Another week of job cuts and crypto crashes – TechCrunch

Another week of job cuts and crypto crashes – TechCrunch

Hello friends!

Welcome back to Week In Review, the newsletter where we round up many of the top stories from the past seven days on TechCrunch’s front page.

That big thing this week – at least based on what our backend readers care about most – the crypto market crashed hard and fast. Bitcoin is down over 25% month-to-month, from around $41,000 per BTC to around $30,000 at the time of writing. Ethereum is down over 30% over the same period – from around $3,100 per ETH to around $2,000.

Why? For that I refer to Lucas and Anita and their new podcast/newsletter Chain Reaction. Anytime I write about cryptocurrency, I tend to feel stupid and wrong within about 48 hours – thankfully the team at Chain Reaction has one much you understand this stuff better than me. This week they sat down with repeat founder-turned-investor Kevin Rose, who says this will be his “10th birthday.” or something” crypto downturn is to get some insights.

My goal with Week In Review is to keep you all in the loop – so that at the end of a busy week you’ll skim WiR and feel like you have a pretty good grasp of what’s been going on in tech. So let’s dive in!

other things

Photo credit: Google

Besides a crypto crash, what else happened this week? Many.

Google I/O happened!: It doesn’t matter if everyone buys a new phone every year or we all just focus on that million other things Right now, it felt like Google’s annual conference/keynote just sort of… came and went. While Google held a lot Of the actual details under wraps, the big news from the show were early glimpses of a new Pixel phone, a new “Pro” line of Pixel earbuds, and improvements to Google Maps, Assistant, and Translate. Oh, and Google is finally making its own smartwatch! Oh oh, and they’re still toying with the idea of ​​Google Glass. I don’t wear glasses (yet), but the live, real-world captions in this concept video would have me rocking glasses right away.

More Tech Layoffs: Unfortunately, the recent trend of layoffs in the tech space continues. In the past few weeks, we’ve seen layoffs at Robinhood, Netflix, Thrasio, Cameo, OnDeck, and MainStreet. This week, Carvana, Latch, DataRobot, and Section4 joined that list. Meanwhile, a number of large tech cos. announced that they are slowing down or even freezing the setting. Amanda and Natasha have a complete breakdown.

Instagram is testing NFTs: Because of course they are. Remember when Instagram was just a place where we spent way too much time taking sepia colored photos of our breakfast and that was enough?

Tiger Global has almost used up its latest VC fund: Well that was quick. In March of this year, Tiger Global closed its latest venture fund with a whopping $12.7 billion in commitments. Just months later, Connie Loizos writes, “This new fund – reportedly raised in less than six months and comprising $1.5 billion in commitments from Tiger Global’s own employees – is already almost fully invested.”

DJI’s Mini 3 Pro: DJI has a new drone, and TC’s Darrell Etherington is a fan so far (with the caveat that he mostly recommends the most expensive option, which costs a few hundred dollars more than the $669 base model).

Row, row, row your… peloton?: The company best known for its exercise bikes (and more recently, treadmills) has a new piece of at-home exercise hardware in the works: a rowing machine. While it feels like rowers are having a moment right now, it’s hard to imagine that alone could turn things around for Peloton after an incredibly tough quarter – but, as Brian Heater puts it, it’s at least “a bright spot.” for the company after a string of bad news.

added things

lone figure at the entrance to the hedge maze that has an American flag in the middle

Photo credit: Bryce Durbin/TechCrunch

We have a paywall section of our website called TechCrunch+. It costs a few dollars a month and is packed with very good stuff! For example, starting this week:

US Visa Options for International Founders: So you started your business outside of the US and now you want to move to Silicon Valley. What can you do? Immigration attorney Sophie Alcorn reviews the options.

Why Airbnb is reinventing itself: Airbnb underwent a major overhaul this week in what CEO Brian Chesky calls a “top-to-bottom upgrade.” Jordan Crook sat down with him to find out what changed and why.

Dutch’s $20M Series A Deck: It’s pitch deck teardown time! Haje takes a look at the deck being used by pet telemedicine platform Dutch to raise a $20M Series A. Can each pitch deck take 14 photos of adorable animals? Probably not. But this one can, much to Haje’s delight.

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