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that was at the time ftx collapsed, but not going to get their crypto-currency, meaning some may have missed out on bitcoin's 300% rise since then, mel. >> wow kate, thank you. kate rooney, who has been covering this trial since the beginning. but to think about this as the biggest financial fraud in history, we've had -- >> we sure have. >> remarkable ones and to think this one is the biggest is -- >> well, some of the things that characterize a fraud, or kind of a go-go period where there's not a lot of due diligence involved, there's people that didn't do their work, but i think it was also a period of really extraordinary, you know, kind of risk-on and a place certainly in crypto and digital land where a lot of people, i think, were careless about who they invested in the fact is that this was a guy that really, part of this sentence, it almost sounds like some of that showed zero remorse, and that's part of it >> biggest fraud, but very short-term the real big one was the -- you don't want to promise too much madoff kept them going for decades. that's a whole different game. >> y
that was at the time ftx collapsed, but not going to get their crypto-currency, meaning some may have missed out on bitcoin's 300% rise since then, mel. >> wow kate, thank you. kate rooney, who has been covering this trial since the beginning. but to think about this as the biggest financial fraud in history, we've had -- >> we sure have. >> remarkable ones and to think this one is the biggest is -- >> well, some of the things that characterize a fraud, or kind of a...
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the fall of one of the longtime crypto billionaire two years ago. he was leading a $30 million penthouse in the bahamas, he was really the face of the crypto industry at the time. today he took the stand in a beige prison jumpsuit pleading for the judges leniency. he was cross-examined back in the fall during his criminal trial. he said today that his actions quote, haunt him every day. he also said, i'm sorry. the judge asking him to forfeit $11 billion. the 32-year-old pointed to the, quote, and not harm he did, the brazenness of his actions. the exceptional flexibility of the truth and his apparent lack of any real remorse. he said he obstructed justice, committed perjury at least three times on the witness stand. they were at risk of committing crimes in the future. he said it is not a trivial risk at all that he comes i can commit another crime. judge kaplan also talked about his risk appetite. said his fraud was another example of this in his penchant for gambling. he was found guilty in november on seven counts of fraud and conspiracy. his fa
the fall of one of the longtime crypto billionaire two years ago. he was leading a $30 million penthouse in the bahamas, he was really the face of the crypto industry at the time. today he took the stand in a beige prison jumpsuit pleading for the judges leniency. he was cross-examined back in the fall during his criminal trial. he said today that his actions quote, haunt him every day. he also said, i'm sorry. the judge asking him to forfeit $11 billion. the 32-year-old pointed to the, quote,...
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penthouse in the bahamas and really the face of the crypto industry. today, took the stand in a beige prison jumpsuit pleading for the judge's leniency much more contrite, apologetic than defiance and evasion heard from him on the stand where cross-examined in the fall in his criminal trial he said today his actions haunt hi every day. forfeit $11 billion part of the sentencing and admonished. the 32-year-old pointed to the "enormous harm and brazenous of his actions" and exceptional flexible with the truth and lack of any reremorse and obstructed justice, committed perjury at least three times on the witness stand. he did say sam bankman-fried at risk of committing crimes in the future saying it's not a trivial risk at all, the judge put it. judge caplan talking about sam bankman-fried's risk appetite. fraud an example of his penchant for gambling opinion found seven counts of fraud and conspiracy the family saying we are heartbroken and will continue to fight for our son. his defense team plans to appeal back to you. >> kate, a pending appeal, or exp
penthouse in the bahamas and really the face of the crypto industry. today, took the stand in a beige prison jumpsuit pleading for the judge's leniency much more contrite, apologetic than defiance and evasion heard from him on the stand where cross-examined in the fall in his criminal trial he said today his actions haunt hi every day. forfeit $11 billion part of the sentencing and admonished. the 32-year-old pointed to the "enormous harm and brazenous of his actions" and exceptional...
