Steph McGovern

How is that feeling sentiment-wise?

JJ, because of BlackRock, great to check in with you.

Thank you very much indeed today.

Meanwhile, coming up, well, we're just talking about crypto.

It was supposed to be crypto's year with an administration in the White House that was more friendly to it.

So why is it that digital coins have been foiling?

We'll have more on that next.

Well, just check in on Amazon.

We're going cross-asset for you because we're down 1.9% on Amazon, but that's the equity trade.

The fact is it's selling a six-part bond sale at the moment, its first U.S.-deluminated sale in at least three years, up to $12 billion worth, 40-year debt at just a percentage point or so over where theoretical U.S.

treasuries would trade.

They're cashing in on the debt market, looking to put it into data centers, it would seem.

From New York, this is Bloomberg Tech.

Crypto, it's in sell-off mode still.

We're currently off for the month 13% on Bitcoin.

It's down 25% thereabouts from its highs of $126,000 where it hit back in October.

Ethereum, as you see, has been held harder, off by 20%.

And look, the smaller crypto, Dogecoin, which of course was initially set up as a joke, it's also down 15% in the last month alone as people start to question really whether we can hold on to the gains and certainly some of the leverage that's been built into the system.

Let's talk about all of this with Bloomberg's crypto reporter, Miao Shen.

Now, what is it that is driving the selling and the sentiment lower?