Another Week of Job Slashes and Crypto Crashes

Another Week of Job Slashes and Crypto Crashes

Welcome back to Week in Review, a newsletter that summarizes several of the most important items that have appeared on TechCrunch’s main page in the last seven days. The crypto market’s sharp decline was the top story this week, at least based on what our backend shows users were most interested in. At the moment I’m writing this, the price of one bitcoin has decreased by almost 25% from about $41,000 to about $30,000. In the same time span, Ethereum has decreased by almost 30%, falling from about $3,100 per ETH to about $2,000.

Why? I cite Lucas and Anita’s newest podcast and newsletter, Chain Reaction, for that. Whenever I write about cryptocurrencies, I always feel stupid and uninformed within 48 hours. Fortunately, the Chain Reaction crew is considerably more knowledgeable than I am. They spoke with Kevin Rose, a previous founder-turned-investor who claims that this is the “tenth or so” fall in the cryptocurrency market, this week to get some insights. My intention with Week in Review is to keep you all feeling educated. I want you to be able to quickly scan WiR at the conclusion of a hectic week and feel like you have a decent understanding of what occurred in technology. So let’s get started!

Google I/O took place: It felt like Google’s annual conference/keynote just kind of… came and went, whether it’s because everyone is sick of getting a new phone every year or because we’re all simply preoccupied with the million other things going on right now. Although Google withheld many of the specifics, the major announcements at the event included early looks at a new Pixel phone, a new “Pro” brand of Pixel earbuds, and upgrades to Google Maps, Assistant, and Translate. And Google is now producing its own wristwatch! Oh, and Google Glass is still a concept that they are exploring. The live, real-world subtitles in this concept video would have me donning a set of glasses in a heartbeat even though I don’t wear them (yet).

Unfortunately, the recent trend of tech layoffs is still present. Robinhood, Netflix, Thrasio, Cameo, OnDeck, and MainStreet have all announced layoffs in the past few weeks. This week, Carvana, Latch, DataRobot, and Section4 were added to the list. Several major tech companies have indicated that they are slowing down or even stopping hiring. The entire collapse is known to Amanda and Natasha. Because, of course, Instagram is testing NFTs. 

Remember the days when all we did on Instagram was spend much too much time snapping sepia-toned photographs of our breakfast? Tiger Global’s most recent VC fund is almost empty. Wow, that was quick. Tiger Global concluded its most recent venture fund in March of this year with enormous pledges totaling $12.7 billion. 

Within a few months, Connie Loizos notes that “the new fund — which apparently took less than six months to build and contains $1.5 billion in pledges from Tiger Global’s own staff” — “is virtually entirely invested already.” DJI’s Mini 3 Pro: DJI has released a new drone, and so far, TC’s Darrell Etherington is a fan (though he does note that he primarily suggests the most costly model, which costs a few hundred dollars more than the base model of $669).