Good morning Tech Fam, here's a quick tech update for you to catch on:
What's new today: After the major crypto crash Bitcoin believers are back again; in India crypto legislation faces the latest raid blow.
Fast-Trach Insights: New EU rules, US listing requirements, and internet fragmentation will dent the platforms' business models; Why is google delaying its cookie cancellation? Newly-listed tech startups such as Zomato, Paytm, Nykaa and MapMyIndia recorded solid year-on-year (Y-o-Y) revenue growth.
Stocks are generally up around the very last few weeks and so is Bitcoin, which has added 15% about the earlier thirty-day period. After an intestine-wrenching bout of roughness and existential angst, electronic-asset traders are again to concentrate on the mood of the US inventory industry as a gauge of no matter whether the worst may be above.
The recent raid on a cryptocurrency exchange and allegations of lack of transparency and failed KYC checks on its shareholdings are seen as the latest blow to market players' efforts to obtain a legal framework. The decline in cryptocurrency prices over the past few months has already put the strength of the "asset" under the scanner, especially when institutions such as the Reserve Bank of India and parts of the Ministry of Finance have raised doubts. long-term sustainability.
Why is google delaying its cookie cancellation? Google had previously stated that they would get rid of this system of digital advertising by 2022, however, the date has been pushed back. Google has decided to hold back on this plan because they need to reevaluate their new privacy testing before getting rid of the existing system
Big techies are not doing good! Much has been written about whether Big Tech has peaked. Meta recently announced its first sales drop, amid a fall in online advertising. Amazon, Netflix, and others have cut back on hiring. Plenty of platforms have seen their stock prices crushed this year, which is typical as rates go up, and their growth slow.
Newly-listed tech startups such as Zomato, Paytm, Nykaa and MapMyIndia recorded solid year-on-year (Y-o-Y) revenue growth during the first quarter (Q1) of the ongoing financial year (FY23) owing to a rise in gross order value (GOV), strong monetization in payments, a surge in gross merchandise value (GMV) and unique new-age deep-tech digital products, respectively.
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