how we doing with solana is it the time to buy solana >> we're going to spend a little more time on ftxor sure. >> are we early on solana? there's 200 crypto coins worth about -- there's six that i found that made no sense at all, including one that has my name, whatever that is >> cramer coin >> how about serum tokens? how are those doing? >> serum tokens? >> because ftx's largest asset was $2.2 billion of serum tokens >> i was at cvs this weekend could i have gotten serum tokens is it one of those things where you have to use the machine? i'm not doing that i'm not self-checking out the serum. no way >> cramer's "mad dash" and the opening bell coming up in a moment don't go anywhere. ♪ ♪ mercedes-benz is turning electric... completely... on its head. bringing legendary design... and state-of-the-art technology... to a fully-electric suv. the all-new, all-electric eqb from mercedes-benz. >> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. >> let's get you to a "mad dash," and then we will begin with the opening bell,

solana is one of the brutalized crypto land currencies. they are closely tied to sam bankman-fried and his empire, and that puts more pressure on the token. there is your snapshot. dani: let's get to some of our other top stories. reporters from around the world. juliette saly will cover the asian news. joanne osundairo will wrap up crypto. stephen engle to preview president biden's meeting with xi jinping. manus: let's focus on those of directives from china. to rescue the property market and adding a major recalibration to some of the markets on the move this morning in response to the pandemic. president xi jinping turning attention toward shoring up the world's second-largest economy. it's not often we get the pleasure of this, same place, same time zone, it is juliette saly in the flesh. juliette: indeed, so exciting to have you here. i don't know what camera i am looking at you are to my left. i will tell you the fact of the day in terms of the big move in iron ore, the property sector accounting for about 40% of steel demands. these

solana has a huge ecosystem, they are working on it as any other blockchain i think we're going to seelast three days, there's such close association with ftx balance shaeet holdings that ovr next one week or two weeks we're going to see more expected dump out there. >> great to speak with you, thanks for your insights. >>> coming up, elon musk's twitter takeover weighing heavily on tesla as he continues to liquidate shares. tesla's down 14% this week could another sale be on the horizon? "t ehaats xt hexcnge" is back in two. techns navigate to work. [phone: go straight.] but, to navigate the complexities of modern work... [phone: turn left.] ...you need more than technology. you need cdw. [phone: you have arrived.] so we'll implement cloud based microsoft modern work solutions like microsoft 365, teams and azure, so your teams can collaborate with zero trust security anywhere. [phone: destination ahead.] microsoft makes modern work possible. cdw makes it powerful. ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage.

su: ftx was a big supporter of solana.ed a lot of support with ftx gone, a lot of focus on solana. it is down for a third day. it has extended its declined. there is a lot of debate on the internet whether it's future is doomed. salon a very different from ftt. drop into the bloomberg. that is the token of ftx. that has plunged dramatically since of this crisis began last week. haidi: su keenan with the latest on crypto. a reminder of why we are here in singapore for the fifth annual bloomberg new economy forum taking place this week. full coverage with exclusive interviews across tv and radio. shery: we'll be talking about some of those key issues plaguing the global economy. it has been a miserable year but things may get worse and hrh right through. that is not sound good. the reasons behind the pessimistic view and in our big take. this is bloomberg. ♪ shery: it has been a tough year for the global economy but 2023 could pose bigger risks. enda curran has today's big take. that does not sound great. what can we expect?

let's check back in with reed cowan in concord, at the contra costa and solana food bank, where they are busy packing boxes. reed ? >> reporter: it is so great to be here. if you are watching from home and i wonder, how can i make an impact? how can i get a good feeling from volunteering or helping people out? this is how you do it. they are packing all kinds of boxes for people in need. i've got tomatoes and olives, i have got my manwich, and i'm sitting in a manwich of sorts. hi, guys. as we watch everyone doing all this work, we want to tell you about kpix 5's wilson walker. he is going to introduce you to first in line fletcher. fletcher is not only a volunteer doing what so many people are doing all over the bay area, filling up bags for food, but he also is a recipient of the food that goes in the boxes, serving 50-60 families a week. we like to call him first in line fletcher. >> me, i get started here at about 5:30 in the morning, on thursday, every thursday. >> sunrise in san mateo, second weekly food harvest estimation is still hours away and fletcher sanford is ready. >> i

reporter: they say they are thankful that the senior food bank with the food bank of contra costa and solana provide these free groceries to them and other people over the age of 55 twice a month. engine now, in this trunk, is part of thanksgiving dinner, to bring home and be able to cook on thanksgiving day in their san pablo home. karen says the prices of the grocery stores are just crazy now. some local stores now selling one gallon of milk for what used to buy them two. and, she says eggs are another item where she has seen prices jump. >> it has been rough. when we were working, it is different but this year now that we are retired, karen went through surgery , which is not a good thing. >> social security is less than it has ever been. we are just trying to make ends meet. and this truly helps. >> reporter: like so many, they are so thankful. >> we are so thankful. and look, we have got a turkey! we got a turkey. >> [ laughter ] >> who is the cook? >> both. >> we both are but this will be my day because i do the turkeys. >> karen has dibs on the turkey for sure. to donate your money or

he mentioned solana, a lot of these have taken a tumble.f the volatility from previous years and we will have to see if this deal quiets that or it continues into coming days and weeks as there is still more uncertainty and we figure out the exact implications of the deal. >> especially when we know the letter of intent is nonbinding. what does this mean in terms of this actually happening? if this was a more regulated space, we would see more regulators at play. but in this environment, what are we watching for? >> great question. we will be watching out for what regulators say and it is two of the biggest exchanges. binance is the biggest by volume. ftx is one of them. is it like having coke buy pepsi echo -- coke buy pepsi? if binance ends up wanting to do the deal or just take parts of ftx. there are a lot of questions to be determined. shery: the binance binance drama over ftx and. we have seen crypto exchange bosses and their fortunes plunge because crypto has been under pressure. you talked about the galaxy bloomberg index and we hav

crypto exchanges and withdrawals and trades and usdts and tether and circle solana base is paused andback to ftx position and tomorrow we have a big interview, stu and speaking to binan ce's cc tomorrow and he brought down ftx and latest in crypto and he's now by far the richest man in crypto and probably the single most influential individual in cryptocurrency. stu: you're doing the bernards healthcare view and will have a hard time -- interview and have a hard time getting it all to the audience. that's difficult. stu: if you order me a -- susan: if you order me a new iphone 14 for christmas, i'd have to wait till after christmas to get my hands on the hand set. we know that apple warned earlier that the china apple factory covid restrictions means there's hiccups in the pro max productions and from a stock, apple didn't issue any revenue guidance and say this possible production hiccup was going to hurt their bottom line or sales and still guiding to go up from last year's record $139 billion plus holiday sales quota. if you're going to get me an iphone 14 pro max for christmas, ge

assets like solana are troubled right now in this market so they are perhaps more attached in a way tobut i think it's important to stay focused on the future and keep building. we are focused on building. guy: how low could we go? let's talk about bitcoin if this deal doesn't get done? if one of the major exchanges has a serious problem, what does it do to the underlying price. how much air comes out of this market? >> it's the billion dollar question. so i don't know. we focus on security, we don't focus so much on the price. the only thing we can say is there are many alternatives to ftx. most of the observers in the space, exchanges do say the space is too crowded and there are too many players. we still have a great exchange in the u.s.. i think ftx going under is a story but i don't think it's the market and i think the market will survive, they will definitely survive this. alix: i don't think were talking about not survival or anything like that but this changes the game doesn't it? ftx was supposed to be the gold standard. does it change the transparency we need to see. the re

ether, solana, and dogecoin also slowed.l 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'm lisa mateo. this is bloomberg. ♪ >> i have fought the good fight. i have finished the race in this first term. and i have kept the faith. >> we have accomplish more than anyone thought four years ago but we have so much more to do, and i have only begun to fight. jon: you heard the chants in florida for ron desantis, two more years, not four. lisa: basically he is the shoe in the presidential election, for him to be the main candidate. tom: you think so? lisa: that was the location of that or his supporters to say that, when he is ostensibly to serve for four years. that is the only constructive thing that you can take from it. jon: for the people of florida, he is a shoo-in. for the remainder of the country -- tom: there is a lot of uncertainty out there. there was no uncertainty about florida. let's get to it with someone who has given us pheno

i mean, i have some solana, hasn't done well.'m going to sell that and keep my ethereum and bitcoin in the long run. i'm a 10 year player, 12 year player, and in that time frame i think we'll do well because i'm so concerned about where we are with the dollar with all the spending, all the borrowing, you can't do this forever, stuart. there'll be real consequences for the monetary policy this country has had for the last 20, 30 years. if not crypto, is it gold? where do you go to protect yourself if you have failings in our currency and so i look to crypto to do that. stu: a man of faith, sean duffy. he's not for turning. got you. thanks very much, sean. i know we'll see you again soon. >> thanks, stuart. stu: back to the markets, dow is up 27, the nasdaq is down 77. surprisingly little price change for stock prices after last week's huge rally. 8% up for the nasdaq in one week, that was pretty good. jason katz, market watcher of the day with me now. the federal reserve and the market is hanging on every nuance of the fed. where

