Welcome to Week In Review, the newsletter where we summarize many of the best stories to cross TechCrunch’s front page over the past seven days.
the big thing this week – at least based on what our backend suggests to the readers who cared most – the crypto market plunged sharply and rapidly. Bitcoin is down more than 25% month over month from around $41,000 per BTC to around $30,000 as I write this. Ethereum is down over 30% in the same time frame – from around $3,100 per ETH to around $2,000.
Why? For that I defer to Lucas and Anita and their new podcast/newsletter Chain Reaction. Whenever I write about cryptocurrency I tend to feel dumb and wrong within about 48 hours – luckily the Chain Reaction team has a a lot understand this stuff better than I do. This week, they sat down with former founder-turned-investor Kevin Rose, who said this was his “10th” crypto downturn, to get some insight.
My goal with Week In Review is to keep you all informed – to ensure that when you click through at the end of a busy week you can browse through WiR and feel like you have a pretty good idea of what happened in technology. So let’s dive!
Besides a crypto crash, what else happened this week? A lot.
Google I/O has arrived! : Whether everyone buys a new phone every year or we all focus on the million other things happening right now, it felt like Google’s annual conference/keynote was just a little… back and forth. While Google kept a lot Among the secret real-life details, the show’s big news was first glimpses of a new Pixel phone, a new “Pro” line of Pixel headphones, 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 captions in this concept video would have me rocking a pair in a heartbeat.
More tech layoffs: Unfortunately, the recent trend of tech layoffs continues. Over the past few weeks, we’ve seen layoffs from Robinhood, Netflix, Thrasio, Cameo, OnDeck, and MainStreet. This week, that list has grown to include Carvana, Latch, DataRobot, and Section4. Meanwhile, a number of big tech cos. announced that they were slowing down or freezing hiring altogether. Amanda and Natasha have the full 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 pictures of our breakfast and that was enough?
Tiger Global has almost exhausted its last venture capital fund: Well, that was quick. In March this year, Tiger Global closed its latest venture capital fund with a mammoth commitment of $12.7 billion. A few months later, Connie Loizos writes “this new fund – which would have taken 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 (with the caveat that he mostly recommends the more expensive option, which is a few hundred dollars more than the base model at $669).
Row, row, row your… peloton? : The company best known for its exercise bikes (and more recently its treadmills) has new home exercise equipment in the works: a rowing machine. While it feels like rowers are struggling a bit at the moment, it’s hard to imagine that alone will change things for Peloton after an incredibly tough quarter – but, as Brian Heater says, it’s is at least “a bright spot” for the company after a series of bad news.
We have a paid section of our site called TechCrunch+. It costs a few dollars a month and it’s full of very good things! From this week, for example:
US Visa Options for International Founders: So you started your business outside of the United States and now you want to move to Silicon Valley. What can you do? Immigration lawyer Sophie Alcorn walks through the options.
Why Airbnb is reinventing itself: Airbnb underwent a major overhaul this week, in a move CEO Brian Chesky calls a “top-down upgrade.” Jordan Crook sat down with him to find out what changed and why.
Dutch’s $20 Million Series A Deck: It’s time to dismantle the pitchdeck! Haje takes a look at the deck used by pet telemedicine platform Dutch to raise a $20 million Series A. Can each pitchdeck pull out 14 photos of adorable animals? Probably not. But this one can, much to Haje’s delight.