the final -- ethereum.s you can see, we are a little lower on bitcoin. 1900, blockchain is getting closer to this key software upgrade which has been years in the making. for more on the switch to pos actually means and to put that into simple english, ballet crypto, bobby lee joining us now. can you simplify that for us and what that means for bitcoin? >> yes. good morning. pos stands for proof of stake. that is a methodism -- mechanism for consensus. ethereum is the second most popular cryptocurrency behind bitcoin. it went through its big test, a third test of the switchover. it's -- it has successfully completed the merge test. ethereum is scheduled for the merge in mid-september. this is the most highly anticipated event lay the world of ethereum and cryptocurrency. rishaad: what does it change? >> so, again, proof of stake is a consensus mechanism. people may have heard the other version of that, proof of work. bitcoin started 13 years ago, invented in the consensus mechanism called proof of work. the

the ethereum upgrade coming september 15th which you mentioned. we had seen that token out performing bitcoin in recent weeks. not in the past seven days, obviously. that factors in. cryptocurrencies is not the inflation hedge that people thought they might be. the fdic update. on friday, the agency called out five different crypto companies saying they were confusing customers. this is a significant development. they sent letters to the five companies, including ftx u.s the exchange controlled by sam b bankman-fried. confusing about the insurance of the funds. the fdic covered federally regulated up to $250,000 per account. the fdic is saying it seems like your cryptocurrency is fdic insured. it is not. it is a huge sticking point in the recent months. the bankrupt digital voyager owes $1.8 billion to creditors it was called out by the fdic for doing exactly this it is factoring in the price moves most likely. a grab bag of things that are pushing prices >> meme stocks getting crushed crypto down again. they all go together, it feels like mackenz

the ethereum network is more secure as proof of work.what makes bitcoin the most secure network is a long time through proof of work where you had computers as validator's that are validating transactions all over the world in a decentralized manner. when you moved to proof estate, that falls into the hands of a few and those are the ones that stake their tokens to validator's. this is how some other more enterprise related chains were. where there is a more enterprise application but in terms of etherium goes, the security will need to be seen how that's going to work out because we think that if you are holding a million dollar plus nft and relying on the ethereum network and it's changing right now, that may not be a great place to be. >> where are you placing your bets? valkyrie has exposure to the largest cryptocurrencies i market cap. which ones are you leaning into and out of? >> right now, bitcoin is the flight to safety for a lot of our funds. some of the more established proof of stake protocols are also a great place to be. pl

>> i think the merge is a big milestone for ethereum.ansition is going to have a lot of ramifications, whether that is related to institutions being able to allocate to ethereum more heavily than in the past as well as certain fundamentals around the issuance of ethereum itself. i think this is going to be a big milestone. it is unclear if that is reflected in the price of ethereum today. i certainly think it will be a big part of the discussion in the next six months. katie: i want to talk more about institutions in the crypto space. a narrative i have picked up on over the past few months is the big volatility, their dramatic drawdown we have seen across the crypto landscape is going to pair off more traditional players, big institutional players. has that been your sense as well? >> my sense is a lot of institutions and enterprises more broadly are using this time as a way to implement strategies and figure out what role they want to play in the market. even today, we heard an announcement from meta announcing the ability to post nft'

what does it mean for ethereum? people fall onto sides here.e some that are selling into the merge and some that are bitcoin maxis that are really more focused on the benefits that mining provides. how do you feel about this move? >> i don't think it is a rare thing for ethereum in the short run. in the long run, it might actually work out but the ethereum network is actually more secure. that is what really makes bitcoin the most secure network. essentially you have validated that are validating transactions all over the world in a decentralized manner. when you need to prove a stay, that falls in the hands of the few. those are the ones that give this to validated. there is an application but in terms of a theory of, the security rules need to be seen how that will work out. we really think that if you're holding a million dollar plus nft and you are relying on the ethereum network and it is changing right now, that may not be a great place to be right now. >> where are you placing your bets? valkyrie has exposure to the largest cryptocurrenc

emily: just heard from some of our guests what they think of the upcoming ethereum merge.alk about it with our own reporter who has been covering the merge. a lot riding on this and a lot depends on if it happens smoothly or not. david: right. we are seeing a lot of discussion around if the margin will be successful. we have seen concern among investors, the awareness of potential risks during an asset merge. one argument from investors is that the merge has basically been assimilated but not in the real environment, so nobody knows what really happens during and after the merge. it is a really big question mark around the merge on if it will be successful or not. emily: ethereum recently raised bug bounty's, basically as i understand it, paying people to find flaws in the system. david: it kind of reflects the growing concern over the security risk intentionally. but in terms of if that will actually be effective in preventing any potential attacks, we don't know because we have seen attacks that caused investors to lose billions of dollars, so who knows what will happen

