Equity Equity Monday: Robotaxis hit a speed bump and IPOs are back on the menu
Aug 21, 2023
This week, the spotlight is on the faltering crypto market as leading currencies tumble, tied to bigger economic concerns. The self-driving industry faces challenges with Cruise scaling back, raising questions about the future of robotaxis. On a brighter note, the tech IPO scene might be revving up, with promising filings on the horizon. Plus, Threads is making its desktop debut, while a Scottish startup ventures into innovative mushroom-based proteins. A mix of tech thrills and market chills!
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Global Stock Market Performance
- Global stock markets show mixed performance, with gains in Japan and South Korea, but declines in China.
- Concerns linger about the Chinese economy, prompting its central bank to cut a key interest rate for the second time in three months.
Cryptocurrency Market Downturn
- Cryptocurrency prices experienced a significant drop, with Bitcoin down about 11% and Ether down about 9%.
- This volatility coincides with discussions about Evergrande's bankruptcy filing, though the connection is unclear.
Recur's Shutdown
- Recur, a Web3 company focused on digital assets for gaming and loyalty programs, is shutting down.
- Having raised $50 million in 2021, Recur's closure highlights the challenges faced by companies that raised significant capital during that period.