and falling crypto currency marcus, it's c o. it's mets that it had built of its staffing numbers based on the assumption that the boom in return investment during the pandemic. we're continuing to 2022, which it hasn't robin hood's revenues for the last quarter. we're down 44 percent on a year ago. let's get more on this from our correspondent at the new york stock exchange . teddy austro teddy good. have you on as ever. i mean, why is robin hood so exposed, i suppose, the misfortunes of their crypto currency mark while rob to answer that we have to understand why robin hood experience such explosive growth in the past few years. and that's because in 2020, 2021. when a lot of people were sitting at home due to coven restrictions, and had a little money, little bit more money in their bank account, due to the stimulus tracks. well, robin hood was there to take in and a whole new wave of retail investors. where did the investors go? well, this is where the mean stock frenzy of last year that i'm sure a lot of people have heard ab

sonali: crypto listened. even though it's trading lower than where it was a week ago, you do have it back up in the last 24 hours. if you look at what is happening, macro is driving much of the story. there are also some single name events, when you look at tokens that are trading, ethereum being one of them. avalanche on the downside. some news over the weekend driving the price lower. how much do fundamentals matter? guest: i think there are going to be short-term narratives -driven moments as are with any equity or asset class more broadly. fundamentals continue to matter. i think the long-term investor is still paying attention to fundamentals and that is going to be driving a lot of investment. sonali: as far as investing, how much are you thinking about valuation? there are a lot of questions about whether ethereum has a lot more room to run given what we have seen from bitcoin the last several years. do you believe there are more complications ahead? guest: i think the merge is a big milestone for ethe

i think being crypto native is important and how you build a product in crypto and how it can scale over time. that is not to say financial institutions and web 2.0 companies will not be able to build great products and ideas in the crypto space. but i will say being digital and crypto native is a unique advantage. sonali: along those lines, when you are invested in everything from sushi swaps to coinbase and crack in, centralized or decentralized? which is the way of the future? >> it really is a spectrum. it is not a black or white question in terms of whether the world will look centralized or decentralized. i think that has become clearer over the past few years. blockchain capital and more broadly thinking about the market, we want to back founders and products solving for customer pain points and real problems they are facing in the market. i think that will continue to exist on a spectrum. katie: great discussion. thank you so much. coming up, we are going to speak to gary pan. more on that big news next. this is bloomberg. ♪ katie: garry tan, managing partner at initialized cap

there are a group of crypto native investors like us, who only invest in crypto and blockchain's and the technology around web three. many of the traditional venture funds and hedge funds that started digging into crypto have pulled back, leaving ample opportunity for us to make investments. we invest along the entire waterfront of crypto -- everything from layer one blockchain to the infrastructure stack. we invest at the nft and gaming levels where the creators of the nft standard and one of the most accessible crypto collectible companies -- we invest in stablecoin and asset management. and really all the different places where crypto is starting to see evidence of mainstream adoption. i think the differentiating factor between us and other investors is we are crypto native. we only focus on crypto. and we have super deep technical depth. we help them architect. we are value added. we're helping people build companies. emily: you are on the board of the largest nft marketplace. you cofounded apple music group back in 1995. i'm curious what you see at the intersection of nft's and

we want to be the most trusted company out there in crypto. we want to be the easiest to use. by kind of going first, we might sometimes pioneers get a few arrows or whatever that saying is that's fine. it might take two or three years, people see our track record that we're managing the business rigorously with good capital allocation, focusing on long-term profits, that's just going to help us be the most trusted, go win some of these deals with black rock, and meta. and so i'm glad that we're doing the right thing for the long term, even if this short-term market has been a little painful. >> you were the first public crypto company do you feel like that is resulting in the sec paying more attention and potentially making an example out of coinbase >> no, i think we get our fair share of attention, we're the largest in the u.s. and we do get a lot of attention from the sec. they're giving attention to everybody. so i don't think that that's unfair i guess zooming out, you know, we've been actively engaging with regulators, i think it's a good thing sometimes it's reported a

emily: time for our crypto report. even though the market may not be as bullish as last year, coinfund is announcing a $300 million web three venture fund, backed by institutional investors and crypto native founders. i want to bring in david pakman, managing partner and head of venture investing at coinfund now. we have been talking about a lot of dry powder out there with the market downturn. a lot of investors right now having to sit on the sidelines. why launch this now? david: this is not our first bear market in crypto. it is our third one. coinfund has been investing in crypto since 2015. we launched our second seed fund in the depths of the 2018 bear market. that fund has done really well. we have three seed funds now. we are launching this venture fund focused on projects and companies. but in our view, this is probably the largest economic value creation opportunity we have ever seen in tech -- bigger than web one, bigger than web two. we are rearranging the entire value stack of software built on top of dece

