so binance, terra and solana have been moving in.s solana has seen multiple outages this year. and john woo of arva labs says i reminds him of the internet search days of yahoo! and others when you have competition. the tokens associated with the newer blockchains have seen somewhat of a gold rush this year solana up 11,000 percent terra up 15,000 percent. >> thank you thank you for watching "power lunch. "closing bell" starts right now. >> we'll see you have a good holiday. >>> welcome to "closing bell," i'm sara eisen wilfred frost is out today a third day of gains for stocks as we gear up for the final hour of trading this week let's look at what is driving the action durable goods rising more than expected personal income and spending both increasing in november. another covid antiviral pill approved for use this one from merck.

block chains developers will choose to build on of the it has been ethereum but challengers like solanalanche are becoming viable options as well. for bitcoin, keep an eye on sovereign adoption, cross border payments lieu the fightth lightning network and institutional adoption finally the brain drain, industry ceos say they are seeing floods of tech applications from wall street. >> we have been hearing information about blockchain and web 3 from elisten mosque. >> we are seeing more attention on that topic. elon musk and jack dorsey bringing attention to web 3. social media apps, stock exchanges without a middle man, built on blockchain, anything that's decentralized people i am talking to expect tension between some of the big tech companies like metathat are work on this and the smaller crypto native start-ups which are trying to disrupt the big tech companies with the projects they are building. expect more money flooding into the space. this was a record-breaking year so far you will see more of that funding spilling into next year. you might see the less traditional forces, crowd

that's ethereum and solana that's where all of these nfts are being midnnted on.you think about this as an analogy to facebook, as the network grows, and nfts are one part of that network, then the underlying coin should do well, ethereum or solana or wherever it's minted. nft is one sector built on top of these platforms, and there will be other sectors, have at it, make another $90 million ape. i can't pick that but i know i can buy the infrastructure >>> coming up, our traders break down their hits and their errors as we head into a new year >>> plus what has got twitter flying higher? the social stock climbing 4% in today's session. what's behind that move, next. >> announcer: get your trades to go with the "fast money" podcast. catch us any time, anywhere. follow today on your favorite podcasting app we're back right after this. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.c

. >> investors are going to be looking at>> etherium, they will be looking at solana, they will be lookingt polygon. we are seeing a lot of investors who put their toe in the water with bitcoin in 2020. emily: doesn't look like we are getting to $100,000 anytime soon , or at least not before the end of the year. what do you think? could there be a crash in january or february again? ravi: as i've seen, we have been investing in crypto since 2013. we made our first investment in a company called ripple, which is a large token today and also block -- also blockchain.com. we have seen three or four market cycles in crypto and in bitcoin. the past is not always a predictive -- predictor of the future, but there could be more volatility and upswings and down swings in the future. it is hard to predict the timing. in the long run, i think we along with many other investors are bullish and optimistic that the penetration of crypto, we have only scratched the surface. i think there has been 10,000,005 users and only a few hundred million people in the world who have bought cryptocurrencies to date

i think investors will look at ethereum, solana, polygon. seeing investors who put their toe in the water in bitcoin in 2020 and 2021 realizing there's more to crypto than bitcoin so if there's one biggest story for next year, it's going to be the everything else, crypto as defi, crypto as n.f.t.'s and the metaverse. what's beyond bitcoin is what i'm most bullish about for 2022. emily: bitcoin very ethereum? matt: i'm on the ethereum side, emily. i love all my children equally but if you pin me down, ethereum was the asset of the year this year. i have a reasonable degree of confidence it will continue to play that in the future. there's so much positive activity taking place in and under that blockchain right now. emily: my job is to ask you tough questions. i appreciate the straightforward answer. bit-wise asset management chief investment officer, matt how ho, thank you. the director of asset security firm aan manuel joins me next. ♪ there are a few things that are not very clear yet. one is the clinical man manifestation of this virus. i

the national weather service issued a dense fog advisory for solana county, which is where it was yesterdayt the conditions are virtually just as foggy along 101 through sonoma or up and down 580 right now. for the inland valleys of alameda, and contra costa county. so, be aware, you are going to hit patchy fog. let's play it ford and see how it melts back. by the time we have gotten ahead to noon. while it's foggier to start the day today, than yesterday was, when we clear this out, we are going to get more sunshine in the afternoon today than we did yesterday. you will see more blue sky and temperatures will be warmer today. as a result of that and a few clouds will come in for the overnight hours. taking us into tomorrow. morning lows or actually daytime highs for sunday, they go look that. mid to upper 60s. 70 santa rosa. that's the two warm spots. mid-60s about everywhere else. and 66 for livermore today. let's see where the rain is. you can see pretty active storms well out here in the central pacific. the futurecast will bring would be system through on monday. we done get rain from

there's a lot of other tokens out there and cryptocurrency networks that are really meaningful, so solana, cordana are all ethererum competitors if you will, layer one smart contract platform that are seeing real innovation into adoption where a lot of the new use cases are being built on top of the platforms as well. lauren: my favorite story of the year was when a company setup like brick-and-mortars to help people understand cryptocurrencies, because i think that's where a lot of the public is. we need a cheat sheet here, thank you for giving us one, as best you could. you guys are experts, we do appreciate it. and coming up with inflation rates at the highest rate in four decades believe it or not, more sticker shock lies ahead we'll take a look at the report that's warning that higher food prices are going to kick in as soon as next week. my food shopping bill can't get any bigger than it already is let's check the big board dow is up 152 pushing closer to the highs of the session, "clayman countdown" coming right back. you're a one-man stitchwork master. but your staffing plan needs

bitcoin is now off by roughly $20,000 from its peak back in november you have ether, solana, xrp, some of the smaller cryptocurrencies, those are seeing steeper declines today. and some of the big crypto-related stocks sold off in sympathy. riot blockchain, marathon digital. those are two of the biggest mining companies in acrobat. down double digits so far for the month. coinbase as well block, formerly known as square, and micro strategy many of those companies hold bitcoin on their balance sheet and have gotten crushed in recent weeks as investors move away from the riskier high growth positions the reason bitcoin weakness may also be hitting the newers investors especially hard. according to data, recent selling appears to be coming from short-term bitcoin holders who got in during the past few months meaning they lickly bought around the recent peak. it is now well below the average cost basis of the traders the price where most of them got in. right now it is about $6,000 low that level, which is about $53,000 for the cost basis a lot of people here are under water. longer term h

you look at an ethereum or solana, those are probably the two leading ones right now that are going tohis digital world. secondly, julia mentioned interoperability that's going to be key i look to the crypto world that's cosmos adams, they offer interoperability among platforms. if you want that growth area, that's the place i would look. that kind of ties in with guys coin base and that coin base is the beneficiary of that crypto volume. >> tim seymour, brands we have one big one and a brand ambassador that we all know, steph curry, under armour, everything else going on there, are they really selling virtual sneakers they are, for 300 some dollars and they're selling out. that's the bottom line here. people are really getting involved in buying virtual goods and steph can curry is going to be near the tip of the sphere, he's not the first one, but you got to imagine a lot more folks are going to follow him with regard to this whole metaplay on selling goods online in a virtual universe. >> i would love to see steph curry on the treadmill that george jetson couldn't keep up with james

but what i'm looking at is some of the defi coins such as solana and polka dot and i'm looking stronglybitcoin and i think that's good. there's more than one coin that can succeed so i'm looking at some of the defi coins such as polka dot and solana and i'm i looking at nfts. make sure you do your research and i would start with the basics first. cheryl: the indexes are out there if you want to buy a basket of coins if you want to go the coin route. >> correct. there are some funds out there. i know there's the bit 10 which is the top 10 coins and it automatically rebalances and that's a better investment strategy sometimes. cheryl: yeah. is there any kind of -- are you worried about mining as far as the coins go for 2022? because there's been a lot of pushback as far as the environmental effects of coin mining. >> yeah. i know china has come out strongly against mining and there's always a little concern there but over 50% of the mining operations actually come from hydropower and other green technologies so while we can always do better environmentally, i'm not too concerned in 2022 a

