As banks totter, crypto is busy racking up gains

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2 • 372 Ratings

🗓️ 20 March 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Alex is here to do our Monday show, a kickoff for the week that covers startup news, tech news and a little bit of the money that powers both. After a hectic few weeks, are we done with banking news? No, but there's some good news in the offing, at least. Banking stocks are whipsawing this morning, in the wake of the UBS-Credit Suisse deal, and First Republic's continued woes. The crypto markets have had a good few weeks, leading to asset price appreciation that has reignited crypto-Twitter. News that TikTok is now more popular than ever is compounded by massive gains in the popularity of other Bytedance apps in the United States. The CEO of TikTok goes before Congress this week. Parker is taking on the corporate card market with a focus on ecommerce, and neat repayment periods, while PitchBook wants to predict which startups are going to exit. And, interest rate hikes could cool in the coming quarters, which could help tech companies recover some value. We're off! Another week stretches before us. Get your dancing shoes on, surely the surprises are still coming. For episode transcripts and more, head to Equity’s Simplecast website. Equity drops at 7 a.m. PT every Monday and Wednesday, and at 6 a.m. PT on Fridays, so subscribe to us on Apple Podcasts, Overcast, Spotifyand all the casts. TechCrunch also has a great show on crypto, a show that interviews founders, one that details how our stories come together and more! 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello and welcome back to Equity, the Tech Runch Podcast, where we unpack the numbers and the nuance behind the headlines.
0:17.0	It is Monday, March 20th, this is Alex, and yes, this is our Monday show where we look ahead to the week,
0:23.0	look back at the weekend and generally get ready
0:25.0	for yet another slog through work.
0:27.3	All right, now, there's a lot to talk about,
0:28.8	so let's get it.
0:29.9	Kicking off with stocks this morning, the big news is that banking stocks are still
0:37.0	freaking out. The S. V. crisis, or really, the larger banking crisis, the S. V.
0:42.3	helped kick off, is not yet over.
0:45.0	Shares of Troubled Swiss Bank Credit Suisse are off 58% in pre-market trading on the nice on news
0:51.2	that fellow Swiss Bank, UBS, will buy it for a paltry 3.25 billion dollars.
0:56.4	Investors though are not entirely thrilled about the news.
0:59.2	shares of UBS are down 3.5% in pre-market trading this morning on American exchanges
1:04.3	after falling 5.5% to close last week. And then domestically shares of
1:09.8	First Republic Bank are off about 20% in pre-market trading this morning compared to Friday's
1:15.7	close that saw shares in the California-based bank fall even more.
1:20.3	Now if you recall a bunch of banks deposited 30 billion dollars into First Republic last
1:25.2	Thursday to try and help build confidence in it. That didn't work entirely.
1:30.1	And then on Sunday, S&P cut its credit rating of the bank, likely compounding its share price
1:36.0	woes this morning. What's the TLDR? Well, the concern in the market about some banks
1:41.8	continues, and it's precisely not the thing that the global
1:44.8	economy and the stock market really need at the moment.
	...

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