the retail client base with ftx and robinhood.itely some potential synergies there. >> rolling out of his bean bag in his bare feet in the bahamas. he is a mecurial guy, no question the business ability seems sound and robinhood trading lower than the amount of cash they have on the books. talk to us more about what ftx may want to be tr tracy, they are talking stock trading. it appears bankman-freed has bigger ambitions than just a bahamas-based crypto exchange. >> certainly i think ftx has basically announced they want to be an all-in-one trading platform. currently crypto trading services they want the robinhood users base they want people to be able to go log on to their end and trade stocks i think customers don't want to have assets across multiple portfolios they don't want one for stocks and one for crypto i think that move makes sense for ftx. i think this type of -- if they were to enter into a partnership with robinhood, that makes sense. if you look at the playbook in the past 12 months, they are really going after the

billionaire ceo of ftx has really been seen as a lender of last resort. they provided a $500 million loan to voyager, another crypto lender the latest fallout they are pretty much getting wiped out. writing off the value. blockfi had raised almost a billion dollars in funding >> kate, how deep are ftx's pockets and why have they emerged as the one with all the dry powder here that can now potentially roll up half the industry >> such an interesting question, kelly. we don't have a lot of insight into how much cash is on at least the balance sheet for ftx i'm told is a profitable company. coinbase and robinhood have seen a slowdown you would think that would be a hit in terms of what they could afford i'm told that might be a reason they may not be able to afford a robinhood deal they have been doing m&a and shopping around here and likely taking advantage of the drop in valuations and the opportunity here also seen as a life line for companies that don't have the fed. he's been seen as propping up some of the companies. a failure of a big crypto company n

ftx? we don't know.s the opportunity is huge. >> when you talk about digital property rights, it kind of takes me back to the potential problem for all the crypto customers in the event of a coinbase bankruptcy. in the idea that they would lose their funds with that liquidation, too what i was most surprised by, by watching all of the bitcoin collapse in recent weeks was the idea of how many of these companies were levered up. how many of these big investors were levered one that. didn't that come as a surprise to you >> no, it didn't it didn't come as a surprise this, there's a cleansing process. we're going to see it regularly. this is very early on in these technologies, and, you know, we looking, you can see in the traditional asset management world, the reach for yield there. you know, we're wondering, if you're looking at spreads gapping out in the high yield market, you're looking at credit default swaps in the market, if you use the m-a-r-k-i-t metric we are where we were in 2018, which was a ter

that is ftx's bread and butter. talk to us about the reasoning other than the fact that ba nkman-fried is interested. >> he already has a stake in robinhood. but there are other overlaps between the companies. robinhood benefited from the huge boom in retail trading we saw during the pandemic. you can trade equities, options and crypto. ftx is a crypto exchange but has also shown interest in getting into the equities world as well. there is a fair amount of overlap between the retail heavy world of crypto, and the crypto and stock options trading for the work investors that robinhood represents you can see a tie up of the two making sense. emily: we will continue to stay tuned to your reporting. later in the show, we are joined exclusively by the ceo of the future crypto exchange coinflex. they had to pause all withdrawals. coming up, digital life in a post-roe world. how to navigate what can and cannot be used against you. we will speak with a civil rights attorney about unprecedented territory for big tech next. t

one of the things sam has done at ftx that coinbase didn't do correctly, robinhood didn't do correctlynized there's no need to hire hundreds of engineers in the middle of a bubble so he's only got a couple of dozen engineers at ftx and he is competing with companies that have hundreds of them. i think immediately he takes some of the costs out of robinhood. but i still fail to see how this is a great business. the average user has $240 in their robinhood account. the amount they make per user is declining, has been declining quarter after quarter. and their user growth has now gone negative. they are net losing customers. i'm not sure what's great about this other than if the curve steepens, there is some net interest from cash balances. whalgs are they doing here right? >> dan, weigh in on this there's all this talk about robinhood democratizing the markets, which i thought etrade did a generation ago if there is very little cash on average in customer accounts right now and if all of this rah-rah options trading is going away, why is this business good? >> and i want to push back on

