Equity Cleanup, aisle FTX
Nov 14, 2022
Markets are in turmoil with mixed performances globally. Crypto faces fallout from the FTX saga, including a hack and plummeting FTT token value. Coinbase shines amid the chaos, highlighting stark contrasts in the crypto landscape. Meanwhile, advancements in fake meat funding and Klarna's strategic moves to enhance its shopping app grab attention. Regulatory shifts are echoing in India, along with funding news from e-commerce startups navigating a challenging environment. A fascinating blend of tech, finance, and market dynamics unfolds!
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Stock Market Overview
- Global stock markets show mixed performance, with declines in the US and gains in parts of Asia and Europe.
- SaaS and cloud stocks see a rebound, but valuations remain compressed, erasing the gains from the COVID-19 period.
Crypto Market Update
- Crypto prices show a slight recovery but remain significantly down from the previous week following FTX's collapse.
- FTX's token, FTT, trades near record lows, while other exchange tokens experience volatility.
FTX Downfall
- FTX filed for bankruptcy, and Sam Bankman-Fried resigned as CEO.
- Subsequently, FTX experienced a hack resulting in the loss of over $600 million, and a large, unscheduled release of FTT tokens further destabilized the situation.