Global stock indices are sinking, with significant losses across the board. In the crypto world, Bitcoin and Ether have plummeted, while Celsius Network faces a crisis as its token price crashes amid halted withdrawals. In contrast, Latin America's startup scene shows signs of resilience with fresh capital, gearing up for the future. Meanwhile, tensions arise at a major cryptocurrency exchange as employee unrest prompts a controversial response from the CEO, further affecting their stock. A rollercoaster of news that reflects the current economic climate!
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insights INSIGHT
Global Stock Market Downturn
Global stock markets are experiencing significant declines, with major indices falling by 2-3%.
This negative sentiment is driven by rising short-term rates and investor anticipation of Federal Reserve rate hikes.
insights INSIGHT
Crypto Market Crash
The cryptocurrency market is facing a major downturn, with Bitcoin and Ether experiencing double-digit percentage losses.
Celsius Network, a crypto lending platform, has halted withdrawals and swaps, causing its token price to plummet.
question_answer ANECDOTE
Celsius Network Crisis
Celsius Network, despite raising significant venture capital, is facing a crisis.
This situation highlights the interconnectedness of the startup and crypto markets.
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Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.
Alex and Grace are back to cover the biggest, best, and baddest technology news. We are back once again here with your weekly kickoff! Here’s what we got into:
Stocks are down around the world, with nearly every major index that we checked falling 2% or more.
Crypto prices are in the tank, with bitcoin and ether losing double-digit percentage points in the last day; the mess in crypto-land is deep this morning.
Celcius network is falling apart, despite huge recent fundraises. Precisely what happens next is not clear, but it doesn't look good for the company, judging by its imploding token price.
In better news, the Latin American startup scene re-upped its capital reserves right before the world went risk-off, implying that the region could be well capitalized heading into the rest of the year.
The Coinbase CEO's Twitter rant after some of the company's employees expressed displeasure was notable, in tone, and also in terms of PR strategy.
So, yeah, not the happiest show that we have ever recorded but one that matches the moment. As we stressed on the audio version, you are not your net worth. We will get through this.
Finally, Equity is live this Thursday, so come hang on Hopin or Twitter Spaces!
Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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