problems with tether, because it is backed by either dollars or dollar equivalent assets. kriti: the collateral for tether, i'm looking at the reserve breakdown tether posts on their website every day. 85% are coming from cash and cash equivalents. 50% of that is coming from t-bills. i'm worried about the connection between the potential collapse in tether and the broader financial markets given its relationship with the treasury market. william: i would just say stablecoins are very important to the crypto ecosystem. that is because any time a token is traded and the number one pair against any token traded his tether, there must be one side of the

all the players in the crypto industry are not subject to those right now. and that's the challenge i think they all ultimately will be rewired to be regulations as banks and that's going to be good for consumers and the users ultimately >> a lot of people want to buy magic beans. let's see if they want beans, even if they're good for us. thank you. >> thank you >>> coming up, crude prices crashing below 100 bucks for the first time in months and we're going to look at big declines and the fallout for energy stocks and 34 minutes until the release of the fed minutes what will investors be watching for? 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 this thing, it's

well, yet another crypto lender pausing operations, and leading to even more crypto consolidation. d. a. gave id son gil luria is here to tell us if he sees any thaw in the crypto winter but remember the dow is down more than 740 points earlier, it's now down 234. the nasdaq is solidly in the green, "clayman countdown" is coming right back. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim® by td ameritrade do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or

. >>> coming up on the show, crypto hedge fund files for bankruptcy seeking protection from creditorss. 'ldiusafr e eak. -hi, i'm smokey bear and i made an assistant to help you out. because only you can prevent wildfires. -hey assistant smokey bear, call me papa bear because i'm "grrr-illing" up dinner. haha, do you get it? -yes. good job. -so, what should i do with all of these coals? -don't just toss them out. put them in a metal container because those embers can start a wildfire. -i understand, the stakes are high. assistant smokey vo: ha-ha, ha-ha. -see, smokey think's im funny! >>> welcome back to "street signs. voyager capital can closing all trading. the digital asset broker says the move will give it time to explore alternatives invvoyage e voyager. >>> the move for 3 arrows is filing for bankruptcy. it was ordered to liquidate in the virgin islands after failing to pay an $80 million loan it failed to pay another $670 million loan provided by voyager digital. let's get a look at bitcoin. below the $20,000 mark hovering around that level over the last three months, in the co

funding for crypto startups plummeted last quarter. we will ask likely venture partners why they are planning to double down on the blockchain. and sequoias janice lee will talk about their new plan to hunt for what they call outliers and put $1 million behind them. first i want to get a look at the markets. tech pulling stocks lower ahead of key consumer data coming out in the next when he for hours. ed ludlow has all the moves and here we are again -- tech losing steam. ed: more muted moves to the downside then perhaps we saw on monday. that key cpi data to you on wednesday at 8:30 a.m. eastern time. i have a public service announcement -- you know i love to do that. the u.s. bureau of labor statistics put out a statement this evening saying there is a fake june cpi report doing the rounds online. any eagle eyed investors watching the show, wait for the official release of the data. wednesday, eight: 30 a.m. eastern time in the united states. also breaking news after the l from the imf. in the last few minutes, the imf cut its global

we have more crypto advocates, more crypto allies.e understanding about what is going on in the crypto space. it is really happening at the state and local level. we are regulated at the state level and we have wonderful regulators across the united states but at the end of the day, we really have to make sure that does being elected to office understand that this is the future of finance. it is the future of the economy and the more we can help educate those policymakers as they come into office, i think we will be better off. >> thank you for giving us your view on the landscape. coming up, controlling computers with your brain. no hands needed. this is not science fiction, it is reality. we will have more on the company that is making it possible. that is next, this is bloomberg. ♪ >> in this week's techonomics, controlling a computer with your brain. this may sound like something out of a sci-fi movie but this technology already exists. the founder of the company joins us now with more. >> we are not talking too much about the pat

meinusa ck" is back jt mont >>> quick gut check on crypto. fell sharply after today's higher-than-expected inflation number but has seen a bounce back with the broader market, but down a bit again as i'm speaking crypto-related stocks like coinbase, robinhood 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-found

