bloomberg's ed ludlow has the latest. what do they mean by "technical breakdown?" we have come a long way from this mid april i have around $65,000. it's the past month, a clear downward trend. a lot of the market is paying attention to what happens if we touched $30,000 in bitcoin? does it bounce back aboard continue to fall? in terms of it being in overbought territory, one technical indicator, it is in overbought territory? if you look at its relative index. investors are wondering what will turn the corner from ukraine? it cannot catch a break in the words of michael mcglone. that from something else. take a look at this chart. the blue line is amc, a meme stock. you can see, it has been on a bit of a tear recently. the white line is bitcoin. down at the bottom panel, there is a negative correlation. so when the meme stocks are going up, we see bitcoin fall away. it raises the question, who is in this market? are these the same retail investors that are selling bitcoin to their purchases of meme stocks? come back to me in the studio. the final thing, the shine h

ed ludlow caught up with one company showcasing a scooter with some school new features. -- cool new . ed: cities s are coming back. looking for eco-friendly ways to work. the electric scooter. e-scooters took off in the summer of 2017 but when the pandemic shut down, scooter sharing company suffered. >> there was a 90% decline in ridership across the board. ed: the few scooters were more than likely being used by essential workers. they have a new scooter packed with tech for the post-pandemic world. most scooters buy off the shelf scooters but this is good or and built in-house. we took one for a ride. it has a more powerful 500 watt swappable battery pack, faster acceleration, and less environmental impact, and it can see the world around it. >> basically, cameras and sensors on the scooter. that goes through an a.i. algorithm and it says, am i on a sidewalk, am i parks correctly? ed: the technology is about enforcing good rider behavior which spin hopes will make more cities get on board. the company bashed and smashed the scooter to prove it safety. the main players have raised $

let's get more from our space expert, ed ludlow, what do you make of this faa announcement we got thisng, allowing them to take customers for commercial travel into space? ed: the devil is in the details. 55 miles is not the common line. the common line international recognized boundary of space. but this is a step forward. it re-heats up the race between blue origin, spacex, and virgin galactic for a corner of the space industry, carrying civilians into "space." the faa is approving the license for the first time, to virgin galactic, who struggled along the way and faced delays. in that time, spacex has pulled ahead. it is substantial. we like to talk about space. really enjoy the romance of it. but this isn't science fiction anymore. it's real. caroline: they are going to have space camps, taylor. who might become an astronaut -- is it just virgin galactic? tell me where we stand. >> as it stands, the application with the faa you spending. it's not been approved. the faa can approve a license on the day of, if you take spacex, in terms of establishing a window for lunch, given the ri

ed ludlow has been following this. philadelphia semiconductor index is down 4/10 of 1%, falling for a third day. at one point intel was the biggest points gain or. it ended the day at 0% change. often do you see that? no action. the story of the day is about a potential listing, another stock that could during the fall, global foundries ramping up its road to an ipo, hiring banks to target. $30 billion listing at some point over the next 12 months. already has morgan stanley in the bag, why not add bank of america, j.p. morgan chase? really impressive. this is a company that has been at the heart of the global chip shortage because it is the smallest of those third-party players that make chips on behalf of those that designed them, behind the likes of samsung. it is an american company and a lot of attention of what it can do to ramp up domestic production. look at the philadelphia semiconductor index. . this was tuesday when braden and the senate made that $52 billion commitment to improve u.s. semiconductor capacity.

ed ludlow care -- covering the space race for us. thank you for that.oming up, we speak to rodney slater about the u.s. infrastructure deal. this is bloomberg. ♪ matt: this is bloomberg: markets . president biden scored a win yesterday, at least visually, by sealing a bipartisan infrastructure deal but the agreement still faces a comp pitted path in congress -- complicated path in congress. here is the president speaking about it yesterday. >> this agreement represents the largest investment in public transit in history and the largest creation of rail since the history of amtrak. you all know i have nothing but affection for amtrak. matt: certainly, a lot of money is needed. that something both sides agree on. joining us to talk about it structure is the former secretary of transportation, rodney slater. think you very much for your time. i would like to ask about this deal. this is a compromise that democrats have made with republicans. if you and i make a compromise but i tell you at the same time i'm going to take everything else i want by force, wh