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is it because of this fact that crypto has rebounded, that the people that lost money initially might get some or all of it back, things like that >> that's probably a major factor, an argument the defense made that the loss here -- remember, the government and the probation department kind of arrive at their own number for loss. so loss can mean a lot of different things is it the amount that went into sbf's pocket is it the amount that disappeared? if it, is should he get credit for the money that some people are able to get back, especially if they get dollar for dollar, 100 cents on the dollar? so loss is never a concrete number, at least in one defense attorney's mind, that's me and, in fact, the law has changed considerably in the last couple of years. it used to be intended loss. now it's supposed to be actual loss, what is the actual loss? so the judge may have taken that into consideration either way, the sentence he gave was far below what the recommended sentencing guidelines were. the judge has the discretion to do that, but it's very interesting, because when a judge exco
is it because of this fact that crypto has rebounded, that the people that lost money initially might get some or all of it back, things like that >> that's probably a major factor, an argument the defense made that the loss here -- remember, the government and the probation department kind of arrive at their own number for loss. so loss can mean a lot of different things is it the amount that went into sbf's pocket is it the amount that disappeared? if it, is should he get credit for the...
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issues, crypto complexity. instead they focussed on follow the money, look at the money, it was stolen that's what the case was about as quickly as the jury returned the verdict in this case, that's exactly how the jury perceived it i think the government did a great job trying the case. i think the defense did the best job with what it had, which was little the government gets high marks. >> on that note, jacob, it wasn't as planned, thought through ponzi scheme as with bernie madoff. the prosecutors didn't have that much evidence. the rebound we've seen in crypto prices, had bankman-fried did this temporarily, might he have got away with it all >> well, you know, that's a great question i think the judge is very much going to view his conduct as very much premeditated we have to look at it as to what happened at the time clearly there are probably many fraud cases that have been -- that have never been investigated or brought merely because investors have been made whole during the perpetration of the fraud.
issues, crypto complexity. instead they focussed on follow the money, look at the money, it was stolen that's what the case was about as quickly as the jury returned the verdict in this case, that's exactly how the jury perceived it i think the government did a great job trying the case. i think the defense did the best job with what it had, which was little the government gets high marks. >> on that note, jacob, it wasn't as planned, thought through ponzi scheme as with bernie madoff....
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we will talk markets in just a moment >>> a historic day for crypto as ftx founder sam bankman-fried prepares to be sentenced for swindling billions from customers. >>> and what americans think about corporate taxes and which candidates would be better for business new data and a fiery debate straight ahead the second hour of "squawk box" begins right now >>> good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square, i'm joe kernen with becky quick. andrew is off this week. here are the futures this morning, which are adding to yesterday's gains which added to the yearly gains actually, gotten a little bit less positive. in fact, the nasdaq is now in the red, down about eight points, but a big day yesterday which turned the averages positive for the week. take a quick look at treasuries, we have some important fed comments, we'll tell you about in a second. not a whole lot of effect on the yield. 4.22 on the ten-year walgreens just out with quarterly results. bertha kocoombs joins us now wih more good morning, bertha okay >> i don't t
we will talk markets in just a moment >>> a historic day for crypto as ftx founder sam bankman-fried prepares to be sentenced for swindling billions from customers. >>> and what americans think about corporate taxes and which candidates would be better for business new data and a fiery debate straight ahead the second hour of "squawk box" begins right now >>> good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market...
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what does this mean for the larger crypto sector it means a good thing. we have seen record high prices in last six months that speaks to the grifters wash out. >> thank you great to see you i know you are heading to the court room right now good luck. >> thank you. >>> coming up on "worldwide exchange," as the s&p preparing to wrap the best first quarter in a half a decade, what jim cramer is saying fear of the b pullback is not an option. british announcer: rose is really struggling. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] for 88 years, morgan stanley has offered clients determination and forward thinking to create the future... crowd: stop it! ...only you can see. american announcer: rose, back in the winner's circle. [crowd cheers] [music out] >>> welcome back we are watching shares of amazon this morning the stock coming off a 1% pop p yesterday after announcing it will invest $2.7 billion in anthropic. that startup is a competitor to openai's chatgpt amazon announced an initial
what does this mean for the larger crypto sector it means a good thing. we have seen record high prices in last six months that speaks to the grifters wash out. >> thank you great to see you i know you are heading to the court room right now good luck. >> thank you. >>> coming up on "worldwide exchange," as the s&p preparing to wrap the best first quarter in a half a decade, what jim cramer is saying fear of the b pullback is not an option. british announcer:...
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latest crypto craze, ai. then maybe you do want to own something slower steadier like the consumer package good companies. there's always a place for your -- for one of those. even if its been out of style in the fashion show. take kimberly clarke which makes paper towels, toilet paper, diapers, and kleenex. these guys struggled with supply chain woes wu now they have it under control and are ready to go on offense. today they healed an investor day event in new york where management rolled out a new strategic plan including a big reorganization and large cost cuts. before that we got a chance to sit down with the chairman and ceo of kimberly clarke. take a look. >> welcome to mad money. >> great to be with you. >> i got to ask you first. what is it like to be the steward of perhaps the most iconic brand in the country? >> i know it's an early pick of yours earlier. >> goldman sach's, absolutely right. >> it's a story of a great american company. i take that responsibility very seriously. you know since our f
latest crypto craze, ai. then maybe you do want to own something slower steadier like the consumer package good companies. there's always a place for your -- for one of those. even if its been out of style in the fashion show. take kimberly clarke which makes paper towels, toilet paper, diapers, and kleenex. these guys struggled with supply chain woes wu now they have it under control and are ready to go on offense. today they healed an investor day event in new york where management rolled out...
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>>> plus, crypto at a crossroads a big win for the s.e.c. and its lawsuit against coinbase, we'll break down the impact on bit count, next. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. were you worried the wedding would be too much? nahhhh... (inner monologue) another destination wedding?? why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry. empower. what's next. >>> welcome back to "fast money. stocks rallying, closing near session highs. the s&p closing at a new record. the dow jumping 477 points and the nasdaq up about half a percent. >>> the disney desantis feud coming to a close. the media giant agreeing to end litigation over its special tourism district in florida, which governor ron desantis moved to revoke last year. and shares of robinhood getting a boost. the brokerage firm unveiling its new credit card that will offer 3% cash back and j&j getting a pop late in the day. a federal judge r
>>> plus, crypto at a crossroads a big win for the s.e.c. and its lawsuit against coinbase, we'll break down the impact on bit count, next. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. were you worried the wedding would be too much? nahhhh... (inner monologue) another destination wedding?? why can't they use my backyard!! with empower, we get all of our financial questions...
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scored a big win in its lawsuit against the crypto exchange. a u.s. district judge ruled the claim, which alleges the firm engaged in unregistered sales of securities, can move forward with stock down 4%. >> thank you. we are just getting started here. next, apple off to a rocky start this year facing scrutiny over its lack of ai strategy. but is it about to turn it all around? star apple analyst eric woodring gives us his take after the break. we are life of the new york stock exchange, and you are watching closing bell on cnbc. the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab. so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry abo
scored a big win in its lawsuit against the crypto exchange. a u.s. district judge ruled the claim, which alleges the firm engaged in unregistered sales of securities, can move forward with stock down 4%. >> thank you. we are just getting started here. next, apple off to a rocky start this year facing scrutiny over its lack of ai strategy. but is it about to turn it all around? star apple analyst eric woodring gives us his take after the break. we are life of the new york stock exchange,...