he sees finance flooring with crypto.ig names like elon musk might be dampening on their support of the industry, it seems like those within it have the competence to branch out beyond it and are still competent about some of their prospects. emily: i'm sure there are many more twists to come. bloomberg's hannah miller with this week's big take. we will take a look at the future of health tech. we will get hurt inside -- her insight amidst a market downturn and where the next airbnb or amazon could rise from. this is bloomberg. ♪ emily: the pandemic has changed how we look at health care and the digital health landscape was booming through covid-19. take a look at the future of health tech with a partner at lux capital. there has been a lot of optimism about the future of health care technology but we have also seen companies like cerebral that have had layoffs, coupled with this downturn. how bright is the future really? >> bottom line, i am still incredibly bullish as are we at lux. health care is fundamentally recessio

the ftx ceo has really been seen as the backstop in the crypto space. he provided a $500 million loan to another lender, voyager, through his company alameda research. a fire sale here, the latest thing was a fallout from all these situations in crypto.? he has been making a lot of moves with a lot of capitol. thank you very much. like i said, really great. let's turn to sam beckman. efforts to help the crypto industry, joining us now, patel, an investor in ftx. >>> to have you on the program. what do you make of fts in all of this? does he have to do this to stem contagion? is this what you expect in your investment? >> it is a great question. thanks for having me on again. i think it is important to step back and look at the types of investments he is making, right? so, some of these best deals are very different from equity investment versus m&a deals. there are different reasons for each one of those deals, right? so, you know, as an example of the line of credit, in many cases, it is more of a defensive move. you know, in many ways, it inject confi

that has had a knock on for crypto users 3ac. that has been the bigger influence on confidence in crypto >> it seems all roads lead back to three arrows capital. this was supposed to be the adult in the room, dom the fund around for a decade and former credit suisse traders and $10 billion in assets under management now they are in bankruptcy court. the funds relied heavily on leverage and broke as crypto prices plunged and leaving them unable to repay lenders. it is the perfect example of the dangers of the crypto contagion effect things are not looking good from here the fund voluntarily filed for bankruptcy, lawyers representing the court assigned liquid ators say the fund hasn't been to cooperate with the liquidation process in any meaningful manner that means there is no cash to pay back lenders >> fascinating mackenzie sigalos, thank you >>> a rough ride for stocks in 2022 could the next qrtuaer help them turn a positive corner find out when "worldwide exchange" returns after this >>> welcome back to "worldwide exchange." r

on in the crypto space.ppening at the state and local level as well. we are regulated at the state level and have some weather -- have some wonderful regulators. at the end of the day, we have to make sure those being elected to office understand this is the future. it's the future of finance, the future of the economy and the more we can educate policymakers , we will all be better off. emily: thank you for giving us your view on the landscape. coming up, controlling computers with your brain. no hands needed. this is not science fiction, it is reality. we will have more on the company making it possible. this is bloomberg. ♪ emily: in this week's economics, controlling a computer with your brain. it might sound like something out of a sci-fi movie but the technology already exists. for the first time, a brain-computer interface device has been implanted into the brain of a u.s. patient. the company that makes it, their founder joins us now with more. who is this patient and why did they decide to do this?

what's your reaction to those concerns about the crypto carbon footprint? and it is more -- i want you to be careful. when we talk about the environmental concern for crypto, that's a very broad term. bute are talking about, especially in the video that the body and saw her elier, is bitcoin mining. within the industry there are various different types of protocols that are out there. bitcoin is what is known as a proof of work network. proof of work requires signicant mini that requires a lot of computing power, which is what you saw in the video. increasingly moreo, there are lots of protocols out there that are now was called crypto stick, and that does not require the tremendous amount of computing required to do the mining. the carbon footprints for many of these protocols are close to zero. ihink the one thing that i uld respondo here is, it is not the environmental concern for crypto in general. for bitcoin, certainly tre is concern regards to energy uses comp - usage. but for the energy in general the carbon foorint is healy from a technology perspe