we have the food bank of contra costa and solana is joining us. >> reporter: have you seen the need forhelp growing? >> yes. for the food bank , we have been serving 275,000 neighbors in need on average this year alone. >> people think about what items are needed, like food distribution sites are busy this time of the year. if somebody wants to help, what do you need? what should they donate? >> for global tuesday, encouraging generosity for communities. we do need help with monetary donations. every dollar can provide at least two meals , especially during the season. we are seeing donations decreased by 20%. every dollar makes the difference. any person can make a big difference today. >> you are one of the banks that have special matches happening for giving tuesday. that means every dollar donated will go even further. tell us how we can help and what people can do. >> want to say thank you to blackberry, that has given us a generous match up to $35,000. every dollar can stretch to provide at least four meals today. it is very generous of them. it will make a big difference in the c

have we held the bug yet on -- >> solana? your favorite? don't know that we've seen solana >> the wipeouts here are big you know, when people come on, they're very combative, again, they're always blaming us as being uninformed >> helping to promote many of these things as well >> i look at this. when you lost everything, and we say you've lost everything, i feel more informed than the people who say, you didn't lose, that it was, blame it on i mean, david, let's say you gave me a big pile of cash and i burned it. you know what? smoky the bear told me not to. the absurdity of the defense of these -- i want to just say this i bought it, sold it, made a lot of money, best of luck why defend a concept that right now, if you put money in, you're going to hurt people let's say someone's on and says, all this has to do with the fed, it's a great bargain, and then you put it with some outfit, exodus corp., and it's frozen. well, we did that. we did that. we had them on they said good things. we couldn't refute them because they're so vociferous, a

seeing issues at ftx has definitely spilled over to solana. we know that ftx's reach is incredibly wide in the crypto industry, so a bankruptcy for ftx would have a major ripple effect that would impact multiple major players in the industry. >> every hurdle and bump along the way has a lot of crypto doubters questioning what does this mean for the broader integration of the asset class into the mainstream adoption. is this an existential crisis? hannah: 100%. ftx, they have been part of the mainstream conversation around crypto. we have seen his face everywhere. he is very much a public figure in the industry. this really spectacular downfall really will shake the confidence from both the mainstream and regulators in crypto. >> hannah miller with the ensuing drama around the ftx and binance. u.s. viewers can get more. you will be joining "bloomberg technology" in progress, but we have plenty more on "daybreak australia" as well. this is bloomberg. ♪ >> if an individual company shows that it can grow 3x, 5x, 100x over several years, that will

we saw solana take a major hit. what can be expected? sonali: it will take a long time to play out. in the coming days the chapter 11 filings will show you more by the means of the creditors and how much they are owed on the back of the ftx debacle. the other firms pausing withdrawals, you have one by one large asset managers in the crypto space in investors tied to them saying what their exposure looks like. calculating that contagion will take time. the tokens themselves, a lot depends on who owns what. who are the whales behind a lot of these tokens that are trading today. kriti: sonali basak all over that story. thank you as always for your time. retail earnings continue to rollout after the bell. gap, ross stores, williams-sonoma coming up. we will dive into what we can expect. this is bloomberg. ♪ kriti: this is bloomberg markets. there is a wave of retail earnings this week. we have heard from home depot, walmart. gap still to come after the closing bell on the backs of macy's better-than-expected third-quarter results. let's bring in john edwards to break down the details. m

to the press showing that they had $14 billion of assets, though most of that was in the ftt and solanaken and only a few hundred million dollars of cash and for those paying attention that was really the queue that led to this run on the bank. liz: well, perrianne, what brock just discussed, the run on the bank so to speak, this makes people out there who are anti- crypto say see? see? what did i tell you this is a disaster or who knows what they think. what is your assessment if binance owns ftx exchange, that arm of it, what does that say about who really controls what's going on in crypto and can you trust it? >> well this is all natural. this is nothing to be scared about. this is how new technology echosystems work and all new technologies go through this it's called the shakeout phase. we saw this in the late 1800s with railroad manufactures, we had hundreds of them that consolidated. we saw that later on with car manufactures, lots of manufactures, there's only a handful today that oversee the majority of the industry. we saw this with pc's, with mobile phones, we saw this with

