Tech Brew Ride Home Tue. 06/21 – The Great Crypto Crash Of ‘22
Jun 21, 2022
The cryptocurrency market is in turmoil, with major downturns affecting Bitcoin and Ether. Meanwhile, Apple has made headlines as its first store in the U.S. has unionized, signaling a shift in tech labor dynamics. Notably, the company is also working on eliminating CAPTCHAs in its apps. In other news, small businesses are frustrated with Google’s move to paid services, and surprisingly, the Microsoft Surface Duo 2 has emerged as a favorite device of the year, thanks to significant improvements in functionality.
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Crypto Crash and Winter
- Cryptocurrencies experienced a significant crash, with Bitcoin and Ether dropping over 70% since November.
- Despite the crash, the host, Brian McCullough, doesn't believe crypto is dead, but anticipates a potential "crypto winter" with reduced coverage.
Babel Finance Liquidity Issues
- Babel Finance, a crypto financial services company, suspended withdrawals due to liquidity pressures.
- They claim to have reached preliminary agreements on debt repayment, but haven't resumed withdrawals.
Solend Reverses DAO Decision
- Solend Labs, a Solana lending protocol, reversed a DAO vote to take over a whale's account to prevent liquidation.
- The initial vote, dominated by a single address, raised concerns about decentralization.