a lot of people have called you the savior of crypto, the patron saint of crypto but also john peer pointwonder if you agree with any of these names >> i think there is some similarity its and some differences. but in the end i think there weren't very many people who were going to be positioned and willing to step in during the crisis and during the credit crunch and credit crisis part of this downturn. we felt like the most important thing that we could do was to help stop contagion from spreading and backstop customer assets. >> is there any sort of master plan that you have when you're bailing out firms, buying firms, extending credit to firms, buying stakes in firms i mean do these pieces all fit together in some way >> not necessarily you know, i think that obviously we'll figure out if there are things that we can do to grow our business but that wasn't the primary perspective. we were willing to lose a little bit on these if that's what it took and the primary criteria was just where are their customer-facing businesses in the credit sector that are positioned where we really coul

i had to make operations in crypto currency, easily accessible. the country's digital infrastructure has many issues. the overall number of internet uses in central african republic is around 355000 people . and that means that 92 percent of the 4 and a half 1000000 population remain offline. only one 3rd of the country's population uses mobile phones. winston sucky broadcast journalists told us about the possible challenges the country could face in developing is national crypto currency full. since i've come to bowling to take this initiative, vegetable, we'll have to look at what are the help in place, the right resources infrastructure now facilitated the process of ensuring a treaty treat in encrypt currency, easily accessible around us. and now they don't. how much of this to internet in most part of the country, and you have access to smart home. and you know, crypto currency today mostly happens in a lot of smart homes. and not many people who are currently being dedicated on how the crypto market break. so i think it's a book there, but i

this is already hitting the crypto ecosystem, right. make it harder on the already troubled area? >> it does we've seen it happen time and again, crypto is not bucking larger macro economic trends at play, not immune from what's happening in the traditional financial system look at what's going on with the fed, rumbling it may hike rates faster to new data and you have bernstein putting out a report saying the crypto market remains tight liquor lated to the fed policy. so it goes to show, leverage is a drug but the second you suck out the liquidity for whatever reason, the fed or this domino effect of failures in the crypto ecosystem, the party is over for a lot of these players >> but mackenzie, the party is not over we're talking about these crypto interest accounts like they're in the past. i'm on a website, earn up to 85%, api earn custom interest rates i don't understand how this is working. >> block buy just was bailed out and got a big loan, ftx is becoming the player propping up the ecosystem. but i feel there are different ways

crypto winter. and twitter fires back. charlie gasparino once again on the social media giant's reaction to elon musk just walking away from his $44 billion takeover bid for the company. charlie is going to break it for us. i am lauren simonetti in for liz claman. and a fox market alert, take a look here. the dow is down 69 points, the s&p is down half of 1%, the nasdaq down two-thirds of 1% but the small cap russell 2000 is fractionally higher. take a look at oil now. pell well below $100 a barrel, right now at 95.59. that's for wti, brent also earlier fell below $100. it's typically more expensive. opec warning that production, it's lagging behind the target that they set. oil's also being hampered by the strong u.s. dollar which flexed its muscles today. did you guys see this? if it's time to pack the bags and go to europe. the euro touching parity with the u.s. dollar for the first time in 20 years. look at that. it's just about there right now. the euro is down 12% this year, bogged down by hig

so what company bought, wait a crypto currency in the country. all right, winston tacky broadcast journalist, thanks for joining us on the program. so that's all for this. our sticker on for more news in just about 30 minutes. the. the news skate digital redeem. good afternoon, mister laugher, off you've just returned from want to revisit and now you're flying away on a trip. again, we have such an international isolation that you don't even have time to be at home . thank you for taking the time to meet with us. between trips, it seems were of 2 minds when it comes to negotiating with ukraine. first we say it's outright impossible and the next we bring up the idea is something positive. when i say we, i mean our leadership on all levels from lawmakers to state officials. so our viewers and myself to keep asking ourselves, is there any point in talking to key of or is it just part of the diplomatic decorum that's nicholson was looked at this point? there is no point in negotiating with ukraine. ukrainian leadership actually came forward calling o

