Bitcoin weakness spreads to other crypto, FTX jumps into stock trading

Yahoo Finance's Brian Cheung reports on bitcoin's price and news that crypto exchange FTX will let users trade stocks.

Video Transcript

BRIAN CHEUNG: Well, Bitcoin is hovering just below 30,000 in the wake of yesterday's market selloff. It actually isn't doing that bad, compared to the S&P 500. Who would have thought that? Weakness, though, in Bitcoin spreading to other tokens like Solana and Cardano. That's as investors are trying to digest the disappointing headlines on the state of the consumer. All of this coming as some interesting news out of crypto exchange, FTX US, announced that it will roll out commission-free stock trading.

The product is called FTX Stocks and will initially be available for a limited number of US users who want to trade Dogecoin, alongside their stock of Apple, perhaps. But last month, FTX took a stake in the IEX Stock Exchange. And as a reminder, just last week, FTX CEO Sam Bankman-Fried bought a minority stake in Robinhood. So a lot of interest in those exchanges from the likes of FTX and Sam Bankman-Fried.