the ftx is keeping the industry as prices take a hit he's keeping them stable, how, kate >> hey, dom. is becoming the industry's lifeline during a crisis the ceo of ftx is behind hundreds of millions of there ares in emergency loans in the past week or so and first it was to block by ftx through voyager and it comes amid a plunge in crypto prices. we had hedge funds failing to be margin calls and all of this is sparking questions about solvency across multiple crypto firms. the industry does not have a lender of last resort or access to fed insurance bankman fried getting a lot of credit for stepping up here with private financing and some on twitter calling him the hero of the industry and there are comparisons to warren buffett back in the financial crisis or j.p. morgan and the panic of 1907, bailing out the banks before the fed was even created and the move is self-preservation and it's key to keeping his own businesses afloat sources i've been talking to say a high-profile crypto failure would be devastating for the industry and therefore ftx and more crypto contagion could spark

ftx, the exchange run by wunderkind freid, is possibly exploring a buying the platform.er side. colorado avalanche beat lightning in final game 2-1 first time in 20 years. he says he has three stocks to fill your stanley cup winners in your portfolio. todd horowitz, with the bubba show. i'm a hockey fan. you're a hockey fan. let's fill the cup with what? >> fill the cup with a market very rough, a lot of problems going forward. i think time you play all of it, look for some bottom-fishing in some stocks, one you were talking about charlie, coin. i think coinbase, bitcoin will be real. i think it is. i think it is going to be a great play long term. get 429 in the opening week. i think coinbase looks really good. from a gambling standpoint, we're not looking at fundamentals here. hey, let's bottom fish. i think square fits that same model. square is partially a payment system. which is heavily involved in the crypto world which i'm a believer in. that is food way to play those. stocks have been beaten down to zero, really hurt badly six months to a year. amazon, look it f

robinhood chairs surged as bloomberg reported that ftx is said to be exploring a n acquisition.statement, sam bankman-fried says while ftx is excited, no m&a conversations are happening. tom: another factor choosing the markets is the news that china will be decreasing its quarantine from three weeks to ten days. central bankers gathering for the ecb forum in sintra. let's go down to francine who is on the ground, very windy another fantastic guest. francine: i'm looking forward to hearing from president lagarde opening the sintra forum, and what she says about fragmentation. joining us now is erik nielsen, group chief economist at unicredit. i have a million russians to ask you. you are doing a panel on it patient tomorrow rate 0-- --panel on inflation tomorrow. erik: i'm not sure they are behind the curve per se. the important thing with inflation is it is behind us in many ways, and we have to make sure it does not become self-fulfilling through rate increases. there is talk about the inflation expectation story but what matters is we got this shock, and a central banks can't

ftx is a great example.e building an exchange that we think could be an amazing product for crypto derivatives markets. whether the price goes up or down, people are still trading. it has a founder that is a perfect example of what we look for, great market opportunity. the price does not matter as much. emily: great to have you. thank you for sharing your view of the future. coming up, while it was once a bitter rivalry, now waymo and uber are teaming up. we talked to the uber ceo. this is bloomberg. ♪ >> waymo is clearly a leader in the autonomous space and this is a pretty deep partnership with waymo where we now have -- we will have access to billions of miles driven as a relates to their autonomous driver. emily: the uber ceo speaking at the bloomberg tech summit about a new partnership with waymo. the two companies were bitter rivals. i am joined by the waymo co-ceo. great to have you with us. i know you just ran from the stage, so let's talk about how the partnership will work. in the future, does thi

on a ln ftx is in reports to acquire stake in blockify after giving the company a $250 million loan.ify, when did the deal close and how much runway did it give you guys? >> good to be back, deirdre. the bank as recently as three weeks so it's a very recent round, and speaking about the runway, we have been profitable in spite market conditions, q1 has been profitable. we're really strong. >> when did that close, just to clarify? banking, clearing, 24/7. and know no company, no protoco done this before a lot of value is going to be tokenized. we are seeing signs of that already. despite the market conditions. >> you guys also focus on institutional investors. falconx generates revenue by a trading spread you guys are essentially a market maker in crypto can you explain how that works and how your institutional customers can be confident that they are getting the best price when you guys are doing that >> absolutely, so falconx more broadly is a brokerage you're absolutely right. we focus completely on institutions we also offer credit and clearing so on the creating side, the spread