legislation and regulation in the crypto space overall.at a member of the alphabet board has to say about that earlier. >> regrettably, there's usually -- we usually wait until there's some calamity before there's regulation. the question is always, was this calamity big enough, or does there need to be another let down before we have appropriate legislation? emily: my next guest founder the world economic forum's blockchain and digital assets team. there have been a lot of big red flags, celsius, three arrows, you heard what marty chavez said about regulation. are we behind? are we waiting for a calamity? >> i don't know that we are waiting for a calamity i find , that a bit dramatic. we've seen a number of cycles and waves in this industry. i've been in this space for seven years now and this is not the first time we've seen a big crash followed by pretty quick rally. as hannah mentioned earlier, we are starting to see a little bit of that rally start to happen. the markets are starting to be more confident in alternative assets. i don't

of house of cards that was subject to collapsing if crypto prices were to tank? we are dumb we like to do things in very different ways, at least i like to do things in very simple ways if we invest in a business we go i have that company am unand we don't take a loan out of that business again we don't have circular -- i like to keep businesses in very simple terms we run exchange and we're not in the loans business, we're not in the -- we're not in those other businesses so we keep things very simple. i wouldn't say we are smart, we're just very simple about it. >> well, cz, i have to ask, though, it's obviously a good thing that you are not involved in any of these issues but just from a reputational and trust perspective do you think all of these negative headlines are going to impact your consumers and make them just wary of being in the crypto space in general >> i think all those negative headlines definitely do have a negative impact, but guess what, this industry has always had negative headlines we have not seen too many positive headlines about this in

we reached out and have not heard back celsius was one of a few crypto companies to halt withdrawalsto prices plummeted. >> the compliance team was too small. >> why do you think compliance was so understaffed? what was behind that >> basically, we were sucking out money and not bringing any back in. they didn't want to spend on compliance >> reporter: cnbc obtained dozens of internal documents that in part show disorganization. in one instance, a top celsius executive writes that he's surprised by a document written by another team overseas cradle, who left celsius last summer, also said the company was trading customer funds the ceo has denied this on twitter. >> did it seem risky yes. >> reporter: he also says that celsius was putting them in controversial crypto projects without the compliance team's approval according to this internal document, these investments were clearly labeled as medium or high-risk. the state of vermont echoed this in a recent consumer alert, saying the company deployed customer assets in a variety of risky and illiquid investments and didn't disclose tha

. >>> outside of stocks, crypto is getting a bump a bit of a bump this morning we take a closer look at what is going on and the future of cryptocurrency. >>> and twitter results are on deck investors looking for any kind of hint about the $44 billion legal battle with elon musk. >>> later on, talk about demand issues latest stock hit hard by softening consumer demand and surging prices it is friday, july 22nd, 2022. you are watching "worldwide exchange" here on cnbc >>> good morning happy friday i'm dominic chu in for brian sullivan this morning. let's kickoff friday with the u.s. stock futures you can see we are going to start to see a little bit of waivering right now in the futures market the dow jones industrial average implied lower 17 points. nasdaq down by 77 points overall. yields are a big part of the story given the market in narrative. the 10-year treasury is falling to 2.82% the 2-year treasury is 3.06% a trend has been there for a bit with a move to the down side the oil market is seeing price movements here below the $100 a barrel market. wti is $93 28 basis points on

and do you have access to smart home and, you know, crypto currency today? mostly it happens in a lot of smartphones and not many people who are currently being educated on how the crypto market price. so i think of is a boost there, but i think they need more or less she direction and also regulation as to what's and kills a what company bought. we could do currency in the country, south americas mirka. so trade block refuse to allow the ukrainian president to speak it's, it's some, it's this year's summit chair, paraguay. claim that not all members wants to hear. what validity may zalinski have to say in mercosur has determined that there was no consensus for such communication. therefore, the ukrainian side has already been informed that under the circumstances there are no conditions for marco, sir to be able to talk to the ukrainian president. zelinski has addressed many national parliaments since the beginning of the war, including european parliament world economic forum and the united nations, and an attempt to raise funding and support for his count