how might the merge affect other assets outside of ethereum?es great headlines to say ethereum killer and market share. again, i am of the belief that the space is so small that the space should work together to help the masses come over and bridge that gap. i am rooting is an operator for the ethereum merge to be smooth and to happen on september 15 very well. avalanche is edm-compatible. the more people that come into the ecosystem, the more applications get developed. it is good for many layer 1 took it in my opinion. i think what your users should also be hopeful that the merge goes well. your viewers love to invest in companies like coinbase, one of the best companies out there, and that is a listed company. if the merge goes well, it will allow the concept of sticking to happen and individuals and its additions can earn 8%. that is a whole new revenue stream. if using the current formula, that could mean $600 million of revenue for coinbase. that is significant and it is very good for coinbase stocks. i think your viewers should be rootin

next up, the ethereum merge is finally coming. all the details.is bloomberg. ♪ emily: it's time for our crypto report, let's talk about the merge. september 15 is firmed up as the likely official date. these this the last likely date? how likely is it that is good to happen on this date? >> i know, there has been a lot of dates thrown around in the past week or so. last week, we knew it would happen for blue in september, but now we know it's going to be probably september 15. this date could still change because ethereum developers are basically looking to see how many computers are supporting the network, if the number declines rapidly they might pull forward the date. it could still change. emily: what will change once the merge happens? >> basically, what will change is the power consumption of the ethereum network. it will decline by more than 99%. today, transactions on the network are ordered by computers called minors that take up a lot of energy. after the upgrade, it's going to be done differently in a much more energy efficient way. >>

it's being called a parabolic increase for an interest in ethereum fufrps.igh back in november and this is, of course, all crypto currency exchanges. the majority are call options or the options to buy and the november and december expiration dates as investors are hoping for a rebound in ethereum after a tough year for that cryptocurrency sara. >> kate reason, thank you. >>> for more on what's driving the price action let's bring in crumb bland head and dr head chris sulke. is that zs that comes out of the crypto crash, that ethereum outshines becane it's been a month but kate made a good point. >> a month in crypto time is a lifetime i think she's right. one of the things we're paying a lot of attention to is the changing dynamic of ethereum relative to bitcoin and i think that analysis on the open interest was sport on. more specifically, we've seen a jump in ethereum open interest from 2.75 billion in early july to the peak of about 7 billion last week, and where it's covering about 6 billion right now. what's interesting there is the market cap of bitco

ethereum is down right now about 7% it has been a pretty good run for ethereum hitting a bottom in mid-june bitcoin up 20% ethereum nearly doubling since that time in june, that's downgraded today, but still a nice run investors anticipating a major upgrade there to the ethereum blockchain that can be giving a lift to ethereum down right now, but still a heck of a monthly run >>> let's get the trade overseas and key headlines with joumanna bercetche in london with that. good morning, joumanna >> good morning, brian it is not a pretty day for european forces. now looking stoxx 600 ending down 1%. ftse 100 down .20% despite better retail sales coming in at .3% better than expect expectations. the major theme in europe is the wholesale ppi numbers from germany. shooting to 37% year on year hugely surprising to the upside. obviously huge implications on consumers and industry one reason why the xetra dax is trading down .90%. losses are accelerating in the italian index down 1.4%. the european yields. heavy selling across the board today. the 10-year bund is down the italian is up. the spread i

ethereum has a wide lead right now.e merge coming up in september, it will be interesting to see what we see in terms of new scalability numbers. personally i think there is a big lead that ethereum has but it doesn't mean that in a few years we will have anything better than ethereum. i don't see it right now. david: thank you so much. have a great week ahead, nitin sharma from antler global. we are a couple of minutes into the session. we just flashed it on your screens. weakness in the cash markets over in india. nothing home to write about. that is the move across most global equity markets or asian equity markets, as we speak. planning more ahead. this is bloomberg. -- plenty more ahead. this is bloomberg. ♪ david: let's get you the latest here on the iran nuclear deal. president biden has spoken with other western leaders, looking to revise the response to tehran's position on the latest proposal. let's bring in our reporter, with us in the studio to get us up to speed. >> president biden spoke with german chancel

but we are seeing with the ethereum and over the last bull market, we still had the application withed finance with nfts. both of those jumped in their latency. when we get post-e merge as the other modifications that are due to come through on the ethereum network that will get us in very clear, there's more to come once we get past the merge. with that plan ahead, we are going to see an increasing number of businesses and buildings on the ethereum platform. so i think we are going to see that and certainly it will the expectations given where they are now in their growth cycle. and i think we will see it increasingly getting priced and. shery: good to have you with us, ptc market ceo with the latest on the ethereum in the broader crypto assets. be sure to tune in to bloomberg radio to hear more from the days makers and get in-depth analysis -- analysis from the daybreak team broadcasting live. listen on bloomberg radio.com. plenty more ahead, stay with us. ♪ shery: global markets may be breathing a sigh of relief on easing inflationary pressures, but food prices continue to surge,

