that is where cryptocurrencies come in.ith bitcoin or with these stable coins, you don't have to trust anyone to process your payments because there is this peer to peer network of people all over the world who work together and we don't have to trust any one of them to process the payments. if one of them decides i don't want to process the payment, that slack will get picked up by the next person or the next person. there are thousands of people who run these networks collaboratively on the internet. it is a censorship resistant and free and open payment tool that can be good for protecting your privacy and your economic autonomy because you cannot be cut off from this system at the whim of a totalitarian state or an oppressive corporation. host: how does venmo fit into all of this? guest: as long as venmo likes you, you will be able to make all of the payments you want using venmo. if you are paying for a protest in belarus, you will be cut off from venmo over the financial system. venmo did not do this specifically, but

it is a cryptocurrency you can trade for conventional money >> oh, so it's a hustle?, it's a hustle >> why didn't you say that >> to the moon. >> after a record high on friday, the price of cryptocurrency dogecoin took a nose dive over the weekend following elon musk's "saturday night live" appearance here to explain is mckenzie. >> reporter: it was a rough weekend for dogecoin it looks like elon musk was the one driving the price action now, musk, who calls himself the dogefather he recently has been talking about the cryptocurrency as the popularity soared along with the price. before the weekend began, dogecoin rallied 26,000%. when he made his snl debut, they expected the price to go higher. the sketch on cryptocurrency would go viral for days and further motivate the army of followers to drive up the price of dogecoin. an hour after the show started and the hyped cryptocurrency actually fell nearly 30% dropping to 49 cents at one point. elon musk mentioned doge a few times on the show. in the opening monologue and on "weekend update. in the clip you heard, the la

remember, cryptocurrency has only been around 10 years.ges where that may have an impact and does have an impact on the cryptocurrency. as it becomes held by more and more people, more currencies held by more consumers, you will see volatility go away. to expect no volatility in a 10-year-old asset is not reasonable. we will see less volatility over the long term with a different cryptocurrencies. >> given it is such early days for the cryptocurrency space, could we see more regulations, especially with china having their own digital yuan? what pressure do you expect from this side? steve: that is interesting when you talk about regulation. there is significant regulation in the u.s. today. we have no your customers rules, anti-money laundering rules. many of our competitors are doing a lot of the work required with regulation. do i think more regulation is going to come? i do. i spent time with my senators, congressmen, to talk about regulation to come. we participate in the blockchain association as well. everybody wants more regulation,

we lead the program with a major hit to cryptocurrency hundreds of billions of dollars were knocked out of the entire crypto market after tesla c.e.o. elon musk announced the company would suspend vehicle purchases using bitcoin now in the now infamous tweet posted wednesday must said the electric car maker is concerned about rapidly increasing use of fossil fuels for bitcoin mining and transaction especially coal which has the worst emissions of any fuel in the 20 musk added tesla will not be selling any bitcoin as the company looks for other cryptocurrency that use less than one percent of bitcoins energy per transaction these concerns about energy consumption they are nothing new in fact we've talked about it quite a bit on this show back in february cambridge university even released data showing bequeaths electricity consumption ranked above entire nations including argentina the netherlands and the u.a.e. on the news the price of bitcoin fell as much as 14 per cent while tesla stopped dropped as much as 4 and a half percent so let's dig into this with the host and she's a crypto a

with bitcoin and other cryptocurrencies and mencr of te bitcoin, it may be as stable coin. we can talk about these later, with other cryptocurrencies and bitcoin were going to see people doing more and more transactions that were previously done in person or using a trusted third party like a bank done peer-to-peer over the internet just like e-mail. but we'll see. >> host: this from friday morning, we saw bitcoin prices surge in terms of the stock pick it's not taking a slump. can you explain? >> guest: this is something that anybody was thinking about buying some should take into account. the fact of the matter is because bitcoin is this protocol there is no company or corporation or government backing the currency. there's just a a fixed number of bitcoins that exist on the peer-to-peer networks ledger called the blockchain. the blocking is a description of all the transactions that have ever happen so if you're skeptical as to whether someone has actually sent you bitcoin you can look at the blockchain using software on your computer that makes it easier to see the tran

bobby: bitcoin is the king of cryptocurrency. it's in a league of its own.s is the global reserve asset -- we talk about stock markets, real estate, and the u.s. dollar. but bitcoin is on its way to be a global resource asset class, to be in lead with -- in league with the largest asset class. all of the stocks markets added together is about $200 trillion in today's money. i think bitcoin will be in that league. maybe in 30 years for it to happen. today, bitcoin is going up and down below one trillion and i think it could go to 10 trillion in eventually 100 trillion. matt: one of the biggest concerns, we will get to pollution and a second, it's that china's treatment of bitcoin. yours is the largest cryptocurrency exchange in the world. and it was eventually pushed out. china's clamping down more. isn't that a problem when the world's fastest growing economy, the second-biggest economy is clamping down on the currency? bobby: it depends, who is it for? bitcoin is decentralized, it doesn't care. i call it more of an asset than a currency because bitcoin toda

that's kind of the next step as bitcoin and cryptocurrencies being more mainstream. >> let's turn to the now the price of bitcoin is about 45%, 40% lower than where we were a couple of months ago. how are people thinking about things right now how is sentiment >> absolutely. as you mentioned in the month of may, bit county went from 55,000 to 35,000 that it is today i think it depends on which investor segment you look at for example, on the retail side, there's a lot of uncertainty, a lot of fear. especially when you wake up, you don't know what elon musk is going to tweet from a bitcoin and currency perspective, and that's creating versatility. however, when it comes from the institutional side of the market, we're seeing larger playerses, financial institutions enter the space anecdotally i'm hearing from fund managers looking at this as an opportunity to come in and gaining on the months they may have missed from that perspective. let's not forget a lot of 2020 was a pretty interesting time for crypto hedge funds and a lot of institutional hedge funds as well just to put things i

we have seen a big fall of cryptocurrency is across—the—board cryptocurrency is across—the—boa rd andd by anything like the us dollar for example. backed by anything like the us dollarfor example. and dollar for example. and checking in dollarfor example. and checking in on the us dollar in wall street, and there we go, this is how the session ended yesterday. light crude, $63 a barrel. that is it for me. thank you for your company. do you carry on twitter and for all your major stories, go online for the main stories and you can see the website as well. that is if you are viewing from abroad. in the uk, do not forget you have bbc breakfast coming up in about five minutes. they are getting all dolled up and ready and waiting for you! you will be in good hands. it is my birthday! do you wish me a happy birthday on twitter! see you soon! hello. there's been no shortage of wet weather this week and there is plenty more where that came from as we head towards the weekend. thursday was a particularly soggy affair across some southern areas. you can see this curl of cloud on the satellite p

we speak with bobby lee to see if the largest cryptocurrency still has room to run. haslinda: and we will be live in hong kong and hear about the perils of pandemic investing, and where he is finding value. yvonne: what a wild day. you had this crypto bloodbath that is spilling over into other asset classes. stocks and commodities. certainly you're going to see some volatility. asia taking it in stride. taking a look at how markets are looking, there is a bit of dip buying. better data out of japan. exports 30%, offering support for the market that were largely flat and taiwan. jakarta coming online. euro futures a touch lower. nifty futures slightly in the green. it really has been about what is going on in the crypto space. taking a look at the bloomberg galaxy crypto index, down from 40%. extreme swings. we broke through some key technicals for bitcoin. $30,000 seems to be the psychological line. holding around $37,000 but we are seeing it down from 3% this morning. ethereum down 7%. litecoin as well. take a look at what the spillover effects have on commodities.

being the largest exchange based in cryptocurrency, they wanted to pay us in cryptocurrency.a: we work -- wework's executive chairman and coo. overnight, stocks have been volatile. plenty more to come. keep it here with us. this is bloomberg. ♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san

there is a lot of leverage in cryptocurrency markets.ere markets are down 5%. and some cryptocurrencies are down 10% or 20%. a lot of that is the unwinding of leverage. on the other hand, the optimistic take as that, over the last year, the majority of global regulated financial institutions, has gone from thinking they are not going to do anything in crypto, to having a mandate to do something in crypto. most have not done anything yet but are planning to and testing the waters. so there is a real chance of massive inflows into the space over the next few years, as the big banks, investment banks, pension plans, mutual funds, and other institutions, start to find their way into the space. >> yes institutional investors but it is still retail at individual investors. we heard from a governor saying if you're going to be investing in cryptocurrencies you must be prepared to lose all of your money. >> that is true of anything. cryptocurrency has been more volatile than average sodas a bit more true of crypto than the average asset. i think