you hear how do we get our crypto system out of the united states. as a american -- kennedy: there's a conflict of interest with the federal government because the federal government is also the central bank so they don't want anything that's going to directly compete with the u.s. dollar and manipulating the money supply. i don't know how you trust people from the federal government to do -- even if it's the least amounts necessary to keep people from being defrauded. >> well, to some extent the federal government is almost like a shadow in terms of like what they can actually enforce so already the system of -- kennedy: tell that to wesley snipes. >> true. but i guess i want to say positively that the government can't enforce what they're claiming they can endorse. it's already done. kennedy: why does elizabeth warren hate crypto so much? >> she can't control it. kennedy: she's a control freak. she's a senatorial dominate ddominaterixand will hold her hr money. money. if people worry they lost a bunch in crypto and bitcoin, will they make it back i

that's why they're coming hard for it so i wouldn't be in crypto i'd be a seller of crypto. and if i miss it i miss it but guess what i like buying things that have some value that back up the price that i see on the screen >> i was about to go to you for hopefully a slightly less morbid analogy but i'm just going to move on. final trades >> i actually have a question real quick for kevin so if a lot of it hinges on elevation, there's this thesis that regulation legitimatizes the industry if and when we get past that regulation hurdle in the u.s., would you be buying crypto directly would you buy the actual coins or would you then be comfortable with some of the platforms like a coinbase and other companies than are so heavily involved in crypto in the u.s. >> and mr. wonderful, if you don't mind, quick answer >> yeah, yeah. coinbase's infrastructure. you want to own them both. but you need regulation. bottom line is sovereign wealth does not touch crypto right now. steve pointed that out they would like to allocate 1 to 3% and if you're running $900 billion that's serious m

. -- crypto report. we are diving into crypto mixers. it is a service that makes transaction more anonymous and harder to trace. while it's great for privacy, it has become a tool for global money-laundering. recently, tornado cash was sanctioned by the u.s. treasury after it was used to launder more than $7 billion in digital currency in 2019. let's talk about the debate which has spurred in the crypto community. thank you for joining. michael, do you think the accusation allegation is fair that these mixers have become dangerous? >> to a large extent what we have seen over the many years i've been in the crypto space is the majority of the funds going to mixers are for largely criminal activity. to that extent, it is true. there are lots of other purposes that you could use mixers for that are perfectly viable. the purpose that is anonymity -- emily: administrators have described as the go to mixer for criminals. does your data support that? >> north korea is known to be one of the biggest in the crypto space in terms of organized crim

this is bloomberg. ♪ emily: time now for over crypto report. today we are diving into crypto mixers, a service that mixes different streams of potentially identifiable crypto-currencies so that, a owners account and history is hidden, making the interaction more anonymous and harder to trace. here is the catch, while it is great for privacy, it has become a tool for global money laundering and cybercrime. recently, tornado cash was sanctioned by the u.s. treasury after it was used to launder more than $7 billion in digital currency in 2019. -- since its creation in 2019. let's talk about the debate, which has erred in the crypto community. chain analysis see oh along with bloomberg's on katie greifeld. thank you for draining. michael, do you think the accusation allegation here is failure, that these mixers have become kind of dangerous? michael: to a large extent. what we have seen over many years that i have been in the crypto space is that the majority of the funds that go into mixers originate from largely criminal activity. so to that exte

emily: what is your take of where we are in the crypto winter? are you seeing signs of starting to saw or are we still deep-freeze? emilie: i'm smart enough to know not to make a prognostication where we are in the cycle. what i can say is coinbase has been through four major cycles, 10 years of operating this company, so we just know how to run a long-term business. we know how to preserve cash, how to operate it for the long term and that is what we are doing. emily: how much of what is happening is tied to the overall economy as opposed to crypto-specific factors? emilie: it's a mix. it's hard to say what comes from the macro and what comes from the crypto winter. in some cases, they were intertwined because they caused a run on the assets that created some of those bankruptcies. ultimately, the way we approach that market condition is we think about how do we drive higher revenue generating activities. how do we cost cut in that type of environment and how do we make sure we have the absolute risk management in place so we avoid any of the co

it happened in crypto too. they were less engaged and had to raise funds and so, you know, in terms of what we think is important going forward is can this company get back on track with engagement with customers can they keep the costs under control? one thing that was encouraging from last night, they reiterated their four-year guidance on profitability. so they're going to manage it with less than $500 million. that's the same guidance so even though the revenue backdrop is chacing, the profitability picture isn't really changing, which to us is encourageling, taking control of things they can. this is a business that's way beyond just trading, and you saw it a little bit in the subscription numbers with the big one. coinbase just announced its partnership with blackrock's alladin. we think there's going to be a number of more partnerships like that coming, and that's where coinbase really shines that's why the stock is down this morning, 30% last week because of that. >> despite that, still down this mornin

