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Bitcoin price threatens lowest weekly close since 2020 as inflation spooks markets

BTC price action needs to reclaim the $29,500 mark to avoid resuming its pattern of lower lows on the weekly chart.
Bitcoin (BTC) dropped…

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BTC price action needs to reclaim the $29,500 mark to avoid resuming its pattern of lower lows on the weekly chart.

Bitcoin (BTC) dropped to two-week lows on June 11 as the week’s Wall Street trading ended with bears in control.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

U.S. inflation print proves setback

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $28,528 on Bitstamp, its lowest since May 28.

The pair had fallen in step with stock markets on June 10, these finishing the week noticeably down — the S&P 500 and Nasdaq Composite lost 2.9% and 3.5% respectively.

This was on the back of surprisingly high inflation data from the United States, which took a turn for the worst in stark contrast to expectations. As Cointelegraph reported, at 8.6%, annual inflation came in at the highest since December 1981.

Reacting, market commentators were thus firmly on the bearish side when it came to future BTC price action.

“When we drop to $22,000 - $24,000 on Bitcoin they will call for lower Don’t be too greedy when the time comes,” popular Twitter account Crypto Tony told followers.

Filbfilb, co-founder of trading suite Decentrader, meanwhile contrasted the current environment with the March 2020 COVID-19 crash. This year’s slow bleed, he argued, was if anything more painful than the “car crash” price declines of the time that briefly took Bitcoin to $3,600.

“Inflation hasn't peaked, and neither has Bitcoin,” MicroStrategy CEO Michael Saylor offered in a more hopeful angle after the data print.

“In the current macro backdrop it doesn't matter how many charts are showing confluence that we are reaching historically oversold levels,” popular Twitter account PlanC countered.

“As long as Bitcoin remains correlated to risk on assets I don't see a significant trend reversal anytime soon.”

If it were to end the week at current levels or any below $29,450, meanwhile, BTC/USD would be threatening its lowest weekly close since December 2020.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Doubts over rate hikes emerge

Looking ahead, forthcoming decisions on rate hikes in response to inflation were primed to be the major focus of the coming week.

Related: BTC price snaps its longest losing streak in history — 5 things to know in Bitcoin this week

The Federal Reserve’s Federal Open Markets Committee (FOMC) minutes, due for the meeting on June 14-15, will provide clues on how aggressive policymakers plan to be when it comes to stemming price rises.

“I think that at some point, the market will realize that inflation is not going away soon and that rates will still be relatively low,” Twitter account Daan Crypto Trades argued.

It added that gold could provide an early indication of that “new old” trend by rising from its current trading channel.

“$GOLD could be the leading factor in such a shift. Closely watching that. Right now, we’re still in the process of baking in the bad factors,” a post on the day read.

XAU/USD 1-day candle chart. Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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TDR’s U.S. Stock Market Preview For The Week Of August 8, 2022

A weekly stock market preview and the data that will impact the tape. Sunday Evening Futures Open – Stock Market Preview Weekend News And Developments…

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A weekly stock market preview and the data that will impact the tape.

Sunday Evening Futures Open – Stock Market Preview

Weekend News And Developments

Berkshire Hathaway dramatically slowed new investment in the second quarter after setting a blistering pace at the start of the year, as the US stock market sell-off pushed the insurance-to-railroad conglomerate to a $43.8bn loss.

China’s southern island province of Hainan started mass Covid-19 testing on Sunday, locking down more parts of the province of over 10 million residents, as authorities scramble to contain multiple Omicron-driven outbreaks, including the worst in capital Sanya, often called “China’s Hawaii”.

Cuba: 17 missing, 121 injured as fire rages in oil tank farm in Matanzas City

Equity positioning for both discretionary and systematic investors remains in the 12th percentile of its range since January 2010, according to Deutsche Bank published last week.

Fisker Inc. (NYSE:FSR) unveils a process for qualifying US-based reservation holders of the Fisker Ocean all-electric SUV to retain access to the existing federal tax credit. The current $7,500 tax credit would be unavailable should Congress pass the Inflation Reduction Act of 2022 and President Biden signs the legislation into law.

Former Labour prime minister Gordon Brown has called for an emergency budget before the UK hits a “financial timebomb” this autumn. Mr. Brown said millions would be pushed “over the edge” if the government does not address the cost of living crisis.

Israel said Sunday it killed a senior Islamic Jihad commander in a crowded Gaza refugee camp, the second such targeted attack since launching its high-stakes military offensive against the militant group just before the weekend. The Iran-backed militant group has fired hundreds of rockets at Israel in response, raising the risk of the cross-border fighting turning into a full-fledged war.

NexJ Systems (TSX: NXJ) announced financial results for its second quarter ended June 30, 2022.

Rhine river hit by drought conditions, hampers German cargo shipping. According to reports, transport prices have shot up as drought and hot weather have affected water levels in the river Rhine in Germany leading cargo vessels to reduce loads during transportation.

Taiwan’s defense ministry said it had detected 66 Chinese air force planes and 14 Chinese warships conducting activities in and around the Taiwan Strait on Sunday, Reuters reports. Thursday’s drills involved the live firing of 11 missiles.

Unifor: 1,800 members from across the country arrive in Toronto this weekend before Monday’s start to the union’s 4th Constitutional Convention, where delegates will elect a new National President and vote on key priorities and initiatives. Unifor is Canada’s largest union in the private sector, representing 315,000 workers in every major area of the economy. 