and we leave the program with a major hit to cryptocurrency hundreds of the billions of dollars were knocked out of the entire crypto market after tesla c.e.o. elon musk announced the company would suspend vehicle purchases using bit coy now in the now infamous tweet posted wednesday must said the electric car maker is concerned about rapidly increasing use of fossil fuels for big point mining in transaction especially coal which has the worst emissions of any fuel in the twee must added tesla will not be selling any bitcoin as the company looks for other crypto currencies that use less than one percent a big energy per transaction these concerns about energy consumption there's nothing new in fact we've talked about it quite a bit on this show back in february cambridge university even released data showing big tricity consumption ranked above entire nations including argentina the netherlands and the u.a.e. eat on the news the price of bitcoin fell as much as 14 per cent while tesla stop dropped as much as 4 and a half percent so let's dig into this with but don't think she's a cry

i mean there are cryptocurrency is that uses a lot less energy than think y. and there is also eat that is actually making this big push from people who are computer of steak so there is also a huge handfuls of cryptocurrency that are now carney to become the more green our alternative so yes they exist but at the end of the day they all consume energy and it's not up to us to say that consuming energy because for mining decline is a bad use of energy because we all consume energy and we use it to stream crash and we need to to stream other silly things so it's not up to one to say one uses energy consumption is better than the other co-hosts christie i thank you so much for the now sista thank you. and the colonial pipeline one of the largest fuel delivery pipelines in the united states resumed operations wednesday after ransomware forced it to go offline late last week meanwhile bloomberg is actually reporting the company paid nearly 5000000 dollars to the hackers behind the attack on friday citing 2 sources familiar with the transaction apparently the compa

my next guest with a similarly stern warning writing yesterday that the pied pipers of cryptocurrency are leading investors to their doom. let's bring in ron, senior analyst, commentator i spent 2 million this week on the ron nft. i hope i didn't make a mistake mack a case -- >> i didn't. >> for why you think -- but why you think cryptocurrencies and bitcoin may be particularly are going to lead investors to their doom. >> i agree with barry dillard 1,000% we have entered crazytown in crypto land. there was day trading and my very good friend david getting into that. he recommended safe moon which is five zeros to the right of the decimal point and not knowing whether it's a scheme or a legitimate cryptocurrency or whatever you want to call it today down 30% two nights ago clue coin launched and value to 125 million in hours sovereign governments will outlaw as kelly was suggesting the cryptocurrencies there will be a digital dollar you don't need a safe coin i would agree with barry dillard that this is a mania, a fad, plain nuts. >> are people going to go to jail over this one way o

the new federal warning on cryptocurrency scams what to know before you buy. >> announcer: this is nbc "nightly news" with lester holt >>> good evening, everyone you may be wondering by now if you heard the news correctly that masks were no longer needed for the fully vaccinated that's because tonight not every state is signing on to that advice from the cdc. at least not yet a day after the new guidelines were announced a range of reactions from joy to confusion to wariness. it's what we wanted, to reach a point where vaccines were driving as of today over 155 million of us have received at least one dose of a vaccine. but even good news can be hard to process in this case what do the relaxed guidelines mean for society that has fundamentally adapted the ways we work, the ways we dine out, and shop to protect from a deadly and invisible threat miguel almaguer starts us off tonight >> reporter: tonight, the unmasking of america embraced with both celebration -- >> whoo! i'm super excited about that >> reporter: and hesitation >> i definitely agree it's too soon. >> reporter: states fro

we are tracking the wild swings and what this means for cryptocurrency.. ♪ >>> we are seeing tremendous volatility in cryptocurrencies as anxiety spreads through the market. at last check bitcoin is back up around the 40,000 mark, but on wednesday it plunged as low as about $30,000 per coin after china ramped up its crackdown on digital currency. several other major cryptos also took a hit as did their trading platforms. earlier i asked global business expert ryan patel where he sees the value of cryptocurrencies going from here. >> china has continued to saying, the uk, too, warning about not new news about countries taking harder stances. china is also developing its on government-run cryptocurrency is the latest source behind that as well. then it becomes what will the rest of the players look like and then when we're seeing the volatility. >> bitcoin had already been dropping as a result of tesla ceo elon musk citing his environmental concerns about the currency. three chinese financing and banking watch dogs put the final nail in the coffin and as a

how do you approach something like cryptocurrency at this point?question to ask ourselves is whether it is becoming a strategic investment, a strategic asset class? i cannot really see the answer changing from know anytime soon. allegedly, other institutions are thinking in different terms. that is what i see. what would it have done to your returns? in the here and now, is it eligible? the number one reason is the volatility. how on earth do you value this? do you have a valuation that works with any relevance? in the volatility. it excludes itself from a long-term framework. i would also say that it is excluded from the exchanges as a currency. maybe you are competing with the dollar but with this volatility, you might find it on a monday and you could have lost value. we have all been mesmerized by it but i don't think it is going to become a regular currency. is it a long-term asset? i still think highly doubtful. if you have the courage to be in it, but that is not how we approach it. anna: have a good week, chris wyllie, cio of connor broadle