bringing in positive sentiment to crypto markets and every market related to crypto. emily: still, you got coinbase and robinhood slashing their headcount. what mistakes do you think these companies made when they were scaling? brett: looking across the growth tech sector, there are so many company is talking about either layoffs or hiring this. everything from robinhood but also google, microsoft, tesla. i think there is a real lesson learned here which is that growth companies which typically operate under the model that headcount grow as a sign of company growth, are realizing that headcount growth can get in the way of company growth. if you do not have a staff or you can prioritize the most important build outs, get things done, move with a market that moves extremely quickly like crypto, it is going to be difficult to keep pace. when there is a winter and things are slowing down, retail volume is drying up and you have to focus on the most important things. that means you have to pull back on employees, which can be devastating. to build up a giant workforce and

their customers were not necessarily demanding this crypto as a class. for this to come together now, during the crypto winter, it is such an incredible testament to where we are, where they are, where our customers are and i think the most important point is a space to institutional powers. >> will we see more of these? are there more potential partners that we are talking to that are interested? >> you will see more of these. we are the number one partner to partner with. >> coinbase has had a bit of a back and. there are nine tokens that coinbase has listed. >> we had never shied away from regulation. it is part of our lifeblood. it was counterintuitively something we invested in from the early days of the company so we welcome healthy and sensible regulation. in this case, the sec -- fcc has launched an inquiry about our platform. we spent a lot of time and effort classifying assets and whether or not we believe we fall into the security space. if this is an opportunity to have that dialogue again had to make sure we agree on a sensible framework for

you have crypto lobbyists shaping policy. is there enough skepticism on capitol hill of this industry? sonali: i think time will tell how much there is a push or pull. you are asking a question where it seems like there's a lot of lawmakers that go out and in a regime where the head of the sec has -- sec has been cracking down on enforcement issues in a way we haven't seen and the tensions boil over. where's the support with someone he millions of dollars going into support the industry? this is not a panacea. you are looking at the industry and this is a thorough and long critique of the octane technology itself as problematic is how they are phrasing it because fraud mitigation is a big issue when it comes to blockchain. let me give you another perspective -- the conversation with the ceo of nasdaq told me there could be a day when every asset on the planet could be digitized. these researchers -- the fraud mitigation part is such a key argument to people who believe in it and the people who don't. emily: i want to talk abo

we are going to start with crypto. you should go to the stock market, right. crypto. why? because i am -- these are seinfeld assets, about nothing. i interviewed gary gensler, chairman of the s.a.c. he was honored to announce a deal with china, where their companies would finally play by our accounting rules. maybe that is the first step to making chinese stocks into something more than a worthless parlor game. in the end, i asked if he had had a look at all the new crypto coins trading on these exchanges. he was circumspect. so, i went one step forward, and asked what would happen if my colleague, partner, buddy david and i created a coin, took a lot of it out, and listed in a classic front run pump and dump. he said we would need good lawyers. now, i don't mean to pick one, but coin base had more than 200 tradable coins. i am not exaggerating when i am saying they seem to be changing by the hour. from the look of things, i think a lot of people in the crypto ecosystem should be hiring very good lawyers. some of these smaller coins do seem to lack the class of -- yeah, th

according to kueng blast, some $200 million in crypto -- coin blast $200 million in crypto assets liquidated in one day. let's bring in david, cofounder and president of prochain capital how long will this last for crypto? >> i think it lasts through labor day at least. the dog days of summer, not much going on, i think macro we have had a good run up in equity markets. we have had a good run up generally in crypto, certain very strong in either. right now the market is deciding should we be a risk on environment or do we need to pay more attention to inflation rates, policy and so forth? emily: how long does it extend beyond labor day? david: i do not think very long, we will start to get some announcements after labor day around things the crypto community cares about. legislation, regulation, and potentially industry related announcements like the few received out of like rock over the last couple of weeks in terms of -- black rock over the last couple of weeks in terms of their for a way -- foray into crypto. emily: do you differentiate between crypt -- bitcoin and ether? >> right now yo

let's talk about it more with our own crypto contributor sonali basak give us an update on the crypto markets and whether jesse powell is right by just waiting it out. sonali: you saw bitcoin did reach 25,000 for a bit this month. it has come down below $24,000 again. where does that leave us? it does not leave us at the ice he thought it would hit last year. he told you and me that fit quinn would be worth a lamborghini. even though it has not hit that price, you do see it about half the price it was this time last year, but double where it was two years ago. it will be interesting to see the market sort out the natural price of bitcoin. i also want to point out a cerium, you do see a gain on the month, you see the price rising. in more recent days, that excitement has worn off just a little bit. you have it rolling around $18,000 right now. it did peek above $2000 this month with the anticipation of the merge. i know we are going to talk more about that next. emily: stick with us, i want to talk about this more and how bitcoin startups are trying to secure capital as the crypto wint