joining us with the details, bloomberg's ed ludlow. ezos suddenly decide to make this trip? ed: he said it was a boyhood dream. he has been putting about a billion dollars annually into blue origin. this is not some deep exploration. he is going up for an 11 minute sojourn into orbit where the carport will carry him up 62 miles. gazing at the stars and a low gravity and then safely hopefully comes back down to earth assisted by parachute. he will be with his brother. he said it is his dream to bring him with them and whoever comes on top of this auction. emily: this has been a specific exercise in experiencing weightlessness in space. talk to us about how it compares to what spacex and virgin galactic are trying to do? ed: spacex is the greatest comparison because by the end of this year, they want to do an orbital cruise. we spoke to the ceo. he is one of the passengers aboard the trip. it will be a number of days. you look at virgin galactic. richard branson is going to be the first test subject sometime this summer. a very different

further details, we are joined by ed ludlow.. >> and a really big step forward for commercial spaceflight, or civilian spaceflight. the first time the faa has regulated for a customer, civilians, going into space. it goes back to may 22, when virgin galactic did the test. the first thing they did was hand over the data to the faa. it gives you an idea of how the process works. they are doing a slightly different mission, a very different kind of rocket system. but it is bragging rights between two billionaires who want to go into space. emily: if bezos doesn't have faa approval, can he not get it in time for july 20? >> this is officially the first faa approval, but blue origin has an application. in my experience, the faa can cut it down. think of space x satellite launches, sometimes the faa gives their approval on the day of or the days leading up to it. i don't doubt blue origin will get it, but it is still pending until official. emily: remind us how virgin galactic and blue origin, and spacex, are all different. >> the bus

emily: bloomberg's ed ludlow, thank you. i want to stick with bitcoin. more losses.oining us now, an angel investor who focuses on cryptocurrency and a former ceo. the volatility has been going on for several weeks and it is not necessarily just because of elon musk. why has this been happening? >> bitcoin has always been volatile since 2013, 2014. that is kind of how bitcoin is. if you zoom out and look at this ovary multi-year timeframe, it is a pretty unmistakable trend of being up into the right. bitcoin through the ceiling for the past six months, so i think it would only be natural that it is not going to do that forever. i think it would be natural that we had some sort of pullback. i think there is a technical level around 30k, we will all be watching that. emily: the question, will this be a multiyear down cycle like last time or will we kick out of this sooner than we think? lily: i am not sure we will have a three year down cycle. to me, what is really feeling this is what folks are doing in macro economic policy. we have had trueness of dollars being prin

ed ludlow has the details. ed: tech leading the way. u.s. equities higher. the nasdaq 100, the most tech heavy gauge, up by almost 1%, closing at a fresh record high. make it cap tech stocks and chinese adr's the index up 1% it's best one-day gain since , april. semiconductors getting in on the action as well. in terms of specific names, it is apple leading the charge. the best one-day gain since march. the news, new headphones. $150 for studio buds. a lower price this gives apple point, access to the non-ios crowd. netflix, one of the best gainers on the netflix -- the nasdaq 100. wall st firm saying it will awall st firm saying it will increase reputation if it does not at least boost revenue. look at mike bloomberg tech has terminal because tech has been -- look at the bloomberg terminal tech has been on a hot , streak. seven consecutive days of gains. that is the best streak since december. it was at that time in december that we were talking about, what happens to these tech stops when -- tech stocks when the , reopening start? we saw interest rates sta

let's get back to the top story, crypto chaos with bloomberg's ed ludlow. ve been tracking a number of different verticals. ed: bitcoin takes all the headlines, but what about the theory him. the second largest cryptocurrency, 18%. this table tells the story. it's the best performer year to date above bitcoin, above the crypto index. it made up 40% of the bloomberg crypto index. bloomberg made up 40% and 10%. look at this chart. the story over the last couple of months is pretty incredible for ethereum. it rose 1600%. and we are down about 16% of that hi, but it is still vastly outperforming other cryptocurrencies, including bitcoin. it's hovering around 1900. we get 1500 u.s. dollars and it might free fall. that did not happen, when bitcoin came back tuesday, so did ethereum. let's look at dogecoin. we talk about these technicals. what happens if that sees a fallen bitcoin. but it was created as a joke and it has outperformed bitcoin in an incredible way today. what are they looking at? i they looking at the fundamentals? or are they just going with the flo