obviously there is a lot of controversy about cryptocurrency.o you have any concerns offering this rewards program, about how volatile the market seems to be? >> first, thank you for having me. we are giving our customers choice. you have brex coins and you can choose to redeem them for cash, miles, or crypto now. for those businesses or consumers behind these businesses who want to buy into crypto or bitcoin and are true believers, we have the option. if you want to redeem your points and miles through cashback, that is still possible. emily: what about dogecoin? what if that is what your customers want? would you offer them that option? >> bitcoin if the areas of -- bitcoin ethereum is our first stat. we will see what customers ask for. in theory we have nothing against dogecoin or any other coin. we try to not have an opinion on the coin itself. we are trying to make it available for our businesses to participate in it. emily: how much interest is therefore this -- is there for this among your customers? >> it has been more than we expected.

go after the financial incentive that the attackers have and it's cryptocurrency without cryptocurrencyare would not be the plague that it is. >> this is a fascinating topic and i have a feeling if i check something, twitter, reddit a thread -- i will get down here people are already lit up and i mean lit up over what you have just said and i hope you'll come back and maybe pair you with a guest that joins the argue frmt the other side could be a terrific segment. have a great weekend. >> you, too. thank you. >> thank you. >>> the bank ceos testifying at the house financial services committee. jamie dimon threw down the gauntlet and wilfred frost has the details. >> yes indeed. that sound bite. it kind of continues, jamie dimon'srelatively feisty approach tothis set of hearing we got a glimpse of yesterday. >> what do you see as the greatest threat to the financial system right now and to your company? >> public policy probably not acute in the united states of america and not taking a leadership role in the world for the rest of our lives. >> congressman first and then when the other c

they are really trying to bring cryptocurrency back into line. have followed and filed taxes for 2020 would notice on some individual tax forms that they are mentioning cryptocurrency more. they are calling for banks and cryptocurrency exchanges to report transactions to the rs. it's a push to bring crypto exchanges and crypto transactions into daylight. annmarie: thank you so much for everything that's going on down in d.c.. gone are the days when ibm and exxon mobil top the list of the worlds biggest companies. in the last 30 years, we've seen the rise of so-called mega firms. what exactly makes one? the big take, coming up next. this is bloomberg. ♪ ♪ annmarie: good morning. the world's biggest businesses were doing fine until covid-19 arrived. now they are doing even better. the top 50 companies by value added $4.5 trillion in stockmarket capital in 2020. times have changed. gone are the days when i began and x on top the list of the world's biggest companies. tech titans like apple and amazon are on the top. joining us to break down this blo

the idea that cryptocurrency is going to go away or the government is going to be able to stop cryptocurrency be unrealistic at this point. >> even if you're looking at some of those trading asperatuses, coinbase is down 40% from the initial public offering in the last month that's pretty volatile i'm not sure if coinbase is what you were investing in. that plays out across the market. >> coinbase's market cap is still relatively very, very high for a company that's relatively young. so i don't think a lot of people are worried that coinbase is going to be in trouble in any significant way. the market fluctuates a bit on things like that and coinbase reflects that. i wouldn't worry about it as much as i think some people who are day traders are worrying about it i think it's a good company. it's likely to be around for quite some time. it provides a service. again, if you think cryptocurrencies are inappropriate or not something that's consistent with the way we operate our economy, don't invest in it i think it's a good substitute for some people who have some different type of investment ot

found out for a quick break but when we come back cryptocurrency had a wild weekend as a period of new record highs in oil it took a dive we'll break it all down on the other side and as we get a break here the numbers of close. americans love. this was a fundamental part of how our political leadership and our country at large understood the bargain you get a home and then you'll rebel right that's the things you don't revolt if you have a stake in the system. and be really interesting to dial it back and think about the longer deeper history housings man in the united states not just back question of the american dream the bigger question if you dream is for. but if you want me to put up with a chance. to degrade the idea of a major overhaul of the bush's last push to keep the interview. which 93 did that i didn't know was reasonable because i have my think if you. let your local fish not go for the before bill and want to be sure that it is the basically she is that issue or a small bubble the worst of us were simply she. told the public school that wants this issue will. go well fo