so the muerge is a technical upgrade to ethereum.s a process ethereum has been going through for the past three years. bitcoin and others go through upgrades as we use them. we realize we need to make some slight changes this upgrade to ethereum is going to fundamentally change the supply and demand, there is a lot of ee buelens, a fun word. it's an outside catalyst and they are looking at the merge for isolation. if you are trading or managing a portfolio, you don't look at a single asset you have to look at it in a broader context of asset, breaks, level of interest in the portfolio. while internally there's a lot of enthusiasm within the crypto community and ethereum community around the merge that will dramatically reduce supply and demand, one of the realities is on the macro side, people are worried about rates. people are worried about macro there is a lot of new capital coming in to buy ethereum on the changed fundamentals and technicals there is some risk that will need to play out in the market in my view, the merge has bee

this is the long promised consensus change for ethereum.is very notable that you see derivative open interest, options open interest eclipsing bitcoin in dollar terms when bitcoin is market cap is 50, 100% larger than ethere are yums, double etheriums. speculative activity expected to come september 15th is really peaking at the moment. charles: are you excited about it? >> personally i think it is an interesting development. watching as an outside observer personally kind of the switch to proof of stake, the reasoning for it, kind of bowing down to the esg worries has kind of never come -- almost like the wrong time where a lot of these esg policies seem to be reversing in a pretty drastic manner. charles: yeah. >> so the reason for the change was always energy usage which at current time looks to be maybe the wrong side of history. charles: yeah, yeah. i think that was one of those overblown concerns. the dollar, u.s. dollar, it has been soaring. dxy, against other currencies and the reason i bring that up, you have a whole lot of folks s

the move in crypto was led by ethereum. there has been such decimation in the crypto sector that ethereum has less than 200 billion market cap left. basically most crypto coins are no longer as relevant for the financial sector as they once were. we are back to just looking at bitcoin. there had been a lot of excitement about something called emerge happening at a theory him as it moves from proof of work to proof of stake reducing the dependence on energy. people think this may be the breakthrough sector for the crypto community. many people thought it was a buy the rumor and sell the fact theory. thus then a month before the merge is to happen we could see ethereum collapse. bitcoin is close to the important level of 2700. tom: not much of a surge from the merge. bitcoin kieran lee at 21340. let's get into more at what is driving the market. the speak from -- the speech from jay powell on friday. joining us is esty dwek. and phil --the catalyst for the stock markets as we look toward the speech on friday, are we expecting

why is the software upgrade for ethereum such a big deal?it the reason by which we are seeing token prices drive higher? >> absolutely it has been a major driver for a number of tokens. the way to think about this upgrade which is really unprecedented and crypto is you have a skyscraper and you're trying to replace the elevator mid air while there are people on it trying to get on and off. this is pretty much what is expected to happen in september. the way the blockchain orders transactions will be changed. a lot of apps, investors depend on this going smoothly. >> ethereum is one of the most important commercial highways and crypto. are there risks in this upgrade? >> absolutely a lot of risks that something is going to go wrong. developers have been working on this upgrade for years. they have tested things. the last test hopefully took place last night. you never know what kind of issues might pop up that did not come up in actual deployment. it's going to be a nailbiter. >> here's a quick check of the latest is this flash headlines. ins

value of ethereum versus bitcoin.'s popping back up and still not where it was in early may. so it sounds like maybe people should be careful? >> absolutely. it's seen as one of the more speculative coins. bitcoin, within cryptocurrency emerged as a little bit of a safe haven and it seems to be more stable and people are more comfortable taking on more risk and consumer sentiment is increasing -- the smaller cryptocurrencies and those rally often means more risk taking. >> thanks, kate. that will do it for the exchange "power lunch" starts right now ♪ ♪ >>> welcome to "power lunch. i'm contessa brewer along with tyler matheson here's what's ahead. how's the economy doing? that depends on who you ask. w we're looking at it from three distinct points of view. could big tech about to go on a big buying vee we'll tell you what is on the shopping list for microsoft,