i get why ftx is interested. they own 7.5%. i think they should be thinking about it. is there something to do? if they are thinking about it, others have to be thinking about it as well. so, there is smoke there. i don't know if there is fire, or if the business is burning up. if that's what the smoke and fire about. i'm not really sure. but i do think it's intriguing. >> yeah, i think i do have concerns from the long-term prospect. ultimately, this was noted in the note from goldman, they have no recurring revenue. i think they will need it from a long terms than pride. they are losing customers. is closed to 2 million from a year ago today. the waiver retail investors drink covid. if they are not able to capture the base again, or somehow get other customers, i don't see how they will do that. it's hard to look at as a long term opportunity. >> we are just getting started here on fast money. here's what's coming up next. >>> housing hardships, a top economist calling for a coast- to-coast correction in the housing market. his advice to first-time homebuyers, next. >

you want to see who survives i think ultimately when this is said and done with -- and you have to, ftxnd by nance, coinbase survives, bitcoin and he thier yum survive you have a flushing and starting over when the tech bubble burst, amazon which was a book seller went from 6 to 131, back all the way down to 6. then it took quarter and quarter and evolution for so many of the companies from tech bubble to re-emerge. i think you'll have a similar analog to then if you play the space, i'm in. biggest ones i think will survive. i don't think it is about capital appreciation at this point. it is about pulling in, seeing which ones can maintain balance sheets and stay alive. >> more crypto conversation tomorrow join me for cnbc special crypto night in america speaking of ftx and sam bankman-fried, he will join us here tomorrow at 6 on cnbc >>> quarterly stock report, which includes which sectors investors think are the biggest winners at the end of 2022 much more half time after the break. researchers believe the first person to live to 150 has already been born. it could be you! wow. really

that's just the run rate of where we are in remember, some of their competitors like ftx, et cetera,hey haven't started a price war. if you start a price war and the consumer is inelastic, if the price war starts, they'll have to take down pricing which means things will get worse from here. so i think this is -- you know, this is not the end of the beginning, this is the beginning of the end. >> that's always been your thesis on the stock and why you've been neutral rated. it sounds like you should be at a sell based on the way you're talking about this name. my question is what if bitcoin stabilizes this stock has already been hit 80% for the year. >> correct what we haven't seen up until now, and we've been very critical of the name so what we haven't seen until now is really the pricing come under pressure even if bitcoin stabilizes, there might be a relief rally. and that's one of the reasons to probably be neutral on that name because it's very hard to predict, to answer your question but i think once you start getting into this price war and people starting to like lower prici

even now blockify, which was another yield based project, being rescued by ftx, another american exchangee story really goes on. going back to what you are discussing earlier, i just want to add that i'm not saying that bitcoin is still not an hedge i'm against uncertainty, i'm not saying that bitcoin is not hedge against inflation, but what i do think that it is plausible to ask this particular question is the reputation has massively been impacted. because as brian mentioned earlier, you know we are living in -- inflation is at a four decade high. we should we should see bitcoin prices completely you know like literally soaring on the back of the. we've seen the evidence of gold prices at least showing stability when dollar index is already at its multi-year high . so we see that usually when the federal reserve tightens the monetary policy, we see you know gold prices moving to the downside. but gold prices are very much stable because of inflation and in terms of a bitcoin, we should we should have seen a lot more buying happening. the same argument goes for the uncertainty in the mar

ftx is a crypto exchange but has also shown interesting getting into the equities world. there is a fair amount of overlap. you can see a tie up making sense. emily: we will continue to stay tuned to your reporting. later in the show, we are joined by the ceo of the future crypto's exchange. they just had to pause all withdrawals. coming up, digital life in a post-roe world. what can and can't be used against you. we will speak with the civil rights attorney,. -- we will speak with a civil rights attorney, next. this is bloomberg. ♪ emily: some of the biggest companies in the world have quickly put into action to help employees who may need access to abortion care following the supreme court ruling overturning roe v. wade. apple, meta, amazon and more have announced they will cover travel expenses. for more, i am joined by sarah. explain to us what is happening in the fine print. reporter: companies are saying they will include abortion among the health care procedures they will reimburse travel for. often, that is something you need, they will find a way to fly you to es

