Another week of job cuts and crypto lockdowns – TechCrunch

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Hello friends!

welcome back to Summary of the weekthe newsletter in which we round up many of the top stories that crossed the TechCrunch front page over the last seven days.

the Big Deal this week, at least based on what our backend suggests readers cared about most, the crypto market tanked hard and fast. Bitcoin is down over 25% month over month, from around $41,000 per BTC to around $30,000 at the time of writing. Ethereum is down over 30% in the same time period, from around $3,100 per ETH to around $2,000.

Why? That is why I refer to Lucas and Anita and their new podcast/newsletter chain reaction. Whenever I write about cryptocurrencies, I tend to feel foolish and wrong within 48 hours or so; Fortunately, the Chain Reaction team has a much understand these things better than me. This week they sat down with repeat founder-turned-investor Kevin Rose, who says this is his “tenth or so” crypto downturn, to get some insights.

My goal with Week In Review is for everyone to feel informed, so that when they click through at the end of a busy week, they can flip through WiR and feel like they have a good idea of ​​what happened. in technology. So let’s dive in!

other things

Image credits: Google

Aside from a crypto crash, what else happened this week? A lot.

Google I/O happened!: Whether we’re all buying a new phone every year or we’re just focused on the a million other things happening right now, it felt like Google’s annual keynote/conference just… came and went. While Google kept a lot With the real details under wraps, the big news on the show was the first teasers of a new Pixel phone, a new “Pro” line of Pixel headsets, 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 real world live subtitles on this concept video would have me rocking a pair in no time.

More tech layoffs: Unfortunately, the recent trend of tech layoffs continues. About him The last weeks we’ve seen layoffs from Robinhood, Netflix, Thrasio, Cameo, OnDeck and MainStreet. This week, that list grew to include Carvana, Latch, DataRobot, and Section4. Meanwhile, a number of big tech companies. announced that they are slowing down or completely freezing hiring. Amanda and Natasha have the full breakdown.

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

Tiger Global has nearly exhausted its latest venture capital fund: Well, that was almost. In March of this year, Tiger Global closed its latest hedge fund with gargantuan commitments of $12.7 billion. Just a few months later, Connie Loizos writes that “that new fund, which reportedly took less than six months to raise and includes $1.5 billion in commitments from Tiger Global’s own employees, is already almost fully invested.”

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

Row, row, row your… Platoon?: The company best known for its exercise bikes (and, more recently, its treadmills) has a new piece of home-exercise hardware in the works: a rowing machine. While rowing machines seem to be having a moment right now, it’s hard to imagine this just changing things for Peloton. after an incredibly difficult quarter — but, as Brian Heater says, it’s at least “a bright spot” for the company after a string of bad news.

things added

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

Image credits: Bryce Durbin/TechCrunch

We have a paid section on our site called TechCrunch+. It costs a few bucks a month and is packed with great stuff! As of this week, for example:

US visa options for international founders: He started his company outside of the US and now wants to move to Silicon Valley. What can you do? Immigration attorney Sophie Alcorn discusses the options.

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

Dutch’s $20 million series A cover: It’s time to dismantle the pitch deck! Haje takes a look at the platform used by the Dutch pet telemedicine platform to raise a $20 million Series A. Can each platform take 14 adorable animal photos? Probably not. But this one can, much to Haje’s delight.

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