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the legal battle does continue for coin base the ceo and management team have been battling to get crypto legislation passed a lot of lobbying but for now looks light eel get settled in house. >>> shares of trump media soaring on the second day of trade following the 50% jump yesterday. putting the spotlight on a group of popular stocks. bob pisani is looking at that this morning. >>> the meme stocks are back what does rhett did it, trump media and technology, and game stop have in common? strong retail participation. so-called meme stocks are having a moment again trump media and technology launched as a spac yesterday the new business has a current market cap of 9.6 billion on revenues of roughly 3.3 million and lost 49 million in the first nine months of last year a market cap of roughly 9 million will put it in the lower end of the s&p 500, in line with caesars, american airlines and mosaic reddit has the same 3.3. and gamestop 5.9 billion even if you think of these as meme stocks this is quite a difference gamestop has a small profit, 5.2 billion revenue. dtj revenues of 3 million, l
the legal battle does continue for coin base the ceo and management team have been battling to get crypto legislation passed a lot of lobbying but for now looks light eel get settled in house. >>> shares of trump media soaring on the second day of trade following the 50% jump yesterday. putting the spotlight on a group of popular stocks. bob pisani is looking at that this morning. >>> the meme stocks are back what does rhett did it, trump media and technology, and game stop...
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crypto, at $70,000 gold above $2200 and you're going to be getting all hollow easter egg bunnies because cocoa is so expensive right now. some people like them more -- i always thought -- >> i like them. >> i was mad if i got a hollow one. my parents were cheaping out it is air on the inside. it is free >> it is thin chocolate. i like thin chocolate. >>> we have some results from the delivering alpha investor survey that brings together the market intelligence of the nation's leading institutional investors. top strategist and our very own cnbc contributors. we asked them for their outlooks and strategies for the second quarter and beyond and here's what they think about how many rate cuts are coming in 2024 0% expect more than 3. up to speed on that. 26% say 3 cuts 61% expect 2 cuts. 13% see just 1 cut and no one expects the fed not to cut if i was taking a long bet, i would take that bet. before i would take 3 or longer, unless there is some sort of a crisis. >> joining us -- let's see what jackie cavanaugh, if she cares, portfolio manager at putnam investments. i guess my point, jacki
crypto, at $70,000 gold above $2200 and you're going to be getting all hollow easter egg bunnies because cocoa is so expensive right now. some people like them more -- i always thought -- >> i like them. >> i was mad if i got a hollow one. my parents were cheaping out it is air on the inside. it is free >> it is thin chocolate. i like thin chocolate. >>> we have some results from the delivering alpha investor survey that brings together the market intelligence of the...
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gapping up higher on no news people are coming for those, they are coming for the alt coins in the crypto. that's very reminiscent of second half 2021. >>> call it a comeback some big names are far underperforming their rallies. we'll find out what the traders are doing next. >>> and speaking of potential comeback, a delivery downer for fedex. can they turn themselveses into the total package? we'll debate that right after this >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. >>> welcome back to "fast money. the dow falling about 30% and the nasdaq losing 0.4% all three had been up for most of the session shares of tesla charging higher
gapping up higher on no news people are coming for those, they are coming for the alt coins in the crypto. that's very reminiscent of second half 2021. >>> call it a comeback some big names are far underperforming their rallies. we'll find out what the traders are doing next. >>> and speaking of potential comeback, a delivery downer for fedex. can they turn themselveses into the total package? we'll debate that right after this >>> missed a moment of "fast?"...
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Mar 25, 2024
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major crypto is jumping higher with bitcoin back over 70k ether and solana helping crypto proxies rise, as well. microstrategies soaring more than 20% to all-time highs grayscale rising 11% and coinbase at its highest close in more than two years. is this really -- is this just risk taking in the markets or is there something more to the bitcoin story? is this foreign ministerially believing that it has a place in the institutional investing? >> it's a little perverse on a day when the dollar rose and yields rose so that's part of it, but i think the fed lit the market on fire last week i really do. i think they sent a signal ahead and bitcoin and not a ton and i wish it was a whole lot more, but i do think it's strangely ironic that gold is actually rallying because bitcoin is rallying and that's not what we are used to. >> dan >> the narrative has changed dramatically in the last five years. its almost validated a lot of the folks and you just mentioned rates where they were with the dollar rising here and bitcoin is supposed to work and i keep hearing that from a lot of smart invest
major crypto is jumping higher with bitcoin back over 70k ether and solana helping crypto proxies rise, as well. microstrategies soaring more than 20% to all-time highs grayscale rising 11% and coinbase at its highest close in more than two years. is this really -- is this just risk taking in the markets or is there something more to the bitcoin story? is this foreign ministerially believing that it has a place in the institutional investing? >> it's a little perverse on a day when the...