they need to look to sell their stakes, and then they have some of the liquid tokens, solana and alameda, the henlydge fund or qn firm, there's now fears of different counterparties and liquidity risks in the market. you can see bitcoin down around 15,000 the last time i checked >> kate, thank you kate rooney. what's interesting is how this is hitting the markets for an asset class that's supposed to be independent and move indpepped think sure isn't. when bitcoin hit its lows we saw the market hit session lows this happened in yesterday's session, so what's -- what's the concern here, tim, do you think? >> well, from a hedge fund community and from a counterparty community and even from a broker/dealer community everybody is wondering on who on the other side has exposure, and to the extent that i think, you know, in exchange is very different and a broker/dealer is very different as far as we know especially when you consider where a lot of these institutions have been at odds with bitcoin and have not necessarily been really partaking in it. i would say has it trickled all the way thr

reporter said, oh, we verified the assets of billion, but it was in substantially all in solan and solana has tanked and they didn't talk about the debt when sam bankman-fried was out there saying, maybe i'll buy it, that said to me, this is a guy trying desperately to avoid a margin call. and, you know, i was wondering, well, what happened to the value of all of the assets relative to the debt that i assumed alameda had, it's client money and when nobody is minding the store, and there's very little regulation and it's an asset that really is of questionable reality, this is what you get. >> carson, a question on your broader portfolio. last year, we saw an attack of the short sellers by the meme stock community, the retail investing community. is there still a legacy impact of that? does it affect the way you think about your next shorts >> well, we did get a lot more -- and this actually started happening towards the end of 2020. second half of 2020, we really started thinking more about technicals and flows and massive that must buy a stock and what is the actual flow when you look at

exactly and one of the biggest issues is alameda's balance sheet did hold a lot of ftt token as well as solanaen and when those imploded, that's what they were utilizing as collateral so they weren't able to make good on any of the positions that they had in the market. and so that's why he was trying to bail them out and so, yeah, it's really created a lot of -- >> it sounds like -- i've got to go to a movie for this i'll quote the great philosopher, tony montana, who in "scar face" said, don't get high on your own supply. and if you have a company that's backing up its own assets with its own assets do you wonder, reeve you co-founded tether, worked at razor fish, you've started companies, probably very well regulated, heavily regulated companies. do you wonder how regulators just missed this just -- >> well, it's not that they missed it. it's very difficult to regulate. and the regulators are doing their best to educate themselves and ideally make responsible regulations. and sam bankman-fried was putting himself first and foremost in that space to actually help them regulate and become the

the circles and the tethers because earlier this morning, they had halted withdrawals and usage of solanad tomorrow we'll be getting more with, of course, binance's ceo cz. man that single-handedly brought down ftx, richest man in crypto and i'd love to hear more about where he thinks ftx and sam bankman-fried who continues to tweet by the way during this debacle. stuart: i wonder if that's legal ly a good idea. i'm not so sure. >> i wonder if his lawyers advise it. stuart: great on cz tomorrow, all good stuff. >> [laughter] stuart: okay i want to stay, hold on. can't leave yet. we got to talk stocks for a second. we have the dow industrials down 194 points at this point. i'm a scribing that loss to a couple of fed governors, esther george and jim bullard, both of whom made statements which to me imply that the fed is not going to pivot. >> no. stuart: now you're the market expert here. >> actually i think you're the market expert whose been so successful for 40-50 years anchoring business television but let me ask you this because you lived through the 80s and 70 s and people are trying

>> in terms of value, prices of bitcoin, solana, people talk about a crypto winter, somebody mentioned become an ice age of sorts jpmorgan says there will be a cascade of margin calls. what do you think the pressure will be on value and price, and what are you seeing on your own platform right now >> yeah. we have seen the market come down a bit, and i wouldn't be surprised about contagion risk other firms are losing leverage in hedge funds and various firms that may experience pressure in these moments, but i don't think it's all bad you know, again, not every actor in crypto is the same, and i hate to be opportunistic, but i think for coinbase this is actually validating the strategy in the pursuit of the last ten years and it's our moment to shine and show we can be the most rep yudtable trusted and regulated exchange globally. i think about this crypto winter or how bad it's going to be, you can kind of compare it to other historical events. 2008, lehman brothers, that's a great example. that created a recession but didn't call the entire financial system into question or the dotco