>> solana, caraluna. those are the cryptos getting the interest from the community that's building. innovation? where is the development in so i have solana and luna up there. >> you can read just about any side you want on a lot of these things what i read recently, he's an academic, supposedly really smart says blockchain is here to stay but bitcoin is so energy consuming that there will come a time where something displaces it just because of this or that fact alone is that possible do you believe it? >> this is not true. bitcoin uses .12% of total energy it's less than christmas lights. we have there myth it sucks up electricity, it uses as much as denmark? have you been to denmark there aren't a lot of people there. bitcoin uses electricity more and more is coming from green sources, 80% of the bitcoin is green and it will be probably 100% within a year. and so, i think this is a story that our industry has to combat because if it came bad news and now it seems to be taking us back it's just not true. >> so the volatility, so it was, i don't know, up 66% from the beginning of t

the tokens associated with the newer blockchains have seen somewhat of a gold rush this year solana up 11,000 percent terra up 15,000 percent. >> thank you thank you for watching "power lunch. "closing bell" starts right now. >> we'll see you have a good holiday. >>> welcome to "closing bell," i'm sara eisen wilfred frost is out today a third day of gains for stocks as we gear up for the final hour of trading this week let's look at what is driving the action durable goods rising more than expected personal income and spending both increasing in november. another covid antiviral pill approved for use this one from merck. and electric vehicle stocks surging. the whole space getting a boost after nikola said there are more to come. coming up on the show, john rogers outlining the big market themes he's watching the three stacks on his radar for 2022 and jeremy siegel weighing in on market volatility and why stocks could see returns of less than 10% next year. let's look at the stories we're watching this hour steve liesman wrapping up the economic data, what it means for the markets. meg

looking at ethereum, solana, absolutely, seeing retail investors looking into it.is driving the cost is young investors people not used to the market. when you have brand new investors in the crypto space they will sell on news. things like regulation, things like, you know the omicron scare and things like that, quick retail investors will sell way quick because they're trying to make quick money and they're not looking at the long-term investment i always recommend they need to so is the smart money hanging on. guys like you who sees the potential or is some of that going as well? ray dalio, some of these others who have their concerns and their doubts who is really behind this volatility? >> yeah. what happened was there was over $1.8 billion of positions liquidated. they were longs. they were expecting the price to go higher. the difference between the stock market and crypto, crypto you're trading 24/7. so because of that there could be a lot more volatility, nothing to stop a "flash crash" or a fast increase. so it just, like i said, hold as long as you can,

i love solana. it is at highs of the session. it is telling us risk on.revenue streams. this is dynamic. these are the things to be looking at, investing in. stuart: tell me, what is the name of the company again? meta-what? >> meta-verse mining alliance. it gaming apps, similar to yield games, big traction around the world throughout asia. low-income nations, getting people to play games and people earning living wage is playing these games. i'm paying attention to this space. next year, this is launching a token this week, february 1st, this, stuff like this is what you want to pay attention to. stuart: going public soon? >> not a public ipo but a point in the coin offering. stuart: better verse mining alliance, talk about getting esoteric but that is interesting. >> there is valued still to find. there are a lot of companies, they move their guidance down slightly and look at the stock down 10% broader market with it. a lot of these companies have earnings that are extrapolated, the earnings growth is extrapolated out. look at salesforce. with guidance

so the opportunity for things like bitcoin, for ethereum, for avalanche and solana, i talk about thathe new base. you need to have a base in your portfolio. and on top of that, you can own lots of other assets but they eventually will be in digital form, tokenized form. maria: that is fascinating. you have been so ahead of this curve, mark. it's -- so when you look at valuations today, would you buy bitcoin at this level? would you buy ethereum at this level? >> absolutely. in fact, i don't know if you can see the sign behind me but it's the sign, a copy of the sign that was held up behind chairman yell ena number of years ago. it says buy bitcoin. that's my response, people should buy bitcoin every day. not all of it but a little bit next day, a little bit next month. accumulated position every time. p i'm not saying 100% of your assets. everyone should have a few percent in bitcoin and a couple other cryptocurrencies and they're great diversifiers because of their asymmetric upside, they're uncorrelated to stocks and bones, traditional -- bonds, traditional stocks and bonds. but the