bloomberg's ed ludlow. mentioned, the genetic testing and personalized medicine company 23andme began trading on the nasdaq. it went public through a merger with the richard branson spac. shares up over 21% from the opening price. earlier i caught up with anne wojcicki, 23andme founder, who once told me she never wanted to be a public company. i asked why now. anne: i am a firm believer companies should not go public until the time is right and they are mature enough to handle it. it is a lot of pressure, as you know. you are on tv every day and people are watching your ticker and your price. you want to be public when you are mature enough of a company to manage that. 23andme is absolutely at that stage. we are also at a point where there is just an incredible opportunity on the consumer side of the business and the therapeutic side of the business and we absolutely want to build to scale. -- to be able to scale. emily: now, i know part of the mission here is to raise cash to double down on the therapeutic

ed ludlow and joe weisenthal, thank you so much. i want to stick with bitcoin and the crackdown in china. we want to bring in bitcoin mining engineer brandon. what is your read on this crackdown in china? is it bad in the long-term or something else? brandon: this is fantastic news. it is a rite of passage for freedom technology to get banned in china. look at google, facebook. it is making nations shiver in their boots. the fact that markets are responding this way, i don't think they fully understand what is going on here. nations are now picking a side. china is responding like with google and facebook. that is extremely bullish for bitcoin in the long-term and medium-term. emily: what do you say to investors who bought in that are shivering in their boots, that their investment is not going to be what they thought it was the ec -- what they thought it was? brandon: those investors are unfortunately not orange build like we are. in the long run, bitcoin will be where it needs to be. the volatility is the tax that we pay for being

our ed ludlow has the latest. walk us through the decision and what it means. : a warning from fed chair jay powell, the dots should be taken with, quote, "a grain of salt." the dot plot did show a basis point rise. the s&p 500, the main gauge of u.s. equities, falling by the most since march, but paring some of those losses. the nasdaq 100 also pared some of the losses. amazon, tesla made pretty significant gains. the u.s. 10-year treasury yield rose eight basis points, the yield now around 1.57%. the biggest move in the yields on the closing basis in the 10 year since march 12. the bloomberg dollar spot index also seeing significant gains, the most since june of last year, closing up 0.8%. that most impact was in the belly of the yield curve, this is the yield on the u.s. five-year treasury, rising by more than 10 basis points following that fed decision. with the yield of 0.89%. this is where the market will see the biggest game packed in terms of tapering. other asset classes we are looking at, gold having an interesting drop to a four-week low. we know the

bloomberg's ed ludlow, take it away.he s&p 500 and nasdaq slight outperformance of technology shares. a weaker dollar. static yields on the benchmark 10 year treasury note. in terms of the names catching a bid, if we look at the companies on the move, i benefit from the economic reopening and infrastructure spending. the most since mid-march, a company that is the biggest maker of infrastructure equipment in the world. no wonder it is higher on optimism for an infrastructure bill. also gaining, tesla, released from performance. up 10% in the last three sessions. nuclear driver, but green across the board -- no clear driver, but green across the board for cryptocurrencies. emily: meantime, the house on day two of the lengthy debate over legislation to challenge big-tech. now the question is, what will the senate do? senator klobuchar laid out a big vision to reform antitrust law and take on companies like google and facebook. i sat down with senator klobuchar to ask about the reality of getting new legislation passed and

ed ludlow is here with more. ed: you also had fed chair jay powell talking to lawmakers. that helped boost u.s. equities, rising hybrid the nasdaq come a tech heavy index. microsoft hit a market cap of $2 trillion for the first time. bitcoin is where the action was. at one point, followed by as much as 12%. now, we are up near 32, $33,000. that also had an impact of course on the crypto index. other coins falling away including ethereum. in the equity markets, there were some stock stories. one of the laggards among big tech was google. a lot of antitrust scrutiny. gamestop surgeon after a stock sale. 's blanche surgeon after he private equity investment. peloton making gains after offering a new armband wearable. let's go back to cryptocurrency. it is not all about bitcoin. ethereum has done remarkably well, been more resistant. litecoin also making moves tuesday. emily: we are going to talk about this a lot more. bloomberg caught up with the ceo of one of the world's largest crypto exchanges at the qatar economic forum. he talked about bitcoin's big drop. >> we don't kn