wire payments in cryptocurrencies. "i would like to pay in cryptocurrency."want. they demanded they wanted to paint crypto. that is how we do crypto for our payment -- they demanded they want to pay in crypto. that is how we do crypto for payment. ed: do you have a level of money going in and out in the form of crypto? >> today it is a very small part of our business. i think in the beginning, crypto was a mega trend. crypto cannot be ignored. if customers want to pay in crypto more, we except crypto. if customers want to pay and traditional currency, we except for a payment in traditional currency. to us, this is nothing more than to help our customers satisfy some of the needs our customers are asking for. our first customer, large one was coin based. not a lot of people know that the headquarters is wework. being the largest exchange of cryptocurrency, they had, they were the first customer to pay us in cryptocurrency. >> softbank group coo executive marcelo -- speaking to ed hammond. qatar investment authority is said to be in talks to inject -- city deve

does cryptocurrency have that?it is funny, i was looking before this interview at the chart of how the dow jones is performing today. the dow jones is in a straight line -- not a freefall, but a straight line down over the last 24 hours and nobody is reporting that story. same thing with the u.s. dollar, which has been debased by 40% over the last year. that is why you are seeing insane inflation levels but no one is writing that story, they bite about crypto because it is new and they assume that the status well is risk-free. -- the status quo is risk-free. there is a lot of weird things going on and crypto is one of the victims of that. it is not the only. volatility is inherent in investment markets. romaine: but the volatility we see in the dow jones and the dollar and other assets, typically the drawdowns tend to be more restrained. you have 30% drawdowns in a single day on an asset, i don't know if that is fair to make a comparison to some of the drawdowns we have seen in the dollar or in equity markets. bria

bitcoin is more like that and the cryptocurrencies are like that.y are not being actively used as payments. david: i think you said recently the biggest problem that you are worried about now is cyber, cyber attacks and so forth. can you elaborate a little bit more, why you are worried about it, and how does the fed protect itself? chair powell: cyber is the new frontier. that is not a new insight. we spend a great deal of time and money, you know, making sure that we are resilient, making sure the banks, they spend a lot of time and money. as i said before, it is one of those things where you never feel like you have done enough. ♪ david: let me ask you a little bit about the fomc. people probably do not know how it works that much, but how many members are there of the fomc? chair powell: all 12 reserve bank presidents and all that sitting governors, which is currently six, or what we call participants in what is called the fomc. the federal open market committee and we meet eight times per year. we are doing it virtually now , and i do it from th

more now on this story for us. >> you have a ceo who clearly believes in some form of cryptocurrency,ot made up his mind which form, and is moving marcus wildly, moving the prices of some of these individual products. it is not illegal according to market rules, but obviously, it is leading to these price swings. when tesla said they would stop accepting cryptocurrencies to b■uya car fromthem, that boosted the price of tesla, which has holdings, saw an increase in their value of cryptocurrency holdings, but after his comments this week, you saw a 17% fall in price and that means tesla's own holdings of bitcoin fell 17%. laura: a high school student in texas came out as transgender. over the past year, he has been documenting his journey into young adulthood and sharing the formative moments with us and with the rest of the world. here is a look at his story. >> as a kid, i wore a lot of boyish clothes. i do not enjoy wearing skirts, dresses, all that. maybe that was early symptoms of my dysphoria. gender dysphoria is the discomfort and distress in individuals with gender identity is d

. >> they had obviously very strict things to say about cryptocurrencies not really a currency at all in their view i wonder, jim, when you assemble all of those bear cases, esg concerns, ransom ware, leading to regulation here in the state, the chinese obviously hate it, what is the main concern if you had to choose one >> i think the main concern is how hidden it is now, i know blockchain is terrific in the power, being hidden but the lack of regulation is causing the irs to be unsure, you have to check off a box whether you did bitcoin, and i think gary gensler has so much on his plate, who knows >> so much. >> david, this thing, this is not a meme, david, this is a major business, and a lot of these entities are paying 6% interest, if you hold bitcoin. 6% how are they able to afford that isn't that almost like glen fed, remember the old days of glen fed, al fed -- >> charting it. >> you're getting it i'm getting 6%, on holding my bitcoin. i earn interest on it. i mean it's kind of like nirvana. >> the s.e.c., to your point has a lot on their plate, gens ler, looking at spacs, cryp

