Euro Drops to 20-Year Low Against US Dollar 📉
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Here’s whats happening:
- Euro drops to a 20-year low against the US dollar
- Meta will launch its new VR and AR hardware in October
- Mining firm Hut 8 surpasses the 8K BTC mark
- Bitwarden secures $100 million in funding
- Google to Launch New Pixel Phone on October 6
Euro Drops to 20-Year Low Against US Dollar 📉
The euro dropped below $0.99 on September 5, reaching its lowest level since 2002 against the US dollar.
- This drop in European Union currency comes following an announcement that Russia would shut off its main gas pipeline to Europe.
- Since the start of this year, the euro has continued to weaken against the dollar, hit by the economic turmoil and uncertainties exacerbated by Russia’s invasion of Ukraine.
- When launched in January 1999, the euro was worth $1.19. It peaked at $1.60 in 2008.
- On September 5, 2022, the currency dropped to 98.8 cents, a 20-year-low. 🔻
Why does this matter? 🤔
Russian state-owned Gazprom has said that it would shut off its Nord Stream 1 pipeline indefinitely, citing maintenance issues.
Nord Stream 1 supplies much of Western Europe with natural gas, and its energy shortages will wound Europe’s economy and put more pressure on the euro.
Meta Will Launch Its New VR And AR Hardware in October 🎊🎉
Meta Platforms has said that its Connect Conference 2022 will be held on October 11.
In this event, the company will showcase its AR (augmented reality) & VR (virtual reality) offerings and possibly release its much-touted VR headset code-named Project Cambria.
The Connect conference is held every year. During this event, Meta announces new products, offers presentations for developers, and provides a glimpse into the future of virtual reality & augmented reality.
Between 2014 and 2019, the event was called Oculus Connect. Later it was changed to Facebook Connect in 2020 and Meta Connect in 2021.
Meta’s blog post:
“Mark your calendars — Meta Connect is returning to the virtual stage on October 11! Last year, we pulled back the curtain on our vision for the metaverse and the next era of social computing. This year, we’ll share updates on the progress we’ve made, plus a look at what’s to come in the near and far future,” the company said in a blog post.
Mining Firm Hut 8 Surpasses 8K BTC Mark 🎯
The bitcoin holdings of Canadian mining firm Hut 8 surpassed the 8,000 Bitcoin mark as the firm continues to accumulate self-mined holdings amid the bearish cryptocurrency market.
- The mining firm increased its BTC holdings by 375 bitcoins in August, taking its total reserves to 8,111 BTC.
- Hut 8 reported that it had mined 12.1 BTC per day at a rate of 125.8 BTC per exahash in August.
- Last month, the company also installed 180 Nvidia GPUs at its main data center in Kelowna, Canada.
Why does this matter?
While several mining operators have been forced to sell some or all of their bitcoin holdings to manage operational costs due to the ongoing crypto winter, Hut 8 has managed to continue its self-described “long-standing HODL strategy” and still holds all of its mined BTC.
Bitwarden Secures $100 Million in Funding 💰
Bitwarden, an open-source password manager for enterprises and consumers, has raised $100 million in its funding round.
Bitwarden’s funding round was led by PSG, a growth equity firm that partners with software and technology-enabled services companies to help accelerate their growth. Existing investor Battery Ventures also participated in the round.
What will Bitwarden do with the money?
Bitwarden will use the funding to accelerate the development of new tools and features, including secrets management for its global user community.
Founded in 2015, Bitwarden is a free and open-source password management solution for individuals, teams, and business organizations.
The platform’s service stores sensitive information, such as website credentials, in an encrypted vault.
Some features of Bitwarden include credential autofill, automatic end-user password generation, password strength scoring, file sharing, flexible cloud, self-hosted deployment options for enterprises, and much more.
Google to Launch New Pixel Phone on October 6 📱
Tech giant Google will host its fall hardware event on October 6, confirming that the product unveiling ceremony will take place on the same day in Brooklyn, New York.
During this event, the company will provide more details about its Pixel 7 & Pixel 7 Pro phones and its first smartwatch — the Pixel Watch. The new products will be available to order the same day.
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