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Mar 25, 2024
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big roller coaster who knows how long this pendulum will keep swinging for now, crypto related stocks, as you can see, are enjoying the upswing. high flying tech name super microcomputers also on the outside today after jpmorgan initiated coverage of the stock. analysts say the company which specializes in storage and server solution, still has a lot more room to grow thanks to the a.i. boom and a stock that's over $1,000. shares up almost 9%. >> all right we'll see you in a few minutes in the market zone >>> still ahead, disney shares are popping. we're going to drill down on what is sending that name higher and the latest drama in the company's big activist battle too. that is coming up. "closing bell" coming right back at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now beco
big roller coaster who knows how long this pendulum will keep swinging for now, crypto related stocks, as you can see, are enjoying the upswing. high flying tech name super microcomputers also on the outside today after jpmorgan initiated coverage of the stock. analysts say the company which specializes in storage and server solution, still has a lot more room to grow thanks to the a.i. boom and a stock that's over $1,000. shares up almost 9%. >> all right we'll see you in a few minutes...
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story limited volatility, and logic right now suggests you want to continue to be allocated look at crypto, balancing back to 70. earning revisions lowered since the beginning of the year. the estimates for the earnings in q1 of '24, or q4 of '23, it's down >> the notes from joe pass carell yo, and not only is the market resilient, but it defied a lot of logic in the way that some thought about what the market should be doing he says if you were told in early january that three of the mag 7 stocks would be lower in q1, and that registered equity would slow, and in turn the number of implied cuts would be halves -- >> yeah, i read the note over the weekend, and he's right, and apparently a lot of people did because that's how they are positioned all that is great to talk about, and tony, yeah, we love his stuff, but all that matters is the fed done, numberone, and number two, will they start cutting. we know they are done, and that's obvious in the last few conferences they made that clear. >> why do people try to make more complicated than that don't fight the fed works both ways >> everyb
story limited volatility, and logic right now suggests you want to continue to be allocated look at crypto, balancing back to 70. earning revisions lowered since the beginning of the year. the estimates for the earnings in q1 of '24, or q4 of '23, it's down >> the notes from joe pass carell yo, and not only is the market resilient, but it defied a lot of logic in the way that some thought about what the market should be doing he says if you were told in early january that three of the mag...
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Mar 22, 2024
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the stake is for sale because it belongs to ftx, the kpaled crypto exchange offloaded from three years ago, worth $500 million and the stake is now worth more than a billion dollars after the recent boom in ai. the sale i'm told is still ongoing. the proceeds will be used eventually to pay back ftx exercises. the banker of the process declined to comment in this story. and anthropic has raised more than $7 billion the past few years from tech giants including amazon and alphabet and salesforce, and the language model competing with open ai's chat gpt, these are class b shares sold at the same valuation i'm told as the company's last financing round which a source tells me $18.4 billion. the founders of anthropic pre-emptively told bankers they would not accept saudi money they do not plan to challenge money from other sovereign wealth funds including the united arab emirates, the uae-based fund that is actively looking at investing, and one of the people that i spoke to, the potential buyers of ftx's stake are also looking at a bit of a syndicate of new investors. a source tell mese th
the stake is for sale because it belongs to ftx, the kpaled crypto exchange offloaded from three years ago, worth $500 million and the stake is now worth more than a billion dollars after the recent boom in ai. the sale i'm told is still ongoing. the proceeds will be used eventually to pay back ftx exercises. the banker of the process declined to comment in this story. and anthropic has raised more than $7 billion the past few years from tech giants including amazon and alphabet and salesforce,...
