Welcome back to Week In Review, the newsletter where we round up many of the top stories that have appeared on the front page of businesstraverse.com over the past seven days.
The big thing this week – at least based on what our backend suggests readers care about most – the crypto market collapsed hard and fast. Bitcoin is down more than 25% month-over-month, from about $41k per BTC to about $30k at the time of writing. Ethereum has fallen more than 30% in the same time frame – from about $3,100 per ETH to about $2,000.
Why? For that I refer to Lucas and Anita and their new podcast/newsletter Chain Reaction. Every time I write about cryptocurrency I feel stupid and wrong in about 48 hours – luckily the Chain Reaction team has a loads of know more about this than I do. This week, they sat down with Kevin Rose, who has repeatedly become founder and investor, who says this is his “10th or so” crypto drop, for some insights.
My goal with Week In Review is to keep you all in the loop – to make it so that when you click at the end of a busy week you can browse WiR and feel like you have a pretty good idea of what happened to technology. So let’s dive in!
Besides a crypto crash, what else happened this week? Loads of.
Google I/O Happened!: Whether everyone is talking about buying a new phone every year or we are all just focused on the million other things while it was now going, it felt like google’s annual conference/keynote just kinda… came and went. While Google loved very much of the actual details that were hidden, the big news from the show was an early glimpse 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 their 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 subtitles in this concept video would have me rocking a pair in an instant.
More technical layoffs: Unfortunately, the recent trend of tech layoffs continues. In recent weeks, we’ve seen layoffs at Robinhood, Netflix, Thrasio, Cameo, OnDeck, and MainStreet. This week, that list grew with Carvana, Latch, DataRobot, and Section4. Meanwhile, some big tech cos. announced that they are delaying or outright freezing of hiring. Amanda and Natasha are having the 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 nearly used up its last venture capital fund: Well, that was fast. In March of this year, Tiger Global closed its latest venture capital fund with a massive $12.7 billion in pledges. Just months later, Connie Loizos writes, “that new fund — which reportedly took less than six months to raise and includes $1.5 billion in pledges 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 has been a fan so far (with the caveat that he usually recommends the most expensive option, which is a few hundred dollars more than the $669) base model.
Row, row, row you… Peloton?: The company best known for its exercise bikes (and more recently treadmills) has a new piece of home exercise hardware in the works: a rowing machine. While it feels like rowing machines are having a bit of a moment right now, it’s hard to imagine this just changing things for Peloton after an incredibly rough quarter — but, as Brian Heater puts it, it’s at least “a bright spot.” for the company after a string of bad news.
We have a paywall section of our site called businesstraverse.com+. It costs a few dollars a month and it’s full of really good stuff! For example, starting this week:
US Visa Options for International Founders: So you started your business outside the US and now you want to move to Silicon Valley. What can you do? Immigration attorney Sophie Alcorn walks through the options.
Why Airbnb is reinventing itself: Airbnb went through a major overhaul this week, in a move CEO Brian Chesky calls an “up-to-bottom upgrade.” Jordan Crook sat down with him to find out what has changed and why.
Dutch’s $20M Series A Deck: It’s time to break down the pitch deck! Haje takes a look at the deck of cards used by the Dutch pet telemedicine platform to raise a $20 million Series A. Can each field game take 14 pictures of cute animals? Probably not. But this one is possible, much to Haje’s delight.