david: related to that would be crimped dust cryptocurrencies.ptocurrencies have blossomed depending on your observation. it's hard to know exactly how big it is. are you worried about the impact of cryptocurrencies and the ability of people to use these things for nefarious purposes. >> we think of them more as crypto assets because crypto are really vehicles for speculation. no one is using them for payments for example. what they are using them for is to speculate. it's a little bit like gold. thousands of years, human beings have given the gold this special value. for thousands of years they have done that. bitcoin is much more like that. cryptocurrencies is much more like that. they are not really being actively used as payments. david: i think you said recently the biggest problem you're worried about now is cyber. cyber attacks and so forth. can you elaborate a little bit more why you'll that's why you are so worried? and how does the fed protect itself? >> that is, that's not a new insight. we spend a great time of -- great deal of time a

they are the same investors that were looking at cryptocurrencies.ly: so, talk to us more about what is going on in the crypto market. it has been a roller coaster. i asked the white has national climate advisor if she is concerned about energy consumption of crypto mining in particular, which elon musk has spoken out about, catalyzing this wave of tweets and back-and-forth. many people in the crypto community are not happy with what he is saying. and a lot of innuendo in terms of whether he sold his tesla bitcoin or not. talk to us about the movement, what we know, and what we are seeing. ed: bitcoin in particular, it is still very much a news and sentiment driven asset class, if you want to call it an asset class. the latest news is china central bank pboc was firm, cryptocurrencies in particular are not official forms of payment. when you have such a big player in world financial markets like the pboc come in and stamp down, clamp down on cryptocurrency, it impacts sentiment. the other big thing over the last 48 hours is elon musk's tweets. a numb

there is time now for a quick break but when we come back cryptocurrency i don't while the weekend as a period of new record highs and those going well it took a dive we'll break it all down on the other side and as we go to break here the numbers of close. the loop. i think the average viewer just after watching a couple of segments understands that we're telling stories there are critics can't tell me you know why because their advertisers won't let them. in order to create change you have to be honest you have to tell the truth artie's able to do that every story is built on going after the back story to what's really happening out there to the american public what's happening when a corporation makes a pharmaceutical chills people when a company in the environmental business ends up polluting a river that causes cancer and other illnesses they put all the health risk all the dangers out to the american public those are stories that we tell every week and you know what they're working. could you source the story about the fact that delayed maxwell will likely take others doubt i gu

and time now for a quick break but when we come back cryptocurrency at a wild weekend as a period of new record highs in oil they took a dive we'll break it all down on the other side and as we get a break here the numbers of close. could you source the story about the fact that delayed maxwell will likely take others down i guarantee you there's a lot more going on. in our nation's capital. this is the. point rick sanchez and protesters were not happy this is what we're going to drill down on right here on news where we really do believe it's time to do news again. this type of american is doing very well but then there's these guys over here who aren't doing so well but if you drill down and look at the real numbers and especially the rent numbers right it's pretty bad there's people who are not paying their rent and say they're not going to be able to pay their rent for the foreseeable future. the feeling of. every. experience. you get on the old. according to just. come home from iraq. welcome back the pentagon is contemplating scrapping its jet i cloud computing project as the u

haslinda: plus a new cryptocurrency comes online. adam reynolds will join us at the bottom of the hour to explain how it works and who it targets. rishaad: the market action now. commodities at the moment very much at the fore of things. here is what it looks like for the main indices in this part of the world. a bit of fluctuation. australia and south korea chiefly. the hang seng down 4/10 of 1%. shanghai under pressure as well. let's look at commodities in the fray, the likes of copper and iron. iron after its recent fall, down 5.8%. china saying it will severely punish violations in this market, ratcheting up a campaign to reign in soaring prices. the government saying they will have zero tolerance for spreading fake information. oil is at $64 a barrel. bitcoin at 35,174. markets have wailed over what is going on with the cryptocurrency market. double-digit moves in either direction. haslinda: that's right, a wild ride over the weekend. let's get more with our markets live strategist. mark, let's look at commodities. what can we e

cryptocurrencies don't have physical jurisdictions. it is global 24/7. it is software. is software, how do you determine jurisdiction? this is the challenge. and not just a crypto issue. it is an issue for all of fintech. regulating based on physical perimeter does not work in a digital world. so it is old world matching up against new world. that's my view. amanda: great to have you with us, meltem demirors from coinshares. the chief strategy officer. we continue to watch the crypto space. we will have more after this. ♪ amanda: this is bloomberg markets. i am amanda lang with matt miller. we are watching the crypto space today. lots of moving parts and questions. one company with a lot on it is hut 8. we are joined by jaime leverton. as someone running a company closely associated with the fortune and fate of crypto, what is your take? jaime: this volatility is something you have to expect in a market that still very, very early on, and on the leading edge of innovation. i think people in the industry have come to make their peace with the volatility, albeit we certai