. >>> jpmorgan chase says cryptocurrency has found a floor as bitcoin and ethereum rebounded from june lows cryptocurrency has been trading for more than a year kate rooney has this report. >> reporter: july has this relief after nine months of downward pressure. jpmorgan chase thinks the bottom is in for cryptocurrency a note to clients today highlighting limited contagion of terra luna and ethereum they say prices in trading volumes are still depressed, but it appears the cryptocurrency markets down a floor bitcoin prices reclaimed two levels above the 200-weekly moving average and back above the cost basis for investors. $24,000 is the average cost that investors paid to buy their bitcoin. according to data firm glassnode. activity suggest there is little influx with new demand a rally in tech stocks as well ethereum has been the big winner in the past month. crypto stocks are rallying more than bitcoin coinbase on a tear after a partnership with blackrock there has been a short squeeze playing out. last week, micro strategy robinhood getting a boost in recent weeks and the crypto m

ethereum up 60%. bitcoin up 20% ethereum getting a boost from the merge event coming up. an article on cnbc.com if you want more on that. >>> we turn to the early trade in europe with joumanna bercetche. she is standing by with the action overseas. >> good morning, frank let's start with the asian equities movement with the shanghai composite. the bulk of the activity in the hang sending down 1%. meituan was looking to sell the full stake in the company. that stock was down 9 points dragging down the hang seng. nikkei flat. the australia index with strong numbers coming through with the mining activity on the back of coal they will payout the largest dividend ever to shareholders. moving on to european holdings ftse 100 is up .40%. we had some strong wage data come through this morning to put pr pressure on the bank of england. germany up .70% the talk is the energy levy that they will impose october 1st frank. >> joumanna, thank you for the latest in europe. >>> to the top stories bertha coombs is here with those. good morning, bertha >> game, frank apparenle is saying i

. >>> in the cryptocurrency market many on the move ethereum continuing to be red hot. up 50% in just one month this morning, bitcoin, ethereum and all major coins are up more than 3%. it's really truly been everything kind of rally oil has come down, but now moving higher once again let's see what is happening in europe with the headlines with julianna tatelbaum in the london newsroom with the early trade and top headlines. julianna, good morning >>> brian, good morning. in europe, we seem to be moving in lock step with wall street. we have green for the most part following the strong rally in the u.s. yesterday the gains in europe yesterday paled in comparison stateside. a little bit of red. ftse 100 down 90%. minors and farm names under per perp performing the industrial giant in germany took a big hit they took a big hit on the stake in siemens energy. we he see out performance in the italian and spanish markets. this is the split. we have the top of the board with oil and gas up 1.5% behind it is insurance and banks and telecom. we have health care basket under per

expiration dates are especially popular with crypto investors hoping for a sustained rebound in ethereumer a pretty tough year for that cryptocurrency back to you. >> good stuff on that, kate. we'll watch that closely. >>> meantime, 4140 we basically took out friday's high, jop, so you've got the s&p, the highest level since early june ten-year below 2.6 for the first time since april let's get to judge and "the half." >> carl, thanks so much. welcome to "the halftime report." bear bounce or have we truly turned the corner? that is the debate as we enter a new month for your money the investment committee here to take that on with me today joining me for the hour, shannon, brenda vanjelo, joe tariff know and jim lavinthal the dow is good for a quarter of 1%, 3290 and joe

so there are three things going on today we have that crypto hangover as ethereum's moving to proof of stake. we have the reopeningar or the work from home hangover. and then we have a new card line-up, the 4000 coming at the end of the year. and all of this has created massive inventories out there. this had to be unwound it's being unwound now it's a big move. 8% down isn't that bad compared to that 50% move that we had in 2018 >> so then this move since early july, you think it's solid and intact and if so what propels it? >> i do think we're clearing the decks here, which is great news. i don't think we're through the thick of it yet. we wrote in our earnings preview that consumer, mobile and pc were going to have their third quarter confessions this season, and i think we've seen that. and then auto, industrial and broad-based will come next quarter. so we think we're maybe a third to halfway through all of this by nvidia. as we look to a.i., as we look to the opportunities over the next five to ten years, they are bound for nvidia >> and leave us with a sense of where nvidia fall

i'm hearing a lot of buzz over the ethereum merge. what exactly is it?nt? >> well it's the wall street equivalent of triple-witching day in effect. it's a major event in the history of the ethereum protocol which has consistently been the second largest protocol in digital assets. it's one of the older protocols and one of the more successful to basis a lot of defy is built on layers above the original ethereum underlying blockchain. it is switching from what is called proof of work to proof of stake. that is how all the different nodes in the network reach consensus. as a result of the switch, essentially a whole new protocol and the network has become decentralized. there is a debate about that. in fact actually there is an open question whether moving from proof of work to proof of stake reopens the question whether it is sufficiently decentralized or not. it happens mid-september, september 15 or 16, this major change the way the nodes in the network reach consensus. charles: there is a lot of issues obviously the last year that have hurt the movemen

