joe: jeff mccracken, thank you very much.has yet to the 20,000, but that coin has climbed to an all-time high. we will examine that next. this is bloomberg. ♪ joe: "what'd you miss?" bitcoin, let's go into the bloomberg terminal and pull up a five-year chart of bitcoin, which briefly breached its all-time high today. 1130 was the all-time high, back down to 10 93, lots of renewed seen as an bitcoin, vehicle to move out of china and other troubled economies like been his way left. -- like venezuela. you go back to the end of 2013 when there was that parabolic , then it burst, but did not completely end, now rallying back. scarlet: that advance looks more sustainable. someone pointed this out to me that if you look at a longer never looked nearly as bad as it did. it looks like a steady ascent. scarlet: that demand is not look to change anytime soon. let's get you to business flash headlines. the largest department store company plans to cut more than 6000 jobs, 4% of its workforce. after holiday sales came at the low end of it

vonnie: that was jeff mccracken with gregg lemkau.ahead, trump's and facing tough stuff this week. the former exxon made -- exxon mobil ceo is one of the star traction's. we will speak about all of that, next. this is bloomberg. ♪ ♪ is "bloomberg markets." i'm vonnie quinn. david: and i'm david gura. senate commission will be holding cabinet nominee commission meetings with chuck schumer being handed a list and mitch mcconnell has what his party requires from the most words,some, his nominees. kevin, how much discord is there right now between republicans and democrats? democrats were making a lot of hay over the fact that none of these nominees had been sufficiently vetted. >> it sort of business as usual with democrats versus republicans on this, but the bottom line is that if democrats want to stop any of those appointees, they face a tough battle. just because the numbers simply aren't adding up for them. that being said, there is an advantage to try to frame the debate, if you will, to in terms of characterizing these picks, part

vonnie: that was jeff mccracken there. david: there is a big showdown in the u.s. treasury markets.s is bloomberg. ♪ vonnie: this is bloomberg markets. david: there is a showdown on the horizon in the u.s. treasury markets. who is going to win out? there are the two duking it out. brian: hedge funds are short. they think interest rate to going up on the trump reflation trade we've heard so much about. we have longer-term wires and insurers, they say there is a big up buying opportunity. they see an opportunity of yields go up again they will just buy more. investing overy different time horizons? brian: the big one is the five year right now. janet yellen said there we a few interest hikes he year for -- through 2019. ,nsurers and pension funds that's the sweet spot. it's really the value of the curve that the wards being waged. end, realthe red money always wins. brian: it seems that way. even just today, yields are down eight basis points. path.ot a clear one-way a lot of biz -- has been priced inactive the election. , they havewondering not really broken out of it. no one has bli

we are joined by global executive jeff mccracken. talk to us about the strategy here. think they were of late, but then their deal fell apart. going back a few months on thanksgiving of all days, those two were in talks, then they confirmed it. two weeks later, the deal fell apart. showed up, andfe they tried to negotiate a deal that would have contingent payment tied to actelion drugs. and then j&j come back to the table. what is really amazing is the price. i was looking at actelion stock. they were trading at $120 a share. now it is $280 a share. that is incredible. they bombed near the end of the year two $280. so they are quite happy today. jeff: i am looking at the shares -- emma: i'm looking at the shares right here. $68 is a massive premium. am i on the right model? think they jumped in late october, the $140 or something a share. .o they are close to doubling the strategy and industrial logic is they want to get into this kind of rare disease, rare illnesses, if you will. it is a blood pressure, rare form of blood pressure at actelion among other things that th