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Equity

Equity Monday: Crypto's awful weekend, Apple v. Epic, and funding rounds galore

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2372 Ratings

🗓️ 24 May 2021

⏱️ 7 minutes

🧾️ Download transcript

Summary

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here. After a somewhat quiet weekend, things are kicking off in rapid-fire fashion this week. Here's what you need to know: The cryptocurrency selloff that was in full-swing on Friday continued over the weekend. Though bitcoin and ether managed to recoup some of their losses since they set new local minima, the value of popular cryptos is vastly depressed compared to recent highs. Looking ahead, it's the final day of arguments at the Epic Games vs. Apple trial. And we're seeing a smaller company try to crack some of the hold that a major tech incumbent enjoys over a huge piece of the digital economy. So, if you like startups, you might want to put aside your Apple fandom for a minute. More than a few funding rounds are cracking off this morning, including neat rounds from African fintech Mono, India-and-UAE-based Zeta, Emitwise raising $3.2 million, and Aurora Solar raising $250 million. With a busy funding market and a yet-busy IPO cycle, it should be yet another busy week. Strap in! 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

Click on a timestamp to play from that location

0:00.0

Equity is brought to you by Extra Crunch, that Prodigious Tech Ranch Paywell you keep running into.

0:05.0

You can break through that Paywell at a steep discount if you use the promo code Equity.

0:09.0

If you do, you'll get access to our best stuff and you'll make Equity look really good internally at the same time.

0:13.5

Enough of that, let numbers behind the headlines.

0:35.0

Today is May 24th and it is going to be one hell of a week so strap in and let's go.

0:41.0

Alright we're going to kick off as always with a look back at the weekend.

0:47.4

It was a somewhat quiet period from a startup perspective.

0:50.7

No company announced a multi-billion dollar deal for an upstart tech company that you've heard of, you know, that sort of thing.

0:56.0

But in the world of cryptocurancies, it really was anything but quiet.

1:00.0

A sell-off that was still keeping the market's attention on Friday, lengthened into the weekend

1:04.8

with Bitcoin bottoming out around 32,500-ish on Sunday.

1:09.5

Ethereum itself saw its own coin fall to around 1900 over the same time frame.

1:14.0

Now since then things have gotten better with Bitcoin rebounding to around 37,500

1:19.0

and Ether to around 2,350.

1:22.0

And keep in mind that you know you're going to hear this,350.

1:22.9

And keep in mind that, you know,

1:24.4

you're gonna hear this an hour after I've been recording it,

1:26.2

so if those numbers change, don't bite me.

1:28.1

It's just, that's how cryptos go.

1:29.7

Anyways.

1:30.6

Both coins remain far, far below their all-time highs that they set very recently.

1:34.8

Of course, Bitcoin spiked up to above 64,000, and Ether cracked about 4,300 before losing more than half

...

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