how popular are the cryptocurrencies in china?y now why now is the government starting to crack down what, if anything, changed >> well, i think it's all -- that's actually the answer is pretty much the same and that is, like you said, there's so much excitement right now about cryptocurrencies overseas, and that's really spilled over here. and i think the problem, just in the past several weeks, we've been hearing more and more about people starting to use other gray channels which exist here to get money out of the country in order to buy dogecoin, direct examination. there's one tech executive who will said, you know it's a bad sign when your street hawker is starting to ask how to buy dogecoin that's a signal that perhaps beijing is going to crack down the last thing that beijing wants to have is uncontrolled money flows and in fact, the statement that authorities had put out yesterday said that's another reason why they want to reiterate these guidelines because of the potential disorder that could create in the financial sys

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that is where cryptocurrencies come in.oin or with these stable coins, you don't have to trust anyone to process your payments because there is this peer to peer network of people all over the world who work together and we don't have to trust any one of them to process the payments. if one of them decides i don't want to process the payment, that slack will get picked up by the next person or the next person. there are thousands of people who run these networks collaboratively on the internet. it is a censorship resistant and free and open payment tool that can be good for protecting your privacy and your economic autonomy because you cannot be cut off from this system at the whim of a totalitarian state or an oppressive corporation. host: how does venmo fit into all of this? guest: as long as venmo likes you, you will be able to make all of the payments you want using venmo. if you are paying for a protest in belarus, you will be cut off from venmo over the financial system. venmo did not do this specifically, but people

east coast also coming up it started as a social media joke in 2013 now the cryptocurrency doge coin is worth a whopping $88000000000.00 what's hype and what's reality we talk to a cryptocurrency investor. and time to spread your wings look tons is getting its feet ready to take off after the. welcome to the day of your business i want to get johnson berlin good to have you with us and we're starting with a look at the markets which are heading south this tuesday shares in asia dropped after a tech selloff on wall street japan's nikkei fell by 3 point one percent in hong kong lost 1.6 percent and the hang seng take index by up to 4 and a half percent fresh science of regulatory scrutiny in china adds to investor anxious about inflation deepening the worldwide slump in technology stocks. let's find out what the mood is like here in europe chelsea delaney is standing by for us at the frankfurt's stock exchange good morning chelsea european markets obviously opening soon will the downturn continue. well european markets are also likely to open your and their futures for the doc's index

in long last put the brakes on the bitcoin after he says he won't accept the cryptocurrency anymore because of environmental concepts to. welcome to your business i want to johnsonville in the to have you with us while the heart wrenching pictures from india just keep coming people desperate to get oxygen cylinders for their family members thousands still die every day because of an adequate medical care other corona crisis is also having a hard economic impact on the people there many business owners cannot open their stores and when they do barely enough to survive our reporter in mumbai i need to ride took a look around one of the largest shopping streets there a once bustling shopping precinct in a seaside suburb on the edge of mumbai now the crowds are gone the shops are closed the owners have returned to their homes mostly cities and other states such as raja stan madhya pradesh or bihar. ramesh kumar is lucky he sells groceries and everyday items so the city allows him to open his shop for 3 hours a day. he says that the 2nd coronavirus wave has hit him hard. the businessman complain

moving on to cryptocurrency-- the preferred money of the worst dude in your group chat. if you've been on the internet at all this last year, you know that the dream of crypto traders is to send their coin's value soaring to the moon. and now some people are taking that literally. >> a cryptocurrency based on the meme of a chubby shiba inu dog is paying for a trip to the moon. >> spacex is accepting a popular cryptocurrency as payment for an upcoming moon mission. >> the geometric energy corporation said it paid spacex in dogecoin to secure a spot for an 88-pound satellite on a mission called "doge-1." it is slated to take off in early 2022 and will obtain lunar spatial intelligence from sensors and cameras. dogecoin is a digital currency founded by two software engineers in 2013 as a joke. it's now one of the most popular cryptocurrencies on the market. >> trevor: yup, that's right. you can now use the cryptocurrency dogecoin to pay for a spacex trip to the moon, which means it's time for another episode of our on-going series: "news i barely understand." honetly, peopl

and time now for a quick break but when we come back cryptocurrency i don't wild weekend as a theory of a new record highs and those going well it took a dive we'll break it all down on the other side and as we go to break here the numbers of close. the deal with. you get it on the eula. rules. the rules according to a gesture to. welcome our world to come along from there are. you know it doesn't really matter where you've been but matters is where you're going right will future generations look back at the establishment media as the lead in the water pipes that drove the romans mad do you find yourself watching t.v. to turn your brain off to relax i want you to watch t.v. to turn your brain on i'm rick sanchez. it's time. to do news again. my pap and tonio host of america's lawyer when white collar criminals policy guy high profits and smear the pain of those they rip off and ruined so that's where i come in questioning for. glisten subletting online algorithms dictate which you get to want to go to portable dot tv slash download to get killer television it's completely free i'm ta

up 3% right now, back above the 40,000 dollars level for the cryptocurrency. you're watching commodity-like currencies as well make a comeback overnight, slightly under pressure right now for the aussie, u.s. 10-year yield study at 163, the chinese 10-year bond yield at the lowest in eight months. haslinda: nothing like markets flip-flopping, inflation a concern in terms of risk on risk off. let's get analysis from mark cranfield. mark: the first phase of this rally appears to be over. some people are talking about a sixth cycle and if that is the case -- a super cycle, and if that is the case, a super cycle usually less a few years. we are in the early stages if that is the case. what is happening right now is optimism over the reopening eight of the economy, especially in europe and other parts of the world, that that would feed into demand for commodities, plus a limited supply. that is pretty much priced in. we have seen that. it has happened. china starting to push back a bit on prices of commodities. all in all, people who trade on that you have seen as

to make sure that that regulatory perimeter is expanded is very important, i think with some cryptocurrencies, it's very different in some cases than some of the more traditional financial assets and they may have some risks that aren't traditionally concerned for more established financial incidents in the broad regulatory perimeter. they include a tax on ledger, a tax on wallet provider or key individual users, any of those might leave investigators in a place where it has-- where they have much less recourse or perhaps no recourse to recoup losses. so i think it's important for us to be thinking about whether the regulatory framework that we have is seamless enough and whether there are changes that need to be made there. and again, we take a look with the other banking regulators from the perspective of banks' interaction or intersection with those cryptocurrency, but a lot of the debate and discussion really sits more with the market regulators. >> you've opened up a pandora's box i'd like to dive into, but unfortunately we don't have the time and it's short right now. dr. brainard, than

honestly it's really never a bad time to come into cryptocurrency because this really is a revolution in terms of financial technology but we've seen over 1 million customers come in in just the last few weeks just the last month or so, we're seeino even with these price declines, still getting a lot of interest and a lot of people are buying the dip. liz: yeah, they are, which brings me to michael shallov. you just hit a major milestone this week passing the what, 600 billion mark in digital assets for your digital wallet company here. tell me what you think has really been the i suppose the catalyst at the moment and then did you start to see shrinkage yesterday? >> yeah, so actually, yesterday was our record that we sold about $22 billion of asset movement in a single day. we currently serve over 300 institutional clients, and honestly, we're just seeing sort of an increased interest of people coming into the space, which also contributes to the volumes that we were seeing across-the-board, including krak en, including others, and i think that, by the way, the news from today from

you want to be able to interact with the world of digital assets if you own cryptocurrencies but thecomes at the moment of transaction. we give you a place from which you securely sign transaction so you know you are not making a mistake and there is not a man in the middle attack giving you something other than what you expect, and allowing you to interact with the world of cryptocurrencies, nft's, trading, buying, selling from the security of the device, and where you have custody of the assets, which you don't on the trading platform. emily: interesting. all right. ledger chief experience officer, thank you for bringing that down for us. we will see how volatile the weekend is. apple is revamping its air pods for later this year with first update in more than two years. we have more now in today's power up. mark: this is mark with "bloomberg technology" and i will be looking at the new air pods and there plus pro launching in 2021 and 2022. ♪ apple is doing a revamp of entry-level air pods this year and a second generation of the pro for next year. it will mark the first update si

the cryptocurrency industry needs to find a green solution for cryptocurrency.blished alliance to try to tackle the problems by using green energy rather than coal energy. also at the same time, people focus more eyes on proof of stake rather than proof of work. try to reduce the carbon and energy by 99% as you keep the efficiency -- tron, who use one of the most popular mechanisms in cryptocurrency, which we will use the energy consumption -- which we reduce energy consumption by 99% and improve efficiency by 100 times. >> having said that, should you be concerned about the warnings from china against crypto mining? it is part of why it has been so volatile in that space. justin: definitely china's recent news about crypto is very important. i want to say no single person or factor can control the market. i believe the crypto market -- most of the reason is that has been up for the year. we need to see some adjustments. i believe even today china is trying to put more strength and regulation on crypto. still crypto will bro in china like most countries do. righ