that is not what crypto is about. it is about financial freedom. suddenly everyone getting investment opportunities, not just accredited investors. not just people who have money to invest. i think people are getting their feet wet and learning that when you take responsibility for your financial decisions it means that you may lose a lot of money. charles: yeah. >> i have always been a proponent don't invest more than you're willing to lose in new markets that are really on the cutting-edge and i think what we're seeing with a lot of these like disasters that happened recently it is always with centralized third parties that is not the value proposition of crypto. >> touched on something i have to ask about. i have a lot of feedback on tornado cash. i know some of the money was being used to launder stolen funds. at one point the guy who founded it was on the lamb, you're saying the authorities use it as a excuse to punish the whole defy movement instead of stopping criminals, right? >> absolutely. if you look at the use case of tornado cash overw

but it's interesting what's driving that at this particular moment it's not excitement over crypto or the flows from retail investors and meme stocks. it seems to be fintechs acting more on the fin side than the tech side. sofi able to flex its bank muscles. paypal being really disciplined about costs and people being excited about possible combinations >> you're right. it's been less about ai judgments and the ability to refine your loaning practices, for example, through technology. you're right about the cost savings, looking at $1.9 billion in cost savings, revenue up ten. truist goes to 108 on pay poll if there's a marriage in the future one day, jon, i would have to say this would be one of the most telegraphed partnerships we've seen. >> obviously, though, it's one of those may-december ones in a way i guess. i get that people are trying to lay off this whole transaction thing for pinterest where you get a little bit of the mix of the search-led intent and a little more of the programmatic. pinterest isn't growing at a particular rate. i'm not convinced. i know people are tryin

does it have to do with some of these crypto products, where people might not understand the risk to them losing all their money, not being able to get it out, if that's advertised to them, are you saying that the large platforms that deliver that message are somewhat responsible? >> well, it's a little different. it's really when those tech firms are really part of designing those messages, or they're targeting specific types of consumers we saw this actually at the department of housing and urban development too, where they charged facebook with violating anti discrimination laws because they were -- of how they were allowing exclusion of certain prospective homeowners look, it comes down to this, if the tech firm is really just a passive pipe to allow advertising to flow through, that's different than when they are directly involved in targeting or directly involved in shaping the content that is related to financial services. and, look, this is part of a broader effort of tech getting into finance. >> yeah. >> and that offers a lot of opportunities. but also we just want to make

india still remains important to crypto and crypto remains important india, but in the next 12 to 18 months, i don't expect much positive things on the revelatory front -- the regulatory front. haslinda: so how do you adjust? nitin: you build. this is the best time to build. we saw this in the last few cycles. all the great value that was being created, it all started in crypto winters like this. the big story for india is the platform called polygon. most users will be aware that it is the best player to build on top of ethereum. it is a network that was valued at $16 billion just before the crash. our belief is that india remains a place, given the breath of the base of technical talent and outdoor partnership, that the future of web3, beyond the crypto assets, the technology, the infrastructure that has to be billed to make web3 a reality could in large part b built out of india. that didn't happen with web1 or web2. you didn't have india creating the value that facebook created in silicon valley. but that could change with web3. if you take a long view, five to 10 years, it is ti

, we're still on a lot of crypto. >> you think we've seen the worst of crypto? some say we're going to look back and see that crypto had the worst quarter ever in its history. >> i certainly hope the second quarter was the worst quarter we've ever had it certainly was a bad one it's still down 50% on the year. so go figure we had a force d leveraging that happened because of a lot of imprudent credit policies at lots of places that i think exacerbated how bad the move would be and that worst is over there is no more forced leverage that's going to happen so now the market hits in equilibrium and we have a big, big deal coming inn ethereum. blackrock announced they're going to put crypto on aladdin it didn't get nearly enough press. it's connecting in almost aever institutional pool of money for the act tbility to buy crypto it's not going away. so i think bitcoin remains a pretty good asset. >> what do you make of what seems to me, and i don't know if we lay the charts over each other, baut an almost direct correlation to meme stocks with crypto and bitcoin >> o

but every day there are more bumps in the crypto road. how is this impacting institutional sentiment? >> blackrock is allowing institutional investors to buy bitcoin entry bitcoin be a coinbase while using the management and risk analysis. we see this as a clear response to the demand of the very traditional institutions. i want to flip this for a moment and say that while we are seeing traditional institutions like blackrock, the most significant and important adoption, bitcoin and the payment market are in the emerging market. these two forms of adoption are happening simultaneously. >> thank you so much for sharing your views with us today. coming up, is the ftc harassing jeff bezos? we will have more on that, next. is bloomberg. ♪ >> amazon is fighting back against the ftc. in a filing made public on monday, amazon claims that the staff has -- ftc staff have made unduly burdensome demands on the amazon is claiming that the ftc is harassing jeff bezos. how so? >> in this filing made public yesterday, amazon claims that the ftc has be