what is interesting, the biggest individual spender is the founder of ftx.all has pumped in about $32 million. 75% of the crypto industry. emily: katie, thank you. coming up, tackling career development as we navigate a tight labor market. we will discuss that and more with our next guest. this is bloomberg. ♪ emily: guild education just announced new funding. the company partners with the likes of macy's and walmart to create new growth opportunities for employees. this is bloomberg. ♪ emily: guild education just announced new funding. the company partners with the likes of macy's and walmart to create new growth opportunities for employees. this at a time when there are so many open jobs. where are the workers? let's talk more with the guild education ceo and cofounder. how do we square trends? guest: i think -- i remember you and others talking about the k shaped economy. i think that is now inverting into the x. for the average front-line worker, that's not what they are experiencing. 65% of front-line workers are talking about looking for new work. the

now you have an acknowledgment that it liquidated a large client, taking some funds from ftx.ok at why this happened, sometimes leadership means acting decisively and that's what they did. removing troublesome counterparties before they became a problem and adding cash as necessary. remember, they also had extended credit to digital as well as a safeguard for crop -- prime assets. you know, you look at what people are saying about the whole thing. telling bloomberg, it makes him the jp morgan of the crypto industry. it comes from a position of strength. they announced a deal to acquire a clearing firm as it looks to expand. emily: interesting. stay with us. i want to talk about how the world of nft's will evolve amidst this crypto winter. our next guest joining us now. so look, this is the start of nyt fic. last year was a big year for nft's. we've seen a decline. what is the impact of the quinto -- crypto winter and how do you see that playing out? >> thank you so much for having me. there has been a broader downturn in macro impacts recently. from our point of view, the last

. >> let's start with the ftx, quickly in the bloomberg there is a new vehicle that allows you to bethe decline, short going that is down 70% from its peak there is a lot of interest in that. now to the white knight, the crypto billionaire that cofounded the exchange, -- there is a tweet from the head of crypto lender block side informing that they have signed papers for a 250 million line of credit over the past week. voyager digital got a similar loan. a tweet from some are calling the new jp morgan, billionaire who is big in the crypto space, is bailing out crypto space in the same way that the original jp morgan did in 1907. he says the crypto world requires him to help others troubled in the industry, even if it is a loss to his current firms. there has been a collapse of terry ust, luna, other crypto related banks and funds that have taken huge losses here. that has accelerated selling. >> su keenan in new york, let's get to the arkham movers in the stocks we are watching -- market movers and the stocks we are watching. one of the eb makers on an absolute care right now -- ev ma

we got space i do believe the reason there is so much excite account about the ftx kind of world, if you ask me, that is where the next important innovation comes from. if you take commerce like robinhood, absolutely in that direction, versus doing traditional boring old products. that's been the pattern to figure out and for the company to figure out for sure >> sam, your point ab scaling and being obviously the historic challenge and attempts, when it comes to financials, you have to manage order flow and clearing times and regulators i wonder if you this i the next, when the next boom comes, if the operators are going to approach that scaling with a little more caution? >> well, i think a few things, one you can look at the world how tech evolves from a platform perspective. so much of the internet exists, you have services come along and platforms made it way easier for other people to scale pieces of that and experience it way better faster. crypto provides many of those rails. so look for those kind of underlying infrastructure pieces in crypto to come online and we'll unlock a

vonnie: the cofounder of ftx trading is trying to stem contagion for his industry. his company is injecting $250 million into a crypto lender, blockfi. the u.s. military is banning the use of anti-personnel landmines. the u.s. has a stockpile of about 3 million mines, it will work to destroy. an exception has been made for south korea, which uses them for its defenses against the north. the mines have it is proportionate impact on civilians, including children. human rights watch called the move good, but not good enough. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. paul: australian bonds made gains after the central bank chief put coldwater on market expectations for a potential 75 basis point hike next month. our guest joins us now with more. what were the key takeaways from his speech? brian: good morning. -- guest: good morning. lots of interesting things from philip lowe. he was extremely transparent in his communications yeste

heavy weights offering their best ideas at the annual sown conference leslie picker with more on what ftxnder sam bankman freeh had to say hi, leslie >> it was an interesting fireside chat with strive's patrick karlsson the conversation kicked off with how the macro changes are impacting the price of bitcoin especially rising interest rates. >> high real rates are very lickly to be bad for crypto and the reason is basically that crypto is an investable asset and, you know, high real rates means that there is, you know, less money sort of sloshing around, and thus, less money that one could use to buy things like for instance, a bitcoin >> bankman-fried added that what's triggered, quote, a cascade of selling in both bitcoin and equities carlson asked him with it isn't seen as a positive for it. to that he had an interesting response it's been going up for a long time alongside bitcoin and what's changed this year is that formal indicators like cpi has finally started to reflect what's actually been happening and in reaction we've seen changes in monetary policy and that is why you're seei

we will ask keith and ftx ceo sam bankman-fried maybe aiming his arrows at robinhood. charlie breaks it on the crypto billionaires back story right now. first let's start with a fox market alert. what we need to do is show you the dow intraday because it really best illustrates the key to this session. we do have the dow right now and quite frankly, the s&p and nasdaq having jumped higher right out of the gate. you see that on the left side of the intraday chart but at 10 a.m. when the read for june consumer confidence hit the tape all majors turned south, so it was going down wall street the first half hour of trade but when that gauge of consumer conviction came in worse than expected and its lowest level since february of 2021 the vix started to jump about 3% and then you can see we are just off session highs of nearly 5%. the expectations component of consumer confidence, let me break it down. this expectation component measures how consumers feel about short-term outlook and business conditions. it was the worst since march of 2013. a broad spectrum of tech names

interesting when i spoke to ftx, one of the largest crypto exchanges own the planet, bret harrison toldreezing or cutting jobs there. listen. >> storm of crypto prices going down. general private and public market valuations going down. you're continuing to expand. continuing to hire. looking to potential sources of either acquisitions or other kinds of invests across the state. even in times like this. reporter: broadly the crypto world confidence has been shaken in the industry, especially recent celsius blow up, one of the largest crypto, looking bank run in crypto. there is concerns about who is next with the steep price drop in bitcoin and ethereum. microstrategy gone all in bitcoin. 129,000 by bitcoins. the problem with him and his company they bought at price of $45,000. they're a billion dollars underwater. there are concerns how they pay for the margin loan of $2 billion. charles: i heap to get michael on the show soon. susan, thank you very much. joining me europacific capital peter schiff. i know you take a certain amount of join on the intro we had susan. without laying it o

is now up to us lacking a federal reserve, to figure this out and this will be done by the likes of ftx nexo are in strong financial positions to help clean up this mess. charles: to that point, there are a still a lot of open issues. luna mess is still out there. celsius is still unresolved. how important is it to get resolved in absence of any federal intervention because i don't see this coming? what is to be done to make sure these things don't happen again? >> it is very important for us to sort this out for the betterment of the entire place. at the same time i think it is great that we as an industry are allowed to fail. startups fail because, this is what keeps innovation going. that's why it is the most booming and -- charles: with all due respect it is one thing to fail. it is another thing if it is dubious, right? some folks are concerned about some things that were offered out there, interest rates, some other things that have happened. should a company be able to call itself a stablecoin when it is not stable? you know so what do you do about those aspects of this story? >>

the ceo of ftx, the piper sandler conference important thing, all of the exchanges want to interact withity we're trying to clear that up now. sam, thanks for joining us you've been regaling us with stories about the crypto community. let's talk about the 3,000-foot view where are we with crypto valuations have pulled back. why have they pulled back and are we at some kind of bottom? >> i think if we look at what they've dune since the peak, similar to what nasdaq has done. both down about 50% roughly from where they were eight months ago which i think at thes you a lot about what happened to crypto, to tech and markets in general it's all been driven by monetary policies and expectations, driven by the fed of increased interest rate which is caused basically a dollar rallying and depreciation of everything else against that. >> are you blaming this all on the fed. bitcoin has had huge moves up long before the fed moved in so we've had bubbles in bitcoin before. >> some of those have clearly been driven by crypto's specific flow it was mostly driven by the fed. maybe it had to happen >>

the crypto exchange, ftx will give blockfi $250 million in revolving credit and voyager digital $500lion in financing bitcoin and other cryptos so as you see they are falling hard as the market grapples with interest rate hikes and the collapse of stablecoins, tera and luna. bitcoin still below 21,000 but it's up $584 right now to 20, 486. is workplace messaging app slack kind of elbowing or at least edging into zoom's personal space? slack adding a video component to its huddles meeting app. we're huddling with slack ceo stuart butterfield live next on how his digital work cubical is morphing now, and the closing bell ringing in 49 minutes, we do have the dow gaining about 38 points, so much more ahead including shopify's president and of course the one, only, charlie gasparino. don't worry, apes i'll defend you. the "clayman countdown" is back in a moment. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya

crypto on ftx is easy. stuart: okay. tom brady promoting the crypto firm ftx.to beat patrick mahomes. johnny depp won the defamation trial against amber heard. the jury gave him $50 million worth of damages. heard called the ruling a setback for all women. we need kennedy. welcome to the program. what -- looks like you are having ago. >> happy to see a british person on an exciting day. blue one i am an american. >> that nebraska accent sometimes -- stuart: the bronx. what impact do you think the depth ruling will have on the me too movement? >> we have been irresponsible as a society in terms of our slogans because it oversimplifies things. when you oversupply something you rule out of emotion and not rationality so when you say things like believe all women, defund the police, what if you need good cops to fight bad people? what if some women are not telling the truth? you still believe all women based on their biology and immutable characteristics? what this trial showed is sometimes bad people are capable of hurting each other and lying about it. what happe

is ftx trying to buy them?larified it this morning sam bankman-fried, the second-richest man in crypto , owns ftx, one of the largest crypto exchanges he roughly personally already owns around $600 million in robinhood , which is roughly around 7% so he's the third- largest shareholder in robinhood. yesterday, there was a bloomberg report that said that he was interested. his company was interested in buying all of robinhood, clarify ing today that those talks to acquire the company are not happening. stuart: down it goes. now it's under $9 a share in the last 30 seconds. nike, i believe they came out with strong earnings. is that correct? the stock is up it went down now it's up. >> so look, you have to factor in the fact that they have an $18 billion stock repurchase program. when you take supply out of the market, price goes up and that's what you're seeing right now. i think rightly reflected in the stock price because yesterday it went down after what i thought was a fantastic first quarter to start the ye

first, it's a smart move by sbs, ceo of ftx who if crypto goes to zero, he goes to zero too.ities and essentially gain market share through the downdraft. so that's a savvy move. second, yeah, it is, it's a combination of fed and fiscal policy that have caused this deleveraging event in the market. the fed printed too much money too fast and a is now with drawing it and on the fiscal side the energy transition plays into this. you don't fix gas supply by subsidizing demand and we're seeing a bit of an unwind in kind of this green focus, germany over the weekend going back to using coal. so as each nation makes their calculus about their energy policy and realizes that the inflation is partially a result of the distortion of the energy markets, bitcoin miners will fill that void, will tap the energy that others don't want to use and it's kind of an arbitrage mechanism and we think that's something that will gain prominence over the next couple years. jackie: there are many who say the big players you saw how much they were down, obviously, bitcoin is now more than 70% but it's

ftx is delivering internally how to buy the -- app-based brokerage.excited about the prospects, no active m&a conversations are happening. now that coinbase has fallen 75% in value, goldman sachs has downgraded it to a sell rating as the crypto continues to take a toll. goldman advised them to list in april 2021. coinbase shares tumbled, extending the decline this year to 78%. up next. haidi: the bank of japan is under growing pressure to stabilize the yen wit this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. 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, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join

there is a guy that run as crypto exchange ftx, his name, sam bankman freid is interested in this fors positives, people trade on it, trades crypto and everything else. what is preventing him from doing it immediately, price is a big thing. and financing. he has to get financing for it. also the price. they will not sell for zero. you were saying how high it was at some point. went as high as $70 a share? is that the number? neil: right. >> that is up there. they will not sell less than 20, from what i understand. that is the word on the street. they have cash available on hand. if you look at enterprise value this is at least a 20-dollar stock, they believe. markets are looking at it differently. they're looking at it as a 9-dollar stock. can he get financing for something that will go 20, $25 a share, when markets essentially saying it is a 9-dollar stock. there are not a lot of buyers out there. i can't imagine big brokerage firms will step up to the plate. that is too retail for them. they usually go for high net worth people. that is where we are, good indication of the market an

