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Bitcoin booms to $39,000💥
Nykaa changes the status to a public company; Death of Chinese ed-tech?
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Bitcoin recovers to a new high of near $40,000 in six weeks🗻
Bitcoin, the biggest cryptocurrency in the world, looked back on a six-week truce on Monday. On Monday, virtual currency peaked at 6:44 a.m. at $39,541 — the most since the $40,517 milestone on June 16.
Why the surge?
Expert sees Amazon’s recent job posting, which indicated its foray into cryptocurrencies for payments ahead.
Last week, Tesla chief executive Elon Musk said that the company will likely start accepting Bitcoin as a payment option once again.
You can check both the news here⬇ in our previous newsletters.
IPO-bound Nykaa changes the status to public company💄
According to regulatory filings obtained through Tofler, omnichannel beauty, and personal care goods retailer, Nykaa has changed its status from private to the public ahead of a potential initial public offering.
The nine-year-old company hopes to generate $700-750 million from its IPO, with a valuation of $4-5 billion.
Nykaa joins lots of new tech companies that are preparing to go public, including CarTrade, MobiKwik, Paytm, and PolicyBazaar. The company announced that it has changed its name from FSN e-commerce Ventures Private Limited to FSN e-commerce Ventures Limited.
Hot Shorts ⚡
"If this country's economy is $2.5 trillion today. In the next 5-10 years, you will see another $2.5 trillion. It took 70 years for us to make $2.5 trillion ... Now only in 10 years all that history will be recreated and doubled,” Paytm founder and CEO, Vijay Shekhar Sharma, said on Saturday.
Unacademy, an ed-tech startup, announced the acquisition of Rheo TV, a live game streaming platform, on Monday.
Rheo TV, which launched in August 2019, assists professional game streamers in live streaming and monetizing their feeds. According to the statement, the network has over 5 million users and over 10,000 live streamers.
The death of Chinese ed-tech?⚰
The red dragon may soon flip the kill switch on the thriving ed-tech business. According to one Bloomberg article, “China is considering asking companies that offer school curriculum tutoring to go non-profit,... as part of a sweeping set of regulations that could decimate the country's $100 billion education tech industry.”
The drafted policy also stated that no tutoring companies could go public (IPO), raise funds, or acquire other educational services. And the new set of laws may effectively wipe out the entire sector.
In fact, once the drafting guidelines were made public, shares of popular ed-tech companies were already down 40–50 percent.
So yeah, the Chinese government has probably had it with these ed-tech giants and now wants to limit their influence altogether.
Tweet of the day🐥
☑ Import duties ‘Highest in the world’ Elon Musk tweeted on Tesla’s entry to India.🚗
☑ Uber made a billion dollars from Zomato’s listing, without spending a single penny.💰
One who believes in himself has no need to convince others.
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