Stock index futures on the rise this morning extending their gains treasuries rallying as inflation in the world's largest economy fell sharper than expected, eating pressure on the Federal Reserve's tightening campaign, we checked the markets every 15 minutes throughout the trading day. On Bloomberg, right now the S&P 500 up 130 points, Dow futures are up 819 and NASDAQ futures have 488. Again, those are S&P futures that were up 129 and the Dax in Germany is up 2.6%, ten year treasury up one in 9 30 seconds. 3.92% and the yield on the two year 4.38%. Nymex crude oil, little change at $85 86 cents a barrel. Comb school at 1.7% or $28 30 cents at 1742 ten ounce. The Euro 1.0127 against the dollar British pound 1.1605, and the yen at one 43.71, and looking at Bitcoin up more than 10% at $17,360. And that's a Bloomberg business flash Tom and Paul. Thanks so much. Adeline just out. Paul Sweeney translating for Tom Keane. Alameda research is winding down trading FTX CEO tweets. This goes back 5 years, Alameda research is a quantitative trading firm that's about, yeah, it's a Wikipedia. It's in Hong Kong, I guess. This thing is unraveling quickly. I have no idea. Paul swayne has no idea. No. Eddie van der waal, thank you. He has an idea and he joins us right now. Not in the specifics of the moment. And thank you so much for taking time off to London desk to join with us this morning. Extend this stuff, including a headline just out from Alameda research's winding down trading, et cetera. Extend that out to what it means for the rest of the Bitcoin blockchain, big bank market. How is your world today, Edward van der Walt? Absolutely Tom. You know what? I think, you know, we talked about this being potentially some sort of Lehman moment. I think we've got to be careful with that language because the contagion outside of the crypto space is fairly limited, but there is definitely other firms that we are finding out today that had exposure to FTX, right? The industry is becoming more and more intertwined. And that means that other funds suddenly cut either firm suddenly, can't get access to their money. And they can't get pay their clients and inclines panic and they start withdrawing. It's a mini bank run, isn't it? It's a bank run on the cricket currency. So Sequoia is visible and iconic Paul, you know more about the wonderful people from Menlo Park. And I do, okay, great. But are the banks are listeners know in London in New York worldwide Hong Kong are financial institutions exposed to this liquidity moment. Right, I don't think that they are yet, right? I don't think that this is becoming systemic in that way. But there is something brand new that we saw yesterday. In cryptocurrencies and invited markets, we saw risk appetite broadly, souring as a result purely of a cryptocurrency sell off. Now previously, there had been a correlation between stock prices and cryptocurrency prices, but that's because they were all driven by failed liquidity. This was the first time really that I looked at the wider markets and I saw the NASDAQ fall because cryptocurrencies fell. So they are becoming more integrated into our financial systems, and I think for that, for that reason, the SEC and other and other institutions will start looking very closely at. The triple average stock cash ETF does not own it. We do have some doge. Yeah, you wrote that down. All right, so Eddie, again, this is a market. This is an asset class. Let's call it crypto that's been searching. I think for some levels of legitimacy in some people's minds, this asset class is take a big step backward yesterday. It's always two steps forward, three steps back in the cryptocurrency space, right? They keep every few years after we have that massive boom when we get the bust we get consolidation. It's normal, right? It's a new industry. It is still the wild west, but it is becoming more, it's becoming it's becoming more mature. That's certainly true, because now you can take, you're going to hedge, you can hate your cryptocurrency exposure on the futures exchange. You couldn't do that three years ago. I can only talk to you with a beverage in my hand. Eddie, are you kidding me? We've gone from 65,000. I take your point. There's stability like recently at 20,000. And then something happens. Seriously, are there more, you know, you and Ed Robinson and all world class Bitcoin coverage? Do you guys just assume there's another something happens out there? Look, Tom, I'm really glad you don't have any exposure in that image fund of yours. If you don't like volatility because this is going to be a volatile space for the time being and that's not the stability that I'm talking about. What I'm talking about is a mature industry that has financial levers at its disposal, futures contracts, ETFs, you know, you can take exposure to the price without holding physical Bitcoin. You couldn't do that a few years ago. That's a financialization of it, but do you believe there's an underlying in Bitcoin tether and doge? You know, I think there's still a lot of questions to be asked about the use cases and whether that Bitcoin doge axis is the future of cryptocurrencies or whether we go that Ethereum path. I think that's still another whole debate, but we're not having that debate right now because everybody's distracted by the volatility. And I think that is damaging for cryptocurrency. You should come back in the 10 o'clock hour for a smarter conversation. Thank you so much. Paul sweetie, you've been patient to sit there while I ramble on with my questions, but I think a lot of our listeners are like me, where they're like, wait, do I own this? Exactly. Is this my John Tucker just wrote? Is this in my two O one K? Exactly. So Eddie brings up a great point, which is regulation. You know, when you get a fundamental breakdown in a market like this, IE an exchange, you know, effectively goes out of business, think about NASDAQ or the New York Stock Exchange, just for example, that has to get the attention of regulators. And then a question is, who's going to regulate this stuff? Is it Gary gensler? Is it a market? Is it an exchange? We use these words. I mean, think of these. I don't know. If the Art Institute in Chicago, they have the commodity exchange from a hundred years ago where they actually traded wheat. That's an exchange. That's an exchange. With all your money. And I'd say this folks with great respect for how the 10 o'clock Bloomberg radio hours really led on this is whatever's going under right now in exchange. I think it is. I mean, I think you had real capital being traded on a daily basis. I was going to say real assets are not real assets. I'm not sure exactly how you think about it. But financial instruments were being traded on this platform and to me that feels like an exchange and but it's been one that has not been obviously regulated like equity exchanges or commodity exchanges for that matter. Has there been a met Miller sighting? Yes, he made it back from the other side of the planet. He was here yesterday in good spirits and so he is back. He survived. We'll do a smarter conversation and 10 o'clock arrhythmic Miller and Paul Sweeney you're going to want to hear that across all of his country. Here's what you need to know. SPX is basically 36% in the last 18 minutes or so. We're up we're up 3.6%. 137 SPX points a Dow up 878 futures points. CPI less. We got to get the markets open. What is dedication? The thing that drives me