. >> that's when you buy ethereum, right?think that's what it says buy ethereum, buy anything, how about dogecoin >> no, please, it's do unlike 90% or something since he walls on "saturday night live. you know who is the recipient of this craziness ethereum can i say there's things that are happening that have no relevant to fundamentals >> yes that happens a lot, though. >> it does. >> i did want to come back to a couple high-profile names in the old spac world it's an area of great speculation. it made people a lot of money while they could, include big names take a look at this company. the second quarter results were soft, worse than expected. it does appear they are impacted by the considerable new advantage, who in turns substantial higher acutity than previously expected. ebitda lower than anticipated. the outlook also lower than anticipated. that's just been horrible. that was one of the bigger names, higher profile, the pedigree. >> a distinct medical advantage. at that point they have temperature reor yernlted, put

ethereum will move from proof of works to proof of state. how the upcoming merge affects your view on how you want to be investing in they kinds of companies? >> i think the bitcoin only miners are going to be a good bet. if you believe in decentralized monetary system it will not function properly under proof of state model. as much as ethereum could be an interesting currency for doing whatever, it is not going to be the same thing that bitcoin is if an moves off from proof of work. i don't think it chains anything. if people want to speculate on it, it doesn't bother me one bit. but if you want to own truly hard asset with the supply cap that cannot be disrupted or taken over, by anyone party you need to stick with proof of work. liquid mining, at least in north america has a great future. emily: mike lafred there. coming up, what is quite quitting? the concept getting a lot of attention among young workers trying to change office norms. we will discuss, next. this is bloomberg. ♪ emily: workers are fighting executives, pushing for part-t

david: the merge has been on the roadmap of the ethereum blockchain developer since its inception ine been several delays, and there has been suspicion about the time of the merge, but in conversations with investors and developers, they are more confident than ever that the merge will happen in the next couple of months. there are a couple of reasons. first, we have seen the merge on the test nets being completed without major technical glitches, promising side the merge will happen in the near future. secondly, if you look at the revenues market, the ether options market, we are seeing a lot of investors betting on a price hike around the time of the merge. those things indicate that there is a fairly high confidence level for the merge to happen in the near future. ed: it seems investors are positioning this to happen, trying to get in because they anticipate further upward movement in ethereum. but there is a school of thought that when it actually happens, we will see a crash. explain that logic. david: there is a saying in the crypto space, seldom used. at the end of the day, w

ethereum up 70% in july right now, bitcoin and ethereum not continuing that run. they are both lower. last week, everything was in the green and to start this week, nearly everything in the red long way to go amazing how things change. let's see how things looking in europe with the key headline as their income crisis rolls on i can see joumanna bercetche a lot of green on the screen good morning >> good morning, brian a lot of green on the screen asian markets. the theme for asia was the pmi numbers from china a decline down to 50.4% for july over 50.7% in june moderating on the demand and output shanghai up .20% hang seng trading on the flat line japanese index nikkei up .70%. we had pmi numbers indicating that the manufacturing output activity is the weakest in the last ten months. it is not all macro data hsbc lifted the target after the first half earnings beat they raised to 12% from next year expecting a revenue boost from rising rates. very positive reaction stock to date lifting the indices in china quickly, this is the picture ftse 100 up .40% xetra dax

in europe, it is above $60 u.s and the best performing group of all last month ethereum cryptocurrency bitcoin topped $25,000 over the weekend. the first time since early june. back below that at $24,000 and change ethereum lower overall, up 62% in one month wow. >>> a couple of global market stories. japan's economy expanded in the second quarter the 2.2% gdp fell short of estimates. in china, the people's bank of china cutting two key interest rates in an attempt to boost the economy as they continue to lockdown over covid zero policy. let's see how the markets are doing with joumanna bercetche in the london newsroom. good morning >> good morning, brian as you mentioned asian markets are reviewing the data that came through overnight starting with chinese markets. we had the weaker retail sales data weaker industrial output to set the tone shanghai ending below the flat line two points weaker. hang seng and hong kong down 1%. one development that you touched on is the chinese central bank cutting interest rates for the second time this year. the pboc lowered the lending facility on $

ethereum gray scale that is down 61% year to date but it had a better month.risk on market. i think everyone that talked about bitcoin and crypto actually lost a ton of money in the last couple of months, not coming back. i couch baseball. all the younger coaches are talking about coins, coins, coins during the spring, how much money they were making. no one is talking about anything now. i think they are upset with it and they lost a ton of money. i don't know where the new capitol comes in. a lot of regulation needs to be done. a lot of fear of getting hacked. >> let's go. moving on, moving on. >>> shares of block surge go ahead of earnings tomorrow. we will find out how option traders are playing that. >>> we did into two big stock movers. >>> welcome back to fast money. check out the shares of block surging on the back of pay pal. reports earnings after the bell tomorrow. option traders expect an equally strong report. tony joins us with the action. what are you seeing? >> as you said, okay the back of paypal earnings up 11%. not surprising to see that blo

> expectations certainly will be low other part of this that i think is important is the loss of ethereum demand. we have to factor that in as well >> it has traded up. >> but demand for the gpus because you are seeing a switch in the modeling of mining that is about $10 billion >> bounce get rid of the things that it is not really for, ethereum, okay, most -- ten biggest purchases of homes in brooklyn in the last year are all crypto mining houses no one knows that. >> is that right >> $5 billion to $10 million >> farmer jim is with us too farmer jim, you just sold, and i have to go to you as exclusively farmer jim today because i do have jim to my left. >> and the farm he were acco -- farmer accomplishment is so good >> you sold inindividual i can't? >> yeah, while you were on vacation and it will get confusing calling me farmer jim because you know who has mad farming skills is jimmy cramer >> thank you by the way, i'm going to bring -- i have sun dried tomatoes that good you and post nine -- >> love them >> i know this is a little far afield -- >> a little? >> but the fertilizer stocks

asserted, at least from their perspective, that the big de centralized cryptos like a bit coin, ethereuma litecoin, et cetera, are commodities, should be treated as commodities and regulated as commodities, as we already see bit coin is. that alone i think would help to have that clarity and sort of move it off. the whole debate with hundreds of thousands of other coins, trying to figure out what the rule set is what exactly is security versus at what point is it considered de centralized enough it is a commodity that gets to be hacked out. but i think what investors would like is to see the senate, congress, the government moving forward on this. they kind of keep saying, look, we can handle whatever regulatory framework you want to put around this and we can operate within that. we just need clarity on what that is so the industry can move forward. >> yeah, we have tried to pin them down. it hasn't been easy. maybe in the months to come. lisa, fascinating day. appreciate it very much. lisa ellis over at moffett jon. >>> speaking of rallies, check out the nasdaq up more than 12% off the

haidi: we have been hearing about ethereum's big merge.s it change things in terms of the big power structure? joanna: the merch upgrade is supposed to make ethereum less power consuming and that sort of thing, but it will also make the overall structure of influence change. we will have builders, instead of just miners. these builders will be able to send transactions around to different groups. and there is some concern that they could send everything to one validator, something like this. and there aren't a lot of builders at this point. there have been a lot of different miners. so the builders and other people affiliated with ethereum have said this will not be a problem, that it is going to work out and they will spread everything around, but there have been concerns around, initially, whether the builders could make things more centralized and consolidate power. haidi: our cross acid team editor joanna ossinger there with the latest. let's get you the latest business flash headlines. unitedhealth, amazon, cvs health and others, are

ethereum right now is about to go through its merge for a stake that should happen some time next month and that's the biggest catalyst in ethereum's history, and then, of course, in addition to ftx, grayscale had grown their assets under management from about 300 million to 43 billion and it's tapered off quite a bit and that would be another successful in crypto >> buyer beware, of course many of the bitcoin included are down more than 60% from their highs. beth, thank you. >>> still ahead, shares of signify soaring today on reports that amazon is bidding for the company and it's not the only one. we've got the latest in big te tech's battle to dominate health care that's next. just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>>

i think that ethereum will eventually under the s.e.c.s to 8 billion people on this decentralized global settlement network that's available to all but owned by no one. dagen: natalie, thank you for being here. natalie brunell. we'll see you soon. coming up, live golfers teeing up a lawsuit against the pga tour. madison alworth on the latest on the legal fight. anti-trust. we come right back. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. >> drama on green 1i o professional golfers accusing pga tour unfair business practices, madison has more on this stunning story good morning. >> good morning dagen pga tour liv battle heating up even if not a golf fan

>> big event upgrade for ethereum network. the big institutional buyers coming in size? we're not seeing that materialize quite yet. charles: you had a tweet i thought was really intriguing, i want to share it with the audience. seemed like you were a bit peeved about gary gensler. instead of writing op-eds, the agency could engage with the participants it is supposed to oversee and b, more pragmatic practicable rules and enforcing them equally. what are you really getting at here? >> any what we've seen is a pattern with the sec, particularly under gary against letter. using orange groves howie test. crypto is new paradigm. the agency is very challenging to engage with. we see lawsuits left and right. precedent of enforcing through litigation. people in the industry want to comply. the cost of compliance is really, really high right now. charles: right. >> the america has the largest capital market for the in the world for a reason. innovators want to build companies in america. charles: right. >> let's make sure the sec help

if you look at the number of wallets for example for bitcoin and ethereum they are actually continuingmove higher. so i would say it is not just focusing on the exchanges because there's also a lot of competitions for exchanges in both public and private markets but it is focusing on the broader ecosystem is what i would do here. >> coinbase falling about a percent since we started this conversation not saying it is the reason why but interesting that investors are getting more and more bearish on it even as we're just having this conversation santelli's midday word is up next plus preparing you for earnings after the bell. >>> welcome back to halftime report senior markets commentator mike santoli joins us now from nyc with his midday word. >> a lot of ways what we are seeing in the market is a very intuitive, logical, maybe predictable pause. s&p has been sideways for about eight trading sessions maybe it doesn't feel that way because we were riding three straight weeks of gains. i think it is no big deal we are pulling back a little bit in advance of the cpi number. you are seeing p

