WSJ What’s News: “Risky Bets Amped Up Crypto Gains. Now They’re Fueling Their Selloff.”

Air date: November 19, 2025
Host: Alex Osola
Guests: Vicki Goang (WSJ Crypto Reporter), Ana Wieldy Matthews (WSJ Health Insurance Reporter)

Episode Overview

This PM edition of WSJ What’s News dives into the market’s biggest business and financial developments from the day, centering on how leveraged trading magnified crypto’s gains—and now its rapid losses. The episode examines the mechanisms behind the crypto selloff, Target’s efforts to recover from sluggish sales, concerns around Medicaid’s so-called “ghost networks,” the Federal Reserve’s rate-cut debate, and notable market movers.

Key Topics and Insights

1. The Crypto Selloff: Leverage Turns on Traders

[00:18-04:49]

• Main Point: Leveraged crypto trades, once powering huge returns, are now intensifying a selloff, exposing how risk multiplies in both directions.
• Mechanism: Traders use “perpetual futures” to place bets with high leverage, some up to 100x their cash.
  • Quote:

    “If Bitcoin really jumps, you are very likely to get supercharged returns. However, if Bitcoin falls even just a little bit, you are going to end up in huge losses or maybe even get your entire position wiped out.”
    — Vicki Goang, [00:24] and [03:47]

• Recent Market Action:
  • Bitcoin plummeted below $93,000—its lowest since April—after a flash crash triggered by President Trump’s renewed trade war with China ([03:16-03:22]).
  • Bitcoin is down 25% from its October 6 all-time high of over $126,000 ([03:22]).
• Perpetual Futures Explained:
  • Contracts can be held indefinitely—no expiry—enabling ongoing leveraged bets.
  • The U.S. generally caps leverage at 10x (e.g., Coinbase), but overseas exchanges allow up to 100x leverage ([03:47]).
• Risks:
  • Leverage sharply magnifies both gains and losses: small drops in Bitcoin’s price can quickly wipe out positions ([03:47]).
  • “It works like a double-edged sword,” says Goang ([04:39]).
• Additional Selloff Drivers:
  • Investors pulling money from Bitcoin ETFs.
  • “Whale” holders cashing out.
  • Federal Reserve reluctance to cut rates threatens further declines.
  • Quote:

    “If the Federal Reserve doesn't cut interest rate in December, that could also really affect bitcoin prices.”
    — Vicki Goang, [04:49]

2. Federal Reserve Rate Cut Debate

[01:06-02:26]

• Fed Meeting Minutes: October minutes reveal deepened divisions and a growing group uncomfortable with cutting rates in December.
  • Quote (citing Fed minutes):

    “Many officials thought the rate cut wouldn't be warranted next month.”

• Market Reaction:
  • Odds of a December rate cut drop after Labor Department delays October jobs data ([02:26]).
• Political Pressure: President Trump criticizes rates and threatens to fire Fed Chair Jerome Powell:
  • Quote:

    “If you don't get it fixed fast, I'm going to fire your ass, okay?”
    — President Trump, at Treasury Secretary Scott Besant, [02:11]

3. Stock Market Update & Broader Finance Moves

[02:26-03:16]

• Indexes: Tech led gains, with the Nasdaq up 0.6%; S&P and Dow snapped four-day losing streaks.
• Nvidia Highlights: Record sales, positive guidance—further analysis to come ([01:06]).
• Crypto as “Risky Trade”: Draws parallels with broader uncertainty and risk appetite in markets.

4. Target’s Turnaround Efforts

[05:17-05:36]

• Main Point: Target will invest billions in in-store and tech upgrades to address falling sales, improve customer experience, and upgrade systems.
  • CEO Michael Fidelke:

    “If you're frustrated with our recent performance, we are too, and our entire team is working incredibly hard to return to growth and live up to our full potential.”

• Recent Performance: Fewer shoppers, lower per-shopper spending; Q3 sales down 1.5%, profit outlook cut ([05:36]).

5. Medicaid’s “Ghost Networks” – The Patient Perspective

[07:25-10:54]

• Key Finding: Many doctors listed by Medicaid insurers haven’t actually seen any Medicaid patients (“ghost network”).
  • Quote:

    “We found significant shares of the physicians who were listed actually had not seen a single one of that insurer's Medicaid patients in the year we looked at 2023.”
    — Ana Wieldy Matthews, [08:46]

• Why Does it Happen?
  • Outdated listings: physicians listed in places they haven’t worked in years.
  • Limited access for Medicaid patients: “Some physicians...limit the number of slots they make available.”
  • Low reimbursement: Doctors struggle to cover costs with Medicaid’s pay rates.
• Impact:
  • Long waits for specialists, especially for children needing autism diagnoses and care ([10:03]).
• Insurer Response:
  • Companies claim they strive for accurate directories, comply with state requirements, but recognize multiple external factors ([10:26]).
• Takeaway: Being “covered” doesn’t mean actual access; ghost networks are a systemic issue.

Notable Quotes & Memorable Moments

• Vicki Goang on leverage:

  “It kind of works like a double-edged sword.” [04:42]

• President Trump’s Fed threat:

  “If you don't get it fixed fast, I'm going to fire your ass, okay?” [02:11]

• Ana Wieldy Matthews on ghost networks:

  “It seems to imply that you have doctors who are listed but who effectively are not available for various reasons.” [08:46]

Timestamps for Key Segments

• Crypto Selloff Overview: 00:18-04:49
• Federal Reserve, Interest Rates, & Market Reaction: 01:06-02:26
• Stock Market & Crypto Context: 02:26-03:16
• Target’s Expansion Plans & Retail Update: 05:17-05:36
• Medicaid Ghost Networks Investigation: 07:25-10:54

Conclusion

This episode shows the fragility of financial markets in a leveraged, interconnected world, where risky bets can backfire spectacularly. It also exposes the real-world consequences of bureaucratic or profit-driven inefficiencies, as with Medicaid’s “ghost networks.” Through breaking news and expert reporting, it provides a sharp lens on today’s volatile investment landscape and persistent challenges in access to care.