why greenlight something like this while at the same time being so careful and obsessed about crypto it doesn't -- i can understand if it was someone with the philosophy of people should learn the hard way and this is an sec that is much more determined to keep people from unnecessary losses >> i would agree with that and certainly similar actions you can question or you can applaud depending where you are, but i think you also have to take it in context i'm speaking for myself here if you have options that expire today and they're worth a bet one way or the other, and this product has more of the underlying equity, then i think it gets harder for the sec to say this is something they can approve because it would come into the whole options complex which has obviously served investors very well for all years. i'll repeat myself again it's the fine print and it's the things we click through on the web, but this is important, and i think the brokers and exchanges can do a good job over a period of time of educating on the pros and cons. there are certainly some pros to it and obviously

exposure just stay with crypto itself >> we like crypto itself we are believers in bitcoin. bitcoin adoption has gone up exponentially similar to ftx has grown quite a bit. ethereum right now is about to go through its merge for a stake that should happen some time next month and that's the biggest catalyst in ethereum's history, and then, of course, in addition to ftx, grayscale had grown their assets under management from about 300 million to 43 billion and it's tapered off quite a bit and that would be another successful in crypto >> buyer beware, of course many of the bitcoin included are down more than 60% from their highs. beth, thank you. >>> still ahead, shares of signify soaring today on reports that amazon is bidding for the company and it's not the only one. we've got the latest in big te tech's battle to dominate health care that's next. just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest

wallets and access to crypto for users when we take a longer term view on the potential for crypto in emerging markets. haidi: do you expect the fintech business to be over 50% of revenue by the end of the year? pedro: when we look at the rate fintech is growing out, over $30 billion of fintech payment volume in the second quarter north of 80% year-over-year. it is soon to surpass the commerce side of our business in terms of site. whether that is over the next two or four quarters, it's harder to tell. but, we are at the cusp of the point where more of our business will be coming from the fintech side than the commerce side. shery: fintech borrows significantly from goldman sachs in order to expand. you see more investment going forward are are you staying put? given your other investments are already paying off? pedro: one of the most successful lines we have been developing is the credit line. it is a big driver of adoption of our fintech services. over 40% of our users have -- are getting access to credit for the first time. through our platform. and, a lot of these facilities we

especially across the supply chain of the crypto ecosystem. thank you, diego really appreciate it >>> s&p still down back to 4155 let's get a news update with bertha coombs. >> russia is accusing the ukra ukrainian special services of killing the daughter of one of putin's closest allies she died on saturday when a car she was driving exploded near moscow her father had planned to be in the car with her russia did not provide any evidence backing the claim ukrainian officials have denied any involvement in the explosion. >>> the judge in trump's mar-a-lago case issuing a written version of his oral ruling last week the judge ordering that the affidavit the government used to get a warrant to search mar-a-lago should be released to the public, but he gave the doj until thursday to offer redactions to protect sensitive information. he also says he may decide it's not worth ordering the release of any portion because the redactions may render the document meaningless gibberish >>> and a new study has found that switzerland's 1400 glaciers have lo

crypto's loudest voice cheering on washington dc. ceo sam bankman-fried was on earlier this week showing his support behind a new bill to regulate bitcoin. one of the bill's bipartisan author is here next to tell us what he hopes to accomplish. republican senator of arkansas on why the bill's backers are not choosing the very agency that's pushed the hardest to serve as crypto's watch dog. closing bell, 51 minutes away and looking at red on the screen for the dow and s&p and nasdaq popping up into positive territory and s&p just turned positive by just a third of a point. russell is down, let's call it flat. we're coming right back. just getting started here on the "claman countdown". 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 them. get unl

— of crypto. people felt it was decentralised. to see it used for centralised finance is probably a bit of a deviation from what crypto was originally created for.— created for. really interesting. - created for. really interesting. thank| created for. really - interesting. thank you for created for. really _ interesting. thank you for your thoughts. this weekend sees the final race of the formula e season in the south korean capital seoul. it's a milestone for the electric car racing series — the seoul event is the 100th race since formula e was launched, around a decade ago. it attracted a record 316 million viewers last season. but, despite that, some big names in the car industry have failed to stick with it. audi and bmw pulled out last year, and now reigning champion mercedes says it won't continue after the current season, preferring to focus on formula 1. jamie reigle is the chief executive officer of formula e — he's in the south korean capital seoul. jamie, welcome to you. tell us

