🐗 It's Wild Out There
After a crazy day in the markets yesterday due to FTX insolvency, crypto has rebounded but contagion fears continue.
Hi there 👋,
If Tesla has been pulling down the Nasdaq then our very own Onfolio has been propping it up. And it’s been an insane 24-hour swing in crypto, with BTC rebounding from below $16K back up to close to $18K.
MARKETS UPDATE
Binance backs out of a deal to acquire rival cryptocurrency exchange FTX, after discovering that FTX's liquidity problems were "beyond our control or ability to help."
The Consumer Price Index rose 7.7% for the year ending in October, a figure lower than the 8% economists had expected.
Applications for home purchase mortgages are down 40% on the year:
ONLINE BIZNASS UPDATE
Onfolio Holdings INC, which acquires and manages a portfolio of digital companies, is up 13% over the last month. And the owner of investing.io, Travis Jamison, is now a 6% shareholder.
Swapstack, the platform where newsletter writers and brands connect for sponsorships, recently passed $1M earned for their newsletter publishers.
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CRYPTO / NFT UPDATE
Sequoia Capital marks down FTX investment to $0 dollars after investing $200M via two funds.
US regulator is set to probe FTX over its handling of client funds, after sources showed client money was used to bail out Alameda.
Solana co-founder described the FTX fallout as a “crucible moment” for the ecosystem.
Opensea will continue to enforce royalties on existing collections.
STARTUPS UPDATE
Meta plans to lay off 13% of its staff, terminating thousands of employees.
Startups are hiring recently laid-off workers from Twitter, Lyft, Stripe, and Meta.
WeWork Inc announced its exit from roughly 40 locations across the U.S. and forecasted this quarter revenue below estimates.
Seed-stage investments continue to be robust despite the venture funding pullback. Average pre-money valuations of seed-stage startups remained at $10M.
Manscaped, a men’s grooming startup, announced an undisclosed Series B led by Banner Ventures and Smash Ventures. It had hoped to become a publicly traded company through a SPAC deal.
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REAL ESTATE UPDATE
Pacaso, which makes second home ownership easier through its co-ownership model, has partnered with Surf Air to make travel to these second homes more efficient.
Flyhomes, which makes homebuying simple, announced another round of layoffs, stating that the real estate market had entered a recession that could last for many years to come.
Tomu is raising $2M to ramp up production of luxury modular homes.
Canadian real estate prices went from the fastest growing to the fastest falling of the G7.
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Not financial, investing or tax advice. This newsletter is strictly for information, entertainment and education purposes. Nothing in here is investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your professional advisors. Do your own research.