already cashed up whether by luck or by strategy but we're seeing that also in cryptocurrency space where ftx now is exactly the funder of choice for a lot of those that can't seem to find any money in the pipeline. neil: how do you play these days, ray, just the crypto arena, particularly bitcoin in and out of $20,000 a coin? a lot of people say well it is at least above the 17,000 it was flirting with a couple weeks ago but it's a long way from the $60,000 plus it was looking at last november. where are you on this? >> we've seen trillions taken out of the crypto market and a few cryptocurrencies will survive what you're looking for is the use. what developers are using it? what utility tokens are, built off it? what companies are out there? bitcoin 19 five as the support level, 20-k, hopefully stablizes there. there seems to be a correlation between coin and nasdaq. it is somewhere .8 correlation it is equally speculative in terms of growth. people in growth are also investing in cryptocurrencies, but the cryptocurrencies like solano,cadano. polka dot using a lot by developers, 99% of thos

we are now looking at the two companies that ftx trading has helped to provide credit lines two. crypto lender blocked by tweedy confirmation they signed a sheet for 250 million. last week voyager dilute -- voyager digital got a similar 200 million dollar loan as the wave of liquidation is taking place, this billionaire has become in the view of one collie, the new jp morgan, bailing out crypto markets, the same way the original jp morgan did back in 1907 during the banking crisis. paul: bloomberg su keenan there on the crypto space. still to come, signs of contagion emerging in china's market. how far is this your going to spread? we will discuss that in a moment. this is bloomberg. ♪ paul: signs of contagion emerging in china's markets. industrial firm saw their offshore debt fly after an earlier route on macau casino operators. dollar bonds on track for record declines. let's bring in our china credit editor rebecca wilkins for more on this. rebecca, why are investors so worried about the losses that are stemming from this? >> we have seen this really dramatic repricing of ris

latest reports, ftx, one of the largest crypto exchanges, the funder of source, they passed on buyinglion. goldman sachs is reportedly interested trying to raise funds. multibillion-dollar hedge fund three arrows, they have been ordered to start selling any remains assets to repay hundreds of millions of dollars of loans to crypto exchangeses like gem nye. the exchanges have lost 2/3 of their value and million wallets lost their millionaire status according to market cap. that is 75% wipeout ahead of billion dollars worth of bitcoin in them. only 26,000 still hold more than seven figures worth. you have to remember a lot of new investors bought bitcoin during the two-year rally. 13,000 new bitcoin buyers. analysts say a small number of bitcoin holders own nearly 40% of the 19 million bitcoin in circulation. the what's actually control the market -- the whales. after a high-profile lawsuit, some call it a counterlawsuit by grayscale which operates two of the most popular crypto trusts, xp tv, that has been easier way for average investors to buy into crypto. grey scale sued the sec aft

interesting conversely i was speaking to one of the largest crypto exchanges ftx in austin at consensusold billionaire sam blakeman, the crypto emperor by "the new york times" that they're not freezing or cutting jobs at this point? >> we've been able to weather a storm of crypto prices going down, public market prices going down. we're continuing to expand. we're looking to hire. potential sources of acquisition or other investments across the state. we're able to do that even in times like this. reporter: depend you raise cash, how much cash you have in the bank. crypto confidence has obviously been shaken by the sill sy just blow it up one of largest crypto lenders. they're pausing withdrawals, transfers and swaps. we're looking for a bank run on celsius right now. there are concerns about who is next in the steep price drop, who could be the next shoe to drop. microstrategy has gone all in when it comes to bitcoin holding 129,000 of them. the problem microstrategy bought the bitcoins at average of $45,000. so at $20,000 they're a billion dollars underwater. they have a margin loan t

. >> like i was saying it is ftx, a safe and easy way to get into crypto. >> i can't tell you everything you want to make history, you have to call your own shot ♪ we going to the league ♪ neil: all right. that was then. it is not happening now. hard-pressed to find any such commercial cryptocurrencies of any point. they were tank off, fell to earth since trying to come back after getting shellacked over the weekend a lot of crypto plays trade 24/7, they don't take days off including weekends and juneteenth when stocks were closed. what is the future. as a lot of these guys hold back on marketing, advertising budgets and we mare out of some key players it is getting very difficult to conduct trades? celsius run into that, a lot of users are angry they can't sell stuff they want to sell. get the take from john wu, avalanche a key player in the arena. john, how do you see it? is this a temporary hit or something more substantial going on or what happened on saturday when bitcoin got down to 17,000 something a coin that was the flushing out. what do you think? >> hi, neil, there is the asse

