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00:00Is this a drop or is this just a pause in the rally. And what's behind it. Hi Francine. So there are a few things behind it. And of course Bitcoin has been stuck in this mostly low 60 thousands range for a while. So it's not a huge breakout at this point. But we had a couple things. We had the infrastructure bill passed in the US which did have some crypto tax provisions that made the market a little nervous. And so some trading around that. People trying to buy the dip and then some leverage may have made the market a little fragile. And then we had China coming out and warning state firms about crypto mining saying that they need to get out of it. Is considering imposing punitive measures in the near term. So it's you know that really did unnerve the market and we had a pretty big drop. So crypto is definitely at the lows for the past two or three weeks. So what kind of longer term implications will actually all of these factors have. Yeah it's a little bit hard to say because China at this point so many firms have gotten out of China. Many of the miners have gotten out. So if it is true that these big state owned enterprises are doing any crypto mining and this has an impact that that would be pretty interesting but a lot of places have gotten out. So China is not what it once was in terms of a factor. So we'll have to see if it does cause any longer term issues. But still crypto bulls are talking about that hundred thousand level for the end of the year. So they're pretty undaunted by it. But it does mean some choppiness in the near term probably. Jared this president's difficult question I'm asking all day what's your term outlook for crypto prices. Yes. So it is it is likely to be somewhat choppy here. And of course crypto is quite volatile. It can go down just as easily as it can go up. It's you know it's easy to see a drop of 10 percent 20 percent. So actually these drops are not all that severe or relatively low. They happen every few weeks. But again the bulls are saying one hundred thousand. There is the round number level of sixty thousand on bitcoin. It's just a little bit above that. Now we have resistance around sixty five thousand. So we we could see some of it. We're likely to see some choppiness. But also the fourth quarter does tend to be good for bitcoin. We have seen a lot of finger holders continuing to buy. So the market could be underpinned for the next few weeks at least.

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Global Crypto Market Cap Falls 7% in Past 24 Hours

Cryptocurrencies fell on Tuesday, with Bitcoin sliding toward the $60,000 level and Ether close to its lowest levels this month. The global crypto market cap has dropped some 7% in the past 24 hours to $2.8 trillion, according tracker CoinGecko. Joanna Ossinger reports on "Bloomberg Surveillance: Early Edition."

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