let's get back to financial markets where ed ludlow is keeping an eye on the markets.e you seeing? ed: still coming. looking at the companies who went public with respect. 23andme, surging 21% on its debut as a public company. went public via reverse merger with a richard branson spec. but there are some big moves. the hydrogen semi-maker of almost 8%. the fintech company up 4%. i like to look at the bigger picture. come with me and look at this chart. let's focus on the white line down the bottom. that's an index of companies that went public through a reverse merger with spac. they now treat with themselves. that white line is underperforming the blue line. that blue line is a gauge of all the spacs yet to acquire companies. there is a lesson here. it does not guarantee performance taking this route to go public through a reverse merger. if you come back to me in the studio, some year-to-date performance is worth noting. up marginal year-to-date. draftkings, marginal gains. what do they all have in common? they were subject to a short seller attack. as a short seller

ed ludlow has the details. ed: tech leading the way. the nasdaq 100, the most tech heavy gauge, up by almost 1%, closing at a fresh record high. chinese adr's, it's best one-day gain since april. semiconductors getting in on the action as well. in terms of specific names, it is apple leading the charge. the best one-day gain since march. the news, new headphones. $150 per studio buds. this gives apple access to the non-ios crowd. one of the best gainers, netflix, 1 wall st firm saying it will increase reputation if it does not at least boost revenue. tech has been on a hot streak. seven consecutive days of gains. that is the best streak since december. it was at that time in december that we were talking about, what happens to these tech stops when the reopening start? we saw interest rates starting to rise. the other big story, cryptocurrencies. bitcoin up above $41,000 at one point on monday. it is a little below that toward the end of the session. we are hovering around 40,000 now. this comes after mosque -- after musk's comments ove

ed ludlow has the latest. walk us through the decision and what it means. >> a warning from jay powell, the dots should be taken with a grain of salt. the dot plot did show a basis point rise. the s&p 500 falling by the most since march, having some of those losses. nasdaq 100 also pair to some of the losses -- pared some of the losses. the benchmark u.s. 10-year treasury yield by z by eight basis points. the yield around 1.57%. the biggest move since march 12. the most impact was in the belly of the yield curve, this is the yield on the u.s. five-year treasury, rising by more than 10 basis points following that fed decision. this is where the marketability the most impact in terms of tapering. gold having an interesting drop to a four week low. we know the pathway for rate increases has been a topic of debate. what was interesting, where there was less pronounced moves, the crypto market. not much moving in bitcoin. it is interesting to see the play between traditional assets and cryptocurrencies on a day whe

let's get to ed ludlow. rtising on its website how good it would be, what is the rationale behind not doing it at all? ed: elon musk's point is at the base version is sufficient. he makes the point that there are not even that many gas cars that can do 400 miles with a full tank of gas. how many of us can actually drive 500 miles without needing to go to the restroom or grab a coffee? i certainly cannot. that is one reason behind it. the mission statement of tesla has always been to have a technological lead over legacy automakers, over other newcomers to the market, and they have maintained that. so there was negativity in the stock reaction today. part of the is that you give up that technological lead but they also have other things they have to focus on, other products in the pipeline, and other core mission statements of making their base model, the model three, more affordable, and working towards that $25,000 base version. haidi: it is the latest in a string of negative news headlines from tesla. we ar

ed ludlow has more, and the surprising reaction, you will have to explain it to me. affects everything google -- every vehicle tesla is ever built in china, as well as imported vehicles. regulators say it did not like how autopilot could be automatically activated. tesla is going to patch this virus software for free, but it is the latest in a string of tension regulators in china, which is the world's biggest easy market. -- biggest ev market. although tesla is trading at their highest level since the end of april. look at this chart. this is why china is so important. the blue bar is our revenue growth, year on year revenue growth. the white bars is u.s. growth, the blue bar is china growth. i know you have a guest coming up who i think shares that thesis. the problem is the setbacks that is evident to consumers who look at other brands in china, there have been issues of crashes and china, there have been consumer complaints with local authorities about their employees owning tesla due to security concerns. there was some positive news on monday. the chinese sell

ed ludlow, we are getting new information about why. >> they send out tiny satellites into space forollars a pop. what we know is that a private helicopter flew into the restricted airspace just seconds before liftoff. the launch was immediately scrubbed. what we got was in elon musk tweet accusing glitters of having stricter controls, saying the areas that spacex required -- >> elon musk acting as if this is all just happening like another day in the life. what did he say about the future of this in general -- of starlink in general? >> they just passed 69 active users who are using this internet system around the world. 12 active countries but he said they will have near global coverage. what is incredible is the economics of this. even though customers pay $500 for it, they will try to get the cost of that down. the system is working and it has very little agency, you can play high depth video games with it. the promise is the global coverage. emily: how many people who are connected worldwide would actually be using it? >> elon musk describes the system as being the go-between be