almost 4%, the stock soaring nearly 14% yesterday before trading was halted on news that crypto exchange ftxhe potential acquisition of robinhood. stock is down nearly -- 5% this year. kamala harris saying yes to a 2024 run with joe biden. we'll show you more, next. plus, for her own good, the odd reason nancy pelosi gives for nudging -- is that a nudge or a shove -- nudging the daughter of a gop congresswoman. that is the hot topic buzz ahead. ♪ >> tech: when you have auto glass damage, trust safelite. in one easy appointment... ♪ pop rock music ♪ >> tech: ...we can replace your windshield and recalibrate your advanced safety system. >> dad: looks great. thanks. >> tech: stay safe with safelite. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire it's time for our lowest prices of the season on the sleep number 360 smart bed. why choose proven quality sleep

bolster its balance sheet and platform strength and the agreement unlocks the future collaboration with ftxr 50% down to go or they're already scrambling? is that closer >> i think saturday was the capitulation >> you do? >> all weekend ceos were having conversations about recapitalizing the over levered businesses the spike going up 20% is a bit of a spike to get it figured out. >> they're never going to over lever again. >> risk management is difficult and learned by experience. >> but a lot of leverage you don't have to be real smart to know that's a bad idea. >> yeah. when bitcoin was at 69,000, i don't think people were imagined it would rip to 17,000 in a couple months. >> being, you know, around stocks and markets for so long, we're all waiting for that flush, waiting for the capitulation could it make a bottom without that it feels horrible, felt horrible last thursday. >> look -- >> is that enough? >> it hasn't been unruly trading or 50 to 70 vix, but it's been painful. the s&p is down -- >> doccusign, 314 to 60. >> that's one of hundreds. >> yeah. >> so i'm hopeful. i'm hopeful we

i spoke to him in the bahamas at the ftx event and he tweeted something cryptic last night that we areocess of communicating with relevant parties and fully committed to working this out so it suggests there are some issues there with some liquidity, possibly some trades. look, we have the crypto lender celsius blowing up earlier, they have hired advisors to try to help them avoid from going under but i think you have the bears, like bill gates and the like, saying that crypto nft's are 100 % based on greater full theory, but it's interesting that despite gates saying that he doesn't have a short or long position on any of the crypto stocks, whereas he has a half a billion dollar short against tesla so wouldn't you want to put your money where your mouth is if you have doubts about a certain industry and asset class stuart: i don't know. i can't read bill gates mind but he ain't in bitcoin, he ain't in cryptos. >> so bill gates, warren buffett, of course said he wouldn't take any. all of the crypto in the world for $25, and so i think it depends on your time horizon, what your beliefs

company will help with production and other resources and also partnerships with crypto exchange platform ftx very much. the stars of "duck dynasty," jace and jeff robertson are hunting something new, buried treasure. here is a clip from duck family treasure. >> it is like a slot machine. jackpot. being being being being. that is what you are listening for. >> we agreed no more big holes in the yard. >> it is not that big of a whole. >> you are going to have to clean all of this up. >> you are like a supermodel, babe. i like your dress. stuart: guess what. the stars are on the show with me in the studio, the vast entourage of people taking pictures. i am flattered, don't know about you. first question to you. what treasure have you discovered so far? you have been digging these holes all over the place. >> we have found lots of treasure. this is a business show, our biggest find from monetary value was $50,000. i'm not going to reveal what that was. of the when you are really looking for gold. >> looking for gold, we find gold. stuart: you are not going to find -- you better find it. wouldn't

with incremental cash that comes into the bought more bitcoin and ethereum we have a private stake in ftxs doing well it is a profitable company so, yes, the truth be told that people will look back on this debacle and say i wish i had fresh cash to buy into that. could it lay down more certainly. we all know whatever you think cannot happen on wall street likely does happen so we're ready for every scenario >> anthony, internally, when you say lay down to your partners and you look at the risk/reward, what is the low in your mind and also what is the opportunity in your mind? shor short-term >> it would be impossible for me to predict the low if you were at consensus last week at austin and saw the robust development in web 3 and see the money that is deployed, i think the upside is enormous i still believe bitcoin can easily get to $100,000 a coin over the next 12 to 24 months. you have to settle out where the markets are and listen, we could get better inflation data by the end of the year as the pandemic subsides and supply chain starts to get more connected, andrew. a lot of bad news