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First Mover Asia: Metaverse ETFs Are Underperforming Gaming ETFs; Cryptos Return to the Red

“China’s economy descended deeper into a COVID-19-induced doldrums last month, raising questions about whether Beijing’s planned stimulus measures can prevent a prolonged downturn.” (The Wall Street Journal) … “Terraform Labs, the organization that built the system, supposedly deployed about $3 billion worth of bitcoin, paused the blockchain, flooded the market with UST’s sister token LUNA and tried to pay out arbitrageurs taking advantage of the volatile situation in an effort to rescue its network. Those expensive gambles failed, and even Do Kwon’s, UST’s principal architect, said the network as it once was can’t be salvaged. Terra is working on something of a repayment plan for “small” token holders. All of this raises two very important questions for the industry: Are all “algos,” or algorithmic stablecoins, dead on arrival? And should there be regulation in place to prevent a similar disaster?” (CoinDesk columnist Daniel Kuhn) … Soaring valuations and booming [initial public offerings] made startups seem like a safe bet, inspiring hundreds of new venture funds. Now, the party seems to be suddenly ending – and downsizing may signal even worse times ahead. Since January, nearly 50 startups have made significant layoffs, according to data collected by Layoffs.fyi. Among them are companies like Robinhood [HOOD] and Peloton [PTON], which after huge growth during the pandemic now face the realities of a less buoyant economy, and less cash on hand. Startups like Cameo have had to reverse the spending sprees of the last two years.” (Wired)