>> right now it's ethereum it's moved a lot but their mis merge is a big del it takes the mining that you'll see it really shift. that was the enthusiasm that this merge finally happening is going to continue to draw money into ethereum. >> always great to get your thoughts thank you. mike novogratz >> thanks so much. >>> coming up on the other side of this inflation data that could move the markets in a very big way. we have an expert panel ready to break down the data and tell you what it means for your money but up next we're going to talk digital ad spending and quarterly results with the ceo of iac they own more than 150 digital products and brands used by people all over the world. we'll have that conversation in just a little bit. and a reminder, when you are on the go or even right now, you get the best of "squawk box" in our daily racuted pod. it is the show and so much more. we're coming right back after this only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get

visas for russians and massive shelling in kherson is the 189th day of the russian full-scale war in ethereum

check out ethereum the star since june 19th up 90% the ethereum blockchain scheduled for an upgrade in september to make it faster and more energy efficient. andrew >> by the way, melissa, the possibility of ethereum is the merge should be a big upgrade. it is possible something could go wrong in the merger there is some risk associated with it. i'm surprised when you talk to folks in the space and they talk about the risk, but they say look over here i don't know >> i think it is the move you look away before it fully happens. well w we'll see how it trades. >>> this is wild i need to hear what you think. an update on what has been the saga of the week of bed, bath & beyond the company that you know we talk about with great fondness the company. or the stores. we like to go to the stores. a new filing released yesterday showing ryan cohen exited position in the retailer the filing showing he dumped the stock on tuesday and wednesday with the price between $18 and $20 a share. the stock down 40% in extended trading after the drop of 20% during yesterday's regular session. now trading b

. ♪ emily: coinbase shares fell after announcing -- will temporarily pause new ethereum token depositsing the merge. it is a temporary measure. after a number of delays, apple has set a september 5 deadline for its corporate workers to be in the office at least three days a week. covid surges delayed their plans multiple times. apple has been making other covid related adjustments including dropping mask mandates. according to people familiar with the matter, apple has laid off many of its contract based recruiters. about 100 contract workers were fired. we told the cuts were made due to changes. the company is joining many other tech firms hitting the brakes on hiring. coming up, how big tech is helping big oil pump more fuel. what that means for their pledge to transition to a greener future. this is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happ

how will the merge affect other assets outside of the theory of -- ethereum? of the belief that the state is so small, the space is helping to bridge that gap. the assets move back and forth. there is a bridge with over $50 billion of assets. the more people that come into the ecosystem, the more applications get developed. i think your users should also be helpful that the merge goes well. if the merge goes well, basically, that will allow this to happen. that could mean $600 million of revenue for going base. that is significant. that is very good for corn-based stocks. >> it has clearly been a volatile year. it could continue to be volatile throughout the rest of the year. what is your outlook on how this winter lasts. where we are at this time, let's say, next year. >> i think the winter will be here for a little bit longer. i am looking forward to the new protocols that redefine the way the business operates. what you can do when tokenization is here in full swing is you are going to encode the business logic into a smart contract. the platform is the bus

bitcoin down by .8%, a pretty tough day on bitcoin and ethereum yesterday as we saw the nervousness ahead of this cpi. it is all about elon musk equating his tesla stock holdings, for me that is the ultimate story. dani: there is this question of what is driving it and what happens to twitter. i want to linger on the yield curve because our markets editor points out that the volcker era was down 200 basis points, so 85 basis points from bank of america is not that wild. let's get to our reporters around the world. one of the big ones is tesla, mi will have that one. manus: enda curran--elon musk selling nearly $7 billion of tesla shares saying he may need the cash because he is possibly forced to buy twitter. he said he had no plans to sell additional stock. emme leads our business coverage in asia. he told the market he is done, he has just flogged $7 billion worth of stock, is he just taking advantage of a bounce? emma: it appears so. you have seen tesla stock come way up from lowe's we saw in may, around $600 now. trading around eight hundred $50 per share. it seems that is the reason

thank you for joining our ethereum. god bless take care of you take care of yourself serhii leshchenko , a volunteer deputy of the zaporizhia regional council, was in touch with us about this threatening situation in the zaporizhia region, we can hope that the mission will still reach the atomic power plant, certain agreements will be reached , it is clear that putin will not give up war, but there are certain rules, the usual rules of war, and this is nuclear terrorism, and what is interesting is that the country and nato members clearly state that if there is a radiation leak at the zaporizhzhia nuclear power plant, it can be considered how is aggression against one of the nato member countries, if there is aggression by one of the countries in nato today, then the fifth article comes into effect and all the countries that joined nato enter the war or turn to this putin would not like it very much because, you know , he will not join, but thousands, possibly a million people in ukraine will suffer from this. uh, odesh

and you've seen ethereum way out perform bitcoin. so it could be a by the rumor situation. they're talking about this is happening in september >> we don't coordinate what we talk about you were so ready for that >> i'm ready with the cross talk it could be golf it's not football season yet >> that's a great asset to have. if you're on tv, it's nice to be able to talk i know all about that. anyway, thank you, kate rooney, not kate rooney vera just different kate, >> regular kate. >>> a twitter whistle-blower alleging negligent cyber security policies. we'll bring you the details right after the break. turboxfled with a 360 degree hinge disguised in the design. for maximum comfort, flexibility, and performance that stands the test of time. now, strength meets style. invest in the best, turboflex. find your retailer at turboflexeyewear.com >>> welcome back to "squawk box" this morning we have a developing story in the works here a former twitter executive blowing the whistle on the company. we're joined with the latest details. ayman? >> enormous implications it is twitter's

ethereum, which has its own idiosyncratic story today, is benefiting.uidity may last for the short period, you want to go into the high space for assets, and that means crypto because there is no higher meter unless you want to go into game stocks, which i do not want to be part of. for me it has been working, it has been going up and it has -- that is what i wanted to see. the liquidity dynamics on the fed balance sheet continues. i think crypto continues to work. haidi: we have seen even the basket of unprofitable meme stocks really outperforming broader markets in the u.s.. as you take a look at that in the rebound we have seen across broader tech, which part of that market looks interesting? >> on the meme stocks, -- has been short covering. you have seen that microstrategy. what is interesting is the level of core buying coming in. we have seen a significant pickup in core buying certainly in game stock. it looks like we are back again and i think that comes back to the liquidity dynamics. better data has been at the heart of that. you see a strong

>> another deal in the market is this idea you can be paid through reddit for a way to purchase ethereumgh an integration with ftx. ftx is the new crypto but what does something like gratitude for them? do we think more social media platforms will partner with them to get the job done? >> they just did with bitcoin. i think you will see more and more bitcoin adoption. there will be an extra layer of payment and blockchain if you want to go there. you can see his change is coming and getting new customers. i think it is a very smart way ftx is coming. any place where you have an e-commerce option to be done, just add another crypto payment system out there. >> thank you for joining us. always great to have your take on the latest dramatic twists in the crypto business. coming up, snapchat's one million paid subscribers. what that means for the efforts to move away from advertising. we will discuss that next, this is bloomberg. ♪ >> snap said it's paid subscription plan is a hit. the company launched snapchat plus back in june. a plan that gives you early and exclusive access to this for 3

stuart: just interrupt withdrawals from ethereum -- ethereum as it goes to the change. anything, a little bit of ethereum for my grandson. lauren: do the others, the other tween 9 grandchildren get that? lauren: on stuart: the other 9 grandchildren are invested in something else. lauren: the other tween 9 have something else. stuart: he is watching the show. the ceo of jpmorgan, jamie dimon, jamie dimon says china may be right in calling america lazy and incompetent. i wonder what mike rowe has to say about that. he does the show how america works, new trend among young workers called quiet quitting. they don't leave their jobs, just stop trying hard. try to ask planes that one. donald trump says the fbi took three passports when they raided his home, trump is calling the search and assault. a report from mar-a-lago is next. .. we're here today to set the record straight about dupuytren's contracture. surgery is not your only treatment option. people may think their contracture has to be severe to be treated, but it doesn't. visit findahandspecialist.com today to get st

it has been fluctuating and a lot of focus on ethereum head of the software upgrade. do you position for the merge? >> the immerge or software upgrade, the has been a huge discussion -- the merge or the software upgrade, the discussion has been huge. how to play it is the discussion. we saw the recent volatility, our chief market strategist retail investors are getting nervous, look at the chart and see why, we enter another risk off period, they have taken a pretty big beating, some investors are down 70%-80%. they could be taking some chips off of the table. the institutional investors are a little bit more sophisticated about taking advantage of the dip to add. paul: let us get you across some breaking news on the bloomberg terminal. a pure play on iron or miner in australia, coming in as expected, $6.2 billion, it is down 40% on year. fortescue is putting down a dividend of $1.41. maintaining and shipping guidance. we have no buy rating on that at the moment, we will hear from the ceo a little later on. the interview 3:15 sydney. ♪ - [announcer] imagine having ful