U.S. rate futures have priced in a 69% chance of a 75 bps hike at its September meeting, up from about 41% before the payrolls data. Futures traders have also factored in a fed funds rate of 3.57% by the end of the year.

What The Analysts Are Saying…

Anybody that jumped on the ‘Fed is going to pivot next year and start cutting rates’ is going to have to get off at the next station, because that’s not in the cards. It is clearly a situation where the economy is not screeching or heading into a recession here and now.” — Art Hogan, chief market strategist at B. Riley Financial

“It is not a market bottom, things are not going to go up consistently from here because we are going to be buying low tech products for a while, so everyone has something to make up as COVID demand = pre-COVID​, there are fewer units for this. Reality check – unlike ‘Big Tech’, consumer discretionary related companies are offering more cautious guidance.”Morgan Stanley analyst commentary on a potential market bottom

The fact of the matter is this (Aug. 5 nonfarm payroll report) gives the Fed additional room to continue to tighten, even if it raises the probability of pushing the economy into recession. It’s not going to be an easy task to continue to tighten without negative repercussions for the consumer and the economy”. — Jim Baird, chief investment officer at Plante Moran Financial Advisors

“We are surprised to not see investors start to chase upside calls in fear of underperforming the market. People are just watching.” — Matthew Tym, head of equity derivatives trading at Cantor Fitzgerald

What We’re Watching

Psychedelic Sector Gaining Momentum: What started out as bottoming action after a protracted multi-quarter decline has now morphed into a tangible bullish impulse. We believe Netflix new docuseries How To Change Your Mind has played an important roll in the creation of critical mass awareness for the sector—and a rebound in broad market risk assets hasn’t hurt. At the tip of the spear for this sentiment shift is COMPASS Pathways plc (CMPS), which has risen 62.64% since  the docuseries debuted on July 12. Price on the benchmark Horizons Psychedelic Stock Index ETF has now breached the 20-day MA/EMA.

We are watching to see if investor sentiment shifts into laggard names such as Cybin Inc. and MindMed, which has continued to fall following a proposed 15-1 reverse stock split initiative announced this year. Many Tier-2/3 names still 90%+ off their highs…

Revive Therapeutics (RVV:CSE, RVVTF:OTC): This has been on our radar for the last couple of weeks, and remains on our watch list. The company has already confirmed that their statistician is in possession of 210 unblinded patient data for its Phase 3 clinical trial to evaluate Bucillamine to treat COVID-19. The company is currently attempting to revise endpoint data from a hospitalization/death focus to a symptoms focus. If they are to achieve this, it will mark a material event in the course of the trial.

YTD performance (+33.09%), Revive Therapeutics (RVVTF); Red line = 7day EMA

We believe an endpoint decision, either positive or negative, is imminent and will have cause a material price action event.

Consumer Price Index, August 10: Consumer inflation expectations for July are released by the New York Fed, while the University of Michigan’s preliminary survey of consumers for August is on tap. Taken together, these should give investors a better picture of how consumers are feeling about current economic conditions. 

As of June, it’s running at 9.1% on an annual basis. Investors, economists and consumers will be watching to see if price increases are easing as everything from gasoline to food is elevated.

Given the mixed signals on the overall state of the economy (i.e. indications of recession vs. this week’s strong nonfarm payrolls number), CPI will be in-focus by market participants. Scotiabank expects 8.9% y/y (9.1% prior) and 0.4% m/m for headline CPI; ex-food-and-energy: 6.1% y/y led by a 0.6% m/m gain.

Pot stocks earnings continue, with several Tier-1/Teri-2 names reporting including Curaleaf Holdings, Trulieve Cannabis, Marimed Inc., Cronos Group, TerrAscend Corp. and more. Last Wednesday, Green Thumb Industries allayed fears somewhat that this earnings season would be a write-off, producing solid numbers which beat expectations on several key metrics. An additional strong report or two will go a long way to help improve sentiment for a sector that’s been decimated over the past six quarters.

U.S. Economic Calendar

TIME (ET)REPORTPERIODMEDIAN FORECASTPREVIOUS
Monday, August 8
11:00 AMNY Fed 3-year inflation expectationsJuly3.60%
Tuesday, Aug. 9
6:00 AMNFIB small-business indexJuly89.589.5
8:30 AMProductivityQ2-4.30%-7.30%
8:30 AMUnit labor costsQ29.30%12.60%
Wednesday, August 10
8:30 AMConsumer price indexJuly0.30%1.30%
8:30 AMCore CPIJuly0.60%0.70%
8:30 AMCPI (year-over-year)July-8.70%9.10%
8:30 AMCore CPI (year-over-year)July6.10%5.90%
10:00 AMWholesale inventories (revision)June1.90%1.70%
2:00 PMFederal budget (compared with year earlier)July-$302 billion
Thursday, August 11
8:30 AMInitial jobless claimsAug. 6265,000260,000
8:30 AMContinuing jobless claimsJuly 301.42 million
8:30 AMProducer price indexJuly0.20%1.10%
Friday, Aug. 12
8:30 AMImport price indexJuly-0.80%0.20%
10:00 AMUMich consumer sentiment index (preliminary)Aug.5352
10:00 AMUMich 5-year inflation expectations (preliminary)Aug.2.90%

Meme Of The Week

Key Earnings (US Markets)

DateCompanySymbolEarnings estimate
Monday, August 83D SystemsDDD$0.00 per share
BarrickGOLD$0.22
BioNTechBNTX$7.08
EnergizerENR$0.76
News Corp.NWSