i will talk with garry tan about what to expect from leadership. bitcoin falls below $20,000 as investors respond to the fed's hawkish stance. how did the world's largest crypto perform during a recession? first, let's look at the markets. after the big draw down on friday, it has calmed down a little bit in terms of losses but still decidedly risk-off. ,you look at the s&p 500, the nasdaq both firmly in the red. 100, chips underperforming. the philadelphia semiconductor index off by almost 2%. on top of that you did see two-year treasury yields rise a little as investors tried to recalibrate fed bets. let's talk about bitcoin. we are again talking about $20,000. during the summer, we broke above it a little bit. we know crypto and bitcoin tend to move in 10k increments. that is why you see a staircase pattern on the chart behind me. are we going to $30,000 or $10,000? we will try to answer that question. let's check in on the meme trade because that has been one of the narratives over the last few weeks. it continues today. you saw speculative cor

that is garry tan, initialized capital founder and partner and soon to be y combinator's president andk you so much. that does it for this edition of "bloomberg technology." tuesday, we will speak to the course era ceo to discuss growth in education technology. check out our podcast on the terminal and online on apple, spotify, and iheart. this is bloomberg. ♪ ♪ >> good