let's get back to the narcotics where our ed ludlow following after hour earnings in the chirp sectorou watching? ed: out with earnings after the ball, the stocks under pressure after hours, the company giving a sales forecast that basically was back in line with wall street estimates, while d- ram, remember laptops, smart phones during the pandemic, as people return to work, that demand might go away. they have been spending among covid. the biggest takeaway. they're selling their utah semikunthor factory to texas instruments, $900 million cash and the machinery within it will give morning $600 million in asset value. this is a plant that they used to operate with intel. they haven't invest indeed capacity. you can see the forecast in the fourth quarter, $8.2 billion in sale. speaking of intel, i wanted to go back to them. it's been a bumpy right over recent days. the company set a new vision of its chip would be delayed in terms of production in 2022. intel has suffered again and again from delays in the latest technology and you can see the ride in what investors thought about it o

ed ludlow joins us. talk us through the court ruling. d facebook into the $1 trillion club? ed: investors clearly pleased at what they heard. facebook has escaped the most significant threat to its business model despite cross jurisdiction measures. the u.s. district court judge says the fcc and coalition of states just did not prove or pass the burden of proof that facebook didn't have a monopoly. they were not able to define what the market for social networking actually was and they were not able to pass the burden on how much of that market facebook dominated. this is about facebook's acquisition of instagrammed in 2012 and whatsapp in 2014 and these two separate suits that were filed last year argued that facebook was protecting its own position and stifling competition through those acquisitions, but one of the criticisms the judge had was in the case of the state network has a coalition, they brought their motion so many years after it had already passed scrutiny anyway and of course, facebook, clearly very pleased with the outcome

ed ludlow has been following this. >> the market is struggling to find direction. chip stocks down.the day unchanged. the story of the day is about a potential lifting, another stock that could join is global foundries. it is ramping up tonight hiring the biggest name banks according to sources to target a $30 billion listing at some point over the next 12 months. we already had morgan stanley in the bag. why not add bank of america and j.p. morgan chase to work out the details? this company has been at the heart of the global chip shortage because it is the smallest of the players that make chips on behalf of those that are behind them. it's about what it can do to ramp up domestic production. look at the semiconductor index, this was tuesday when joe biden and the senate made the $52 billion commitment to improve u.s. domestic semiconductor capacity production capacity. $52 billion if it's even enough, we started the day brightly tuesday than nothing. negativity for the next two days. his biden even doing enough to bring domestic capacity back to the united states? emily: thank yo

bloomberg's ed ludlow standing by. >> you probably haven't heard of them, but intel has come in withe than $2 billion bid to take over the company. bring up some of the details that are pretty interesting. we're hearing from sources that there are multiple bids. some of them are takeover and some of them are offering investment. some say the firm is to stay independent. this is a company that has come out of nowhere and grown really fast. why am i talking about this chip company that you have never heard of? it designs and licenses the designs of chips. does that ring a bell? the same arm of softbank that nvidia is trying to buy. if we bring up nvidia shares and look at them versus intel, you can clearly see there is outperformance versus intel and versus the philadelphia semiconductor index. the reason there is so much interest in this deal for intel to buy sifive is that they do the same thing. one of the concerns around nvidia is that if it is successful, it may not share the capability with other customers that are already using chip design, open-source platform. so in comes sifi

emily: all right, ed ludlow and kriti gupta, thanks so much. a big day on capitol hill.n washington, apple back on the hill as government officials raised practices about government privacy practices. the iphone maker is facing scrutiny over compliance with a trump-era subpoena which requested information on more than 100 -- 100 lawmakers. apple turned over that eta the justice department under gag order, highlighting the bind tech companies face when summoned by law enforcement. and in more regulatory news, the house antitrust subcommittee unveiled a slew of new bills aimed at curbing tech power over the past week. amazon, facebook, google, along with apple, all of them targets. the legislative power is to ensure more competition in the marketplace, as criticism of big tech ammounts. the senate just confirmed a new member to the top ranks of the u.s. antitrust enforcement, and that is lina khan, a global critic of big tech who will serve as chair of the f.t.c., giving democrats a majority of the five-member agency. in a tweet he writes, congress created the f.t.c. to sa