, crypto-focused legislation. to squander innovation and job growth and stay current with technical application. charles: some real bad news come out in the crypto world, not necessarily bitcoin, that par for the course? should it be expected as, sort of, it is painful but it is probably a pain that is going to happen inevitably anyway? >> if you're in crypto you know it comes with volatility. the asset class has seen these type of drawdowns of significant size many times before. every time our industry gets challenged, we learn lessons, we get stronger and continue building ahead. i think this time is no different. charles: great stuff, michael. thanks for coming on. >> thank you. charles: coming up i will give my takeaway on when will banks get more interest? what are you getting? tweet me: @cvpayne. getting to the rescue, breaking box office records are we get back being to normal? one of the best retail analysts out there joins me next. ♪ lemons. lemons, lemons, lemons. look how nice they are. the moment you b

let me move on to the whole crypto universe. very strong moves in names like marathon, riot, coin base, they are coming back in a bit here in a big way but not in the grand scheme, all down 50 to 70 percent over the past year. crypto lenders like celsius declaring bankruptcy. how worried are you, what kind of sort of negative tinge does that put on maybe first time crypto investors who look at this and say wait a minute if i put my money into a lender like that who promised me big returns when it came to yield and suddenly they are declaring bankruptcy and can't promise i can get my money out. how worried are you about something like that? >> yeah, look, every single market, both in the traditional financial system and in this kind of new digital financial system, i think people have to remember it is about personal responsibility. you have to do your own research. you need to do all the diligence that's necessary. what i will say is there's a lot of things that have occurred over the last six to eight months in the crypto ecosy

crypto is no laughing matter.ney and around the time of the big super bowl ads. i wish i could be more constructive about the remaining amount but they are making a serious and strong hand at 20,000 that claims that i'm afraid will suck people in, creating one more excellent opportunity for those who got it much lower as it sure looks like it turns out that is exactly how we gained this. . >>> seven dead, dozens injured the charges just filed part of new reporting on the fourth of july sniper murders in illinois i'm shepard smith. this is the news on cnbc the parade attack planned for weeks, say police. >> primo fired more than 70 rounds from this rifle into the crowd of incident people. >> how police say the suspect reached the rooftop. why the womens clothing and the vial content uncovered from his online history sp

>> more damage in the crypto lending space.t's temporarily suspending trading, deposits, withdrawals and all loyalty rewards. that was effective at 2:00 p.m. eastern. the ceo saying, quote, this was a tremendously difficult decision but we believe it is the right one given current market conditions. the decision today gives them additional time to keep exploring strategic alternatives with various interested parties while preserving the value of the voyager platform this is an investing app but a lending company. it comes after three arrows defaulted on a loan to voyager the company said on monday that the hedge fund failed to play a $350 million loan. they also had a major bitcoin loan that the hedge fund defaulted on worth more than $300 million so we're seeing a lot of margin calls and defaults in the crypto space. that company had also gotten a $500 million from sam bankman-frieds so this is the latest fallout we've seen in the crypto space. >> so suspending trading, deposits, withdrawals, that's a lot, right you wonder wha

the action coming as another crypto lender announced its files for bankruptcy let's go live. our julianna tatelbaum is in our newsroom with much more on the trade in europe. >> frank, it's great to see you. here in europe the equity markets are on the rise, on the monday after yesterday's steep selloff. we've got greens across the board. we're seeing a little bit of the shine come off this rally. yesterday the stoxx 600 dropped 2% we didn't get that big boost from rate expectations changing for growth stocks. instead we saw stocks trade lower. the energy crisis firmly in focus here in europe and also recession fears. the eurozone pmis yesterday painted a grim picture for the continent. we're seeing green across the board from a market perspective. we go to the top of the board. media up 2.5%. also strong demand for the retail sector, up 2.4% technology catching up 2.1. travel and leisure up. on the downside we've got banks underperforming. overall it is a positive session coming together. here in the uk, investors keeping a close eye on the political situation and i know you'