also ahead, we're talking crypto, this very big week in crypto. the merge of what they call the blockchain world. it will change a theory of with the founder and ceo bobby lee in a couple of minutes. any questions for him, send it our way. this is bloomberg. ♪ david: welcome back. breaking news out of south korea. south korea is restoring the right to work restoring his right, so it is a presidential pardon. coming through, perhaps related, the chairman granted a special pardon too. this is the headline, crossing the bloomberg terminal. .8%. yvonne: yeah. i am guessing, the stock is bouncing on the back of this. there's a lot of lingering questions of what this means for korea, which had been used to boost the economy. at that we were looking at change before. but it looks like what we are seeing here today. maybe things are heading back in that direction once again. as you mentioned, cheering on the back of that news. david: absolutely. i'm guessing this will fuel a further round of conversations around the general story of where that is headed

crypto currency exchanges, down by 4.5%. but coin is sitting up of 23 thousand dollars, we do see the slump -- bitcoin is $23,000, we do see the slump. we have given at times bitcoin and crypto performing as an inflation hedge. we talk through the company's latest earnings when it comes to coinbase. take a listen in an exclusive interview with the president and coo. >> reporter for both companies -- a rough quarter for both companies. some of the asset prices impact things like the platform and other numbers. >> the monthly transaction users actually beat but coinbase is losing market share. what do you do to stop the decline? >> there are different pieces to this puzzle. our core retail customer is sitting on the sidelines. they want to huddle for a little bit and they will engage with certain figures -- features. there were some episodic bankruptcies that happened this quarter, we were untouched by that. we have incredible risk management and zero exposure. there was an aspect of that that we do not benefit from the liquid

crypto winter blasting digital tokens with cold air and crypto currencies sliding now and bitcoin down 3.13% and getting close to the flat of 23,000 and below 24,000 here and we may see a change and go below 23,000 as we're talking. got ether down 3.25% and litecoin down 1.25% and may be hit by another big storm by the time christmas is around. cybersecurity leader check point technology is wore it'sing that block -- forecasting that block chain met i don't recollects and crypto and the meta verse is top tier for hackers in the second half of the year. i'm joined by the checkpoint ceo gill. gill, what is telling you that hackers will somehow be more elmore boldened between now and the end of the year. what are you seeing? >> hey, great to see you again and, yes, we are seeing a lot of evidence for more and more attacks on the block chain infrastructure. some of it is very sophisticated tech lodgely and some is-- technologically and some are sophisticated and the wallets and infrastructure is not that secure. there's no hardware, it's hard to trace the hackers and a lot of money at stak

crypto is coming back. he told carlisle cofounder david rubenstein his $1 billion bailout for ailing companies for the crypto downturn had mixed results. this episode of the david rubenstein peer-to-peer conversations was recorded august 17. >> i think it is coming back. obviously, a lot of this has to do with the macro environment. if we see markets crash again we will see crypto crash with it. if we see a market recovery we will see a crypto recovery with it. it has flushed out a lot of things that needed to be flushed out from the crypto space anyway. >> in may of 2022, a meltdown of tech values and also crypto. did you get nervous all of a sudden? that you would fall apart? >> not super nervous. it would definitely be a rocky road for the industry and you saw some businesses blow up when bitcoin hit 20 k. if we saw things meltdown much further than they did, if the nasdaq dropped 30% or 20% and in the bitcoin -- and bitcoin went down 10 caper token, you would see another round for the industry. that wou

it goes to the thesis that and reason has around crypto going forward and how they crypto structure will change. it makes a complete large amount of sense that they coupled this together and said, we have a proven founder and we will take this forward and see that he changes the world again, this time in a different asset class. emily: interesting take. controversy aside, what do you make of the size of this check in general? to write a check that big in this very uncertain economic environment. andrea: andreessen's funds just keep growing higher. i expect to see more of that from them. i would say that this is a company that is going to need a lot of capital to keep acquiring the units that they have. right now they have 3000 apartment units under the mandate. going forward, it will require an increasingly large amount of capital and doing it at a velocity that is really high. so it does not really surprise me, but with this capital, it would expect they are pretty well off for the next two years when it comes to their runway. emily: alright, andrea walne, general partner at manhattan v

