So in other words, the washout that we've heard some investors talk about, he seems to be suggesting that we're nearing an end of that. He said, we're still seeing some of the cascading effects, but each time it cascades, luckily, it's a smaller number. He said that at the Point Zero Forum in Zurich and said that basically we have seen these various startups and technology stress because of what's going on. He said the worst part is probably over for the cryptocurrency selloff. He didn't say specifically about Sam Bankman-Fried, but in general.īut he also had some commentary about whether Bitcoin has bottomed. And CZ, Changpeng Zhao of Binance, out at a conference, making some comments, saying that that's a good thing that you should be supportive, right, of other firms. Over the past 24 hours, we have seen Sam Bankman-Fried of FTX step in to help some of the struggling platforms, offering various credit facilities to the likes of BlockFi. JULIE HYMAN: -so, too, goes the platforms on which you trade them. In other words, as goes the prices of these. Now, of course, it was also laid out in their risk factors, but when you do see a pullback like we do in the price action of Bitcoin or other cryptocurrencies as well, that sends a shockwave, not just through the number of people who are trading the equity shares of a Robinhood and a Coinbase, but especially through the growth strategy that both of these companies had laid out going forward. So increased competition there.īRAD SMITH: There's a larger question of for all of the growth strategy that Robinhood particularly had laid out, as they were running up to their public debut, and Coinbase, for the same matter, how much they were depending on people opting into creating new accounts, really looking at the broader cryptocurrency landscape and the growth that- and the trajectory that Coinbase and Robinhood had really pegged to that. And already, Binance is saying it might plan to eliminate trading fees for other types of cryptocurrencies as well. So the latest in potential competition here for those various platforms. And this is after Binance US announced it will offer zero-fee Bitcoin trading. In particular, Coinbase and Robinhood are slumping anew. Oh, we've got the trading and crypto related names that are trading lower. And ahead of that, we want to look at some movers, early movers here. JULIE HYMAN: We've got the opening bell coming up in about 5 and 1/2 minutes. Yahoo Finance Live anchors discuss reports that Binance.US is looking to offer zero-fee bitcoin trading.