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it's crypto-adjacent. >> yeah. i really like coinbase. i consider myself a late adopter for crypto, but i really like it and coinbase from a technical standpoint is really solid, like, from the get-go, from when it was initially offered. it lost 92% of its market cap. i mean, it was a huge loss right along with the bubble popping in bitcoin, but since that time, it has reversed into a real, real clear inverse head and shoulder pattern, and that neckline was a huge breakout area, and since that time, the stock has just continued to move higher. i look at it as probably even running up to 430 bucks which was the ipo high. it's kind of like meta, a pretty good slope. here i'm showing you the weekly chart and it's the 40-week or the 200-day moving average. we can see this stock even pull back a bit. i would love it frankly if it pulled back to around 200 bucks so i could buy some more, but if you just look at the zigzags on that chart, they're higher highs, higher lows, but i would not be buying it right here. i would want to be patient and w
it's crypto-adjacent. >> yeah. i really like coinbase. i consider myself a late adopter for crypto, but i really like it and coinbase from a technical standpoint is really solid, like, from the get-go, from when it was initially offered. it lost 92% of its market cap. i mean, it was a huge loss right along with the bubble popping in bitcoin, but since that time, it has reversed into a real, real clear inverse head and shoulder pattern, and that neckline was a huge breakout area, and since...
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Mar 22, 2024
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rough ride for crypto this week with bitcoin and ether down 9% or more. that said bernstein is still bullish raising its year-end price forecast for bitcoin to 90,000 a coin to bet on bitcoin mining stocks, clean spark and marathon digital. i don't know how they come up with price targets for bitcoin, but i guess the supply and demand story is real. >> i guess. it's about as much as i'll offer on bitcoin. >> dollar was strong this week. maybe bitcoin went lower on that, although that correlation is not perfect. >> what was gold doing this week? they were moving up together too. >> gold was -- i don't know if gold did a lot this week. i'll check. >> overall commodities as you pointed out -- >> have been firmer. >> strong. including copper apparently which now the data center, there's a data center theory on. they need more copper. >> we need more copper. >> freeport, richard ackerson said we will have a copper shortage. >> he was on with you yesterday. yeah. >> finally stepping down. >> i know. >> i know. >> good man. still ahead, how strong is the governm
rough ride for crypto this week with bitcoin and ether down 9% or more. that said bernstein is still bullish raising its year-end price forecast for bitcoin to 90,000 a coin to bet on bitcoin mining stocks, clean spark and marathon digital. i don't know how they come up with price targets for bitcoin, but i guess the supply and demand story is real. >> i guess. it's about as much as i'll offer on bitcoin. >> dollar was strong this week. maybe bitcoin went lower on that, although...
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Mar 22, 2024
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crypto, it has been down a little bit for the week, but let's not forget where it was a month ago or two months ago or five years go or ten years ago. 64,000. let's bring in kelsey barrow, referencing some of this stuff, kelsey is thinking about, fixed income portfolio manager at jpmorgan asset management. thank you for joining us. what is amazing is you said, yeah, there is a lot of fed conjecture about what our own central bankers did, but -- and it was dovish. it was crazy. we'll talk about it in a second. but you think even bigger development was what happened in japan and i've already -- we kind of laughed about it, after their eight-year -- an experiment you can do in an afternoon, okay. you try to test something, you learn -- an eight-year negative interest rate experiment is not an experiment. that's a big old mess that didn't work. >> right. and they have officially exited that experiment. so what we saw this week was the bank of japan moved out of negative interest rates after eight years, they also removed something called their yield curve control policy and essentially w
crypto, it has been down a little bit for the week, but let's not forget where it was a month ago or two months ago or five years go or ten years ago. 64,000. let's bring in kelsey barrow, referencing some of this stuff, kelsey is thinking about, fixed income portfolio manager at jpmorgan asset management. thank you for joining us. what is amazing is you said, yeah, there is a lot of fed conjecture about what our own central bankers did, but -- and it was dovish. it was crazy. we'll talk about...