Welcome back to Week In Review, the newsletter where we’ve wrapped up many of the top stories to cross the front page of TechCrunch over the past seven days.
The Big Deal this week – at least based on what our backend suggests readers cared about most – has been the cryptocurrency market plunging hard and fast. Bitcoin has dropped over 25% month-on-month, from around $41K per BTC to around $30K at the time of writing this. Ethereum has dropped over 30% over the same period – from around $3,100 per ETH to around $2,000.
Why? So I turn 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 of better understand these things than I do. This week, they caught up with founder and investor Kevin Rose, who says this is his “tenth or so” cryptocurrency crisis, for some information.
My goal with Week In Review is to keep you all feeling in the loop — to make sure that when you click at the end of a busy week, you can see the WiR and feel like you have a good grasp of what’s happened in technology. So let’s go diving!
Aside from a cryptographic crash, what else happened this week? Lots.
Google I/O happened!: Whether everyone is buying a new phone every year or are we all just focused on the millions of other things happening now, it felt like Google’s annual conference/keynote kind of… came and went. While Google kept very From the actual details under wraps, the show’s big news were the 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 Google Glass idea. I don’t wear glasses (yet), but the real-world live subtitles in this concept video would have me rocking a pair in a heartbeat.
More technology layoffs: Unfortunately, the recent trend of technology layoffs continues. Over the past few 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 large technology companies. announced that they are slowing or freezing hiring. 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 a lot of time taking sepia-toned pictures of our breakfast and that was enough?
Tiger Global nearly sold out its last venture capital fund: Well, that was fast. In March of this year, Tiger Global closed its latest venture fund with a massive $12.7 billion in commitments. Just a few months later, Connie Loizos writes that “this 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 now almost fully invested.”
DJI Mini 3 Pro: DJI has a new drone, and TC’s Darrell Etherington is a fan so far (with the exception that he mostly recommends the more 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 stationary bikes (and, more recently, treadmills) has a new piece of home exercise equipment: a rowing machine. While it looks like rowing machines are having a moment right now, it’s hard to imagine that this alone will change things for Peloton after an incredibly difficult quarter – but as Brian Heater puts it, it’s at least “a bright spot” for the company after a series of bad news.
We have a paywalled section on our website called TechCrunch+. It costs a few dollars a month and is full of really good stuff! Starting this week, for example:
US visa options for international founders: So you started your company outside the US and now you want to move to Silicon Valley. What can you do? Immigration attorney Sophie Alcorn looks at the options.
Why Airbnb is reinventing itself: Airbnb underwent a major overhaul this week, in a move that 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 pitchdeck disassembly time! Haje takes a look at the deck used by pet telemedicine platform Dutch to raise $20 million from Serie A. Can each pitchdeck take 14 pictures of adorable animals? Probably not. But this one can, much to Haje’s delight.