bare with a stunning list of allegations but bitcoin recovering from its lows as well as ether and solanase allegations are being brought against the company's former leadership front and center. this is a look at some of the key claims. corporate funds used for personal purchases including properties for employees, the single unsecured email used for private keys and sensitive data around the world. most importantly for investors, only a fraction of the digital assets they have bought have been located thus far. despite all of that turmoil, billionaire venture capitalist tim drapers sticking with his forecast that bitcoin will hit $250,000. we asked him about the collapse of ftx and how it was entirely protectable. >> we have always been so excited about bitcoin because it is decentralized. and a token where ftx was centralized, it was all centered around this one guy. when you centralize anything, bad things can happen. putin is a centralized dictator of russia and he went to war. xi is a centralized dictator of china and he had locked down all of shanghai. these centralized decisions a

a bounce in solana.ance ceo has told us about his plan to backstop the crypto industry that has been shaken by the collapse of ftx. he said he has planned at least $1 billion for buying distressed assets. >> thinking about setting aside $1 billion first then that's not enough, we can allocate more. if that's too much, we are roughly angling for six months. hopefully if that's not enough the industry would have recovered i then and there unused funds hopefully we can withdraw back. >> will you bid for ftx assets and what looks attractive now? >> we definitely want to look at those assets when they come through the liquidation court. we want to engage directly with ftx, but if we find out based on bloomberg reports there are potential investigations going on, so we said hands off. they are investing a number of different projects. some of them are ok, some of them are bad. there are certain assets that may be salvageable and of interest. we will look through that when they become available. >> we know that

solana >> i don't know anything about it hair salona. >> i know we are having a rally with the nasdaqminutes into trading. amazon one of the leaders. we talked about it yesterday when that news came out from the "new york times" sort of detailing expectations in terms of the job cuts. as many as 10,000 jobs roughly 3% of the workforce overall. compare that to 13% of the workforce at meta we heard about only last week it gives you a little sense there. amazon hired 800,000 people. 800,000 people >> the sixth army but the war is over >> most to work in warehouses. the market likes layoffs, jim. >> meta, what they are saying clearly is it's the beginning of the layoffs. they don't need as many people in insta maybe they have conquered reels. maybe that is a tiktok defeat. i don't know reels gives a good roi >> watching that full screen of some media names, netflix had a seven-month high bofa double upgrade. they rein state coverage i know you have been watching the comments from warner brothers >> he's been speaking at a conference ad market still weak would be sort of the highlight ther

solana gaining about 7% at the moment. ftx token in freefall right now down 17%.sure. binance had backed out of a bailout for ftx. let's bring in john dawson sure for more on this. perhaps not that surprising given that earlier this week we were concerned about the letter of intent that was really nonbinding. >> exactly. this is all going so quickly. as of saturday or sunday, ftx was riding high and then all of a sudden there is a potential buyout from binance, and now that is not even happening. but things move quickly and there were reports that there were possible investigations into ftx. binance started to look at the numbers and did not like what they saw and so they decided that this was not for them and now we move on and figure out exactly what will happen with ftx and what the second order ramifications will be in the crypto market from other entities that may be affected by all this. haidi: joanna ossinger there. let's take a look at some of the movers in the meantime. of course the question really remains as to whether this is the crux of an existential

solana down 20 is specifically what they are referring to >> the ftt i will say this. the opaque nature of this sam bankman freed is concerning. the decline -- you have, david, remember sam owns alonetta he also owns ftx >> yes >> and we don't really know what's in. there's no reason we should know it's private >> very opaque not a lot of transparency. he's the most important man in crib ta. at least we have assumed, defaulted to that. >> is very influential $530 million to sell something is not a lot >> there he is that's our video of sam. sbf we like to call him. >> not jpmorgan. >> can we go back over the notion that the opaque nature keeps us, carl, from drawing any conclusion about what's going on, positive or negative >> approximate how concerned are you about it >> extremely >> really? >> extremely concerned extremely concerned. because we have a lot of viewers in these they have been arguably kept up by someone we did a piece the other day how in lebanon they are using it as actual currency. they have not been adopted they have been failures. david, what's the

but we input up these currencies, and i question, what do we know about solana? reason why we know zero is because the government doesn't feel that it should be regulated. and we put them up -- we could put up lots of -- we could have put up enron that was a very well-traded stock. i question why we put these up i know that that's maybe seditious, but i question why we're not allowed to question any of these things. >> i think we are allowed to question these things, and i think at least on your broadcast and our broadcast, we've been questioning it repeatedly. >> you guys have been nonstop. you have been nonstop, and it's been great i didn't mean it like that i meant that they don't want you to question. i loved this interview today i want you to be clear what i'm saying, they didn't feel compelled -- none of these people feel compelled -- i've been looking at some of the things you've been asking and it's unbelievable how much money you could have saved people, unbelievable what "squawk" has done you don't have subpoena power. i mean, you have asked everything