, trying to eliminate some of the regulatory uncertainty and shift some of the major cryptos under the purview of the cftc. just clarity on that, that regulatory clarity, or the anticipation we might see regulatory clarity is the other thing giving coin a big boost this week. >> that clarity, is it the idea they're not equities, that they are -- you know, is that the clarity that would be causing that bounce? >> yeah, that debate i'm sure will still wage on and will take longer to sort out, but, yeah, the cftc has already previously asserted, at least from their perspective, that the big de centralized cryptos like a bit coin, ethereum, a litecoin, et cetera, are commodities, should be treated as commodities and regulated as commodities, as we already see bit coin is. that alone i think would help to have that clarity and sort of move it off. the whole debate with hundreds of thousands of other coins, trying to figure out what the rule set is what exactly is security versus at what point is it considered de centralized enough it is a commodity that gets to be hacked out. but i think wh

cap is down 49% year to date and in that bear market armstrong expects that the less legitimate crypto influencers will face increased scrutiny and may ghost their subscribers. we reached out to the influencers accused of defrauding investors about whether they have taken e influa undisclosed payment for prom promotion. the influencer known as flozen said he wasn't paid to promote the casino, and deleted the video after we started asking questions. the green show did not respond to our request for comment. >> eamon javers, thanks very much. a group of peopl >>> a man with a gun enters a bank, demanding money and taking a group of people hostage. so why were people outside the bank cheering him on >> and turns out all mariah wants for christmas is a trademarked title except another singer is in her way coming up, the fight for the crown of christmas queen as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig

plunging again, we'll have more pain in crypto as well. elizabeth: yeah, the dow down about 302 points and nervousness in the market throughout the session. sam, great to have you. thank you very much. >> thank you. elizabeth: ftx ceo and bitcoin billionaire sam bankman-fried. friends without benefits, why do i need that? twitter lawyers are now dragging elon musk billionaire buddies into its $44 billion legal battle to get elon to cough up the cash he promised to buy twitter. charlie breaks it next. closing bell, call it 13 minutes away. yes, we're continuing to, you know, kind of crater here. down is down 308 points and s&p lower by 16 and nasdaq clings to 4 points of gain, russell up 4 points too. 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. so... i know you and george were struggling with the possibility of having to move.

forsage and celsius. 3arrows which dealt in the crypto sphere. does the list end there? those are three catalysts for a sector right now three big names in there >> the list is not thin there. crypto voyager filed for bankruptcy in the district of new york that i'll monitor on thursday voyager had more than 100,000 creditors and between $1 billion and $10 billion in assets and liabilities of the same value. the ceo said after the company goes through the proceedings, customers could get some of their money back so a lot of those users are hoping to get clarity on next steps. >> wait a second $100,000 is a staggering number of potential clients is there any indication of how many of the clients were retail folks like you and i as opposed to institutions or mom and pop what about celsius and then voyager both names had trattracted interest >> voyager and celsius were major names with retail traders. they offered high interest rates. voyager signed up 3.5 million users. celsius had 1.7 million customers as of june both in bankruptcy court and some customers written to the s

how worried should crypto traders be? >> well the irs has been going after crypto already for years. as one of the few taxpayers who paid taxes on crypto going back to 2014, irs released information only a few hundred people filed any crypto taxes back in 2014. they have been going after everybody in the industry really since then. that was when they made it clear everyone in the industry really owes capital taxes from zero by the way there is no exemption right now. there is a movement in congress to try to exempt small amounts. technically anyone who trades crypto does owe taxes on. >> i admit it. it is so tough. a lot of folks who never invested before on some of these, i don't know where they might go and invest but a lot of movement. a lot of volatility. i think a lot of people will be sad and upset when they start to get those bills. i'm hearing a lot of buzz over the ethereum merge. what exactly is it? why is there so much excitement? >> well it's the wall street equivalent of triple-witching day in effect. it's a

tekin: yeah, i think the underlying presumption and ethos of crypto is code's law. if you create a dao that is simple majority votes, if you decide to have a bunch of vc's an concentrated token holdings, you are ultimately going to be subject to their will when it comes to blockchain governments. i think these are things that the crypto community has better understand over time. we are still very early. when you think of the history of corporate governance, public companies have had many hundreds of years to get things right and frame our understanding of corporate governance and law around that. dao's have been around for a decade. sonali: we will keep following . thank you so much. back to you in san francisco, emily. emily: thank you, sonali. we will dig deeper into the future of ed-tech and where we stand post-pandemic from the investors' perspective. this is bloomberg. ♪ emily: let's continue our coverage of education technology and explored from the world of venture capital. funding to ed-tech excluded in 2020 with $14.6 billion in education companies global

crypto is a definition of that. i look at that because it has preempted some of the broader moves in u.s. tech sector which has also dominated the overall stock sector in the u.s. just over a week ago it peaked out. a day or two before the day -- the -- in u.s. stocks. we broke out of the trendline that started a couple months ago. we have the support at --. the reason i highlight this is not just because of jackson hole. the move in crypto was led by ethereum. there has been such decimation in the crypto sector that ethereum has less than 200 billion market cap left. basically most crypto coins are no longer as relevant for the financial sector as they once were. we are back to just looking at bitcoin. there had been a lot of excitement about something called emerge happening at a theory him as it moves from proof of work to proof of stake reducing the dependence on energy. people think this may be the breakthrough sector for the crypto community. many people thought it was a buy the rumor and sell the fact theory.

for one of crypto's biggest bulls. "power lunch" will be right back bubbles bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. >>> welcome back to "power lunch. up on the strong earnings beat and the biotech etf ibb is still down double digits so is today's bounce the sign of of a bigger turnaround michael ye, is joining us. just to start off, can you talk us through moderna's earnings? i understand you can get us through that because that's the reason we're talking about this as those shares are higher today. what did you like there? >> moderna put up a great quarter in the face of uncertainty, as you can imagine with the waning of vaccines and boosting and they put up a great quarter. they announced a big u.s. contract which is important as we roll out a new booster and they maintain the guidance and the outlook. a great quarter for moderna. >> as we're looking for the entire sector before we

here is what is coming up next. >>> crypto hack. thousands of digital wallets wiped clean as hackers steal millions. the crypto concerns facing a tough token. >>> plus, block on the clock. with earnings on deck, we are getting a view from the options pits to see how traders are squaring up for results. you are watching fast money live from the nasdaq market site in time's square. we are back after this. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq ♪ ♪ i was having relationship issues with my old bank. it was just take, take, take. so i moved to sofi checking and savings. download the sofi app and earn up to $300 when you set up direct deposit. sofi get your money right. ♪ ♪ ♪ ♪ ♪ ♪ dolly varden silver is advancing their high-grade undeveloped asset in bc's prolific golden

crypto influencers will face increased scrutiny and may ghost their subscriberers. we reached out to the influencers accused of defrauding investors about whether they have taken undisclosed pages for promotion. the influencer known as flozen said he wasn't paid to promote the casino, and deleted the video after we started asking questions. the green show did not respond to our request for comment. >> eamon javers, thanks very much. >>> you bet. >>> a man with a gun enters a bank, demanding money and taking a group of people hostage. so why were people outside the bank cheering him on >> and turns out all mariah wants for christmas is a trademarked title except another singer is in her way coming up, the fight for the crown of christmas queen ss savi. call now to get powerful internet for just 39 dollars a month. with no contract. and a money back guarantee. all on the largest, fastest reliable network. from the company that powers more businesses than anyone else. call and start saving today. comcast business. powering possibilities. in order for small businesses t

ftx is not a stock, that is not interested, it is into crypto. what does something like reddit do for them? do we think more social media platforms will partner with them to get the job done? guest: this is not the first one. they did it with bitcoin. i think you will see more and more bitcoin adoption. there will be an extra layer of payment and blockchain if you want to go there. you can see his change is coming and getting new customers. i think it is a very smart way ftx is coming, not only working with social media platforms, but any place where you have an e-commerce option to be done, just add another crypto payment system out there. shelly: thank you, kavita, thank you so much for joining us. always great to have your take on the latest dramatic twists in the crypto business. [laughs] kavita gupta, and our very own sonali basak. coming up, snapchat's one million paid subscribers. what that means for the efforts to move away from advertising. we will discuss that next, this is bloomberg. ♪ emily: snap says it's paid subscription plan is

if you look at not just on the crypto space, because right now i do feel like the market thinks the crypto names are high growth, the most speculative companies so that's why we see that volatility. but remember, bitcoin and also coinbase is only like 10 years old or 12 years old or so. when these industry matures, i do believe the volatility will decrease also, again, going back to the diversification point i just make, when coinbase starts to diversify, i think the correlation and volatility won't be that high. >> owen lau, thank you mike, i do wonder if you are seeing a short squeeze with this name as you get some positive catalysts? >> no doubt about it the stock went from 350 to 50 in seven months clearly it was a pile-on short because it was sort of a leveraged play on what was happening in crypto, things falling apart. so it has those dynamics in the meantime since the early part of this year, 2022 earnings estimates have gone from $7 earnings a share down to a $7 loss per share there's a lot of noise in the accounting, but that just shows you it's mostly trading on sentiment, the p

so there are three things going on today we have that crypto hangover as ethereum's moving to proof of stake. we have the reopeningar or the work from home hangover. and then we have a new card line-up, the 4000 coming at the end of the year. and all of this has created massive inventories out there. this had to be unwound it's being unwound now it's a big move. 8% down isn't that bad compared to that 50% move that we had in 2018 >> so then this move since early july, you think it's solid and intact and if so what propels it? >> i do think we're clearing the decks here, which is great news. i don't think we're through the thick of it yet. we wrote in our earnings preview that consumer, mobile and pc were going to have their third quarter confessions this season, and i think we've seen that. and then auto, industrial and broad-based will come next quarter. so we think we're maybe a third to halfway through all of this by nvidia. as we look to a.i., as we look to the opportunities over the next five to ten years, they are bound for nvidia >> and leave us with a sense of where nvidia fall