Steph McGovern

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?

Because we all thought the administration's adoption of crypto in many ways would just continue the asset classes rise.

It was October the 19th, I think.

It was over the course of a weekend.

Just an awful lot of leverage got pulled out of the system because of a sudden jarring move in crypto.

And everyone then had to sort of, well, they were margin called, it would feel like.

Yes.