Mar 21, 2024

I recently read that a survey revealed that wealth does not equate to financial resilience, with lower-income respondents better at covering short-term financial obligations than their high-income counterparts. Additionally, funding for women-led startups in Southeast Asia has seen a 42% dip, but SOLIDWORKS experts foresee a promising shift towards more mature startups with tech prowess in manufacturing. In India, cyberattacks and data breaches top business risks, with business interruption and talent retention challenges ranking high as well. The survey also found that women occupy less than a quarter of board seats in Singapore, making gender parity in key leadership roles a challenge. Furthermore, e-commerce is expected to account for 24% of retail sales by 2027 in various Asian countries.

In other news, Microsoft has hired the co-founders and many other employees of Inflection AI, a Silicon Valley startup that raised $1.3 billion at a $4 billion valuation last summer. The NBA is facing opposition from the Carlyle Group in financing the takeover of the Minnesota Timberwolves by Alex Rodriguez and former Walmart exec Marc Lore. Lastly, several startups have successfully raised significant amounts of funding, including Clasp Therapeutics, Pocket FM, Solaris, and PocketHealth. These developments indicate the continuous growth and evolution of the startup ecosystem in various regions.

I recently heard about a flash crash in the price of Bitcoin on the BitMEX exchange. The price of Bitcoin against Tether’s USDT stablecoin fell to as low as $8,900 on BitMEX, while it was trading above $66,000 on other exchanges. The price quickly recovered and returned to normal levels. BitMEX investigated the incident and found evidence of aggressive selling behavior by a small number of accounts, which exceeded expected market ranges. The exchange is also looking into potential misconduct by traders on its Bitcoin-USDT spot market.

This news is significant because it highlights the volatility and potential manipulation in the cryptocurrency markets. The drastic difference in prices on different exchanges and the sudden recovery raises questions about the integrity and stability of cryptocurrency trading platforms. It also underscores the need for better regulation and oversight in the cryptocurrency space to protect investors and ensure fair and transparent trading practices.

The incident on BitMEX serves as a reminder of the risks and challenges associated with trading cryptocurrencies. Investors should exercise caution and due diligence when participating in the cryptocurrency markets, as they can be susceptible to sudden fluctuations and potentially fraudulent activities. It also emphasizes the importance of implementing robust risk management strategies and staying informed about the latest developments in the cryptocurrency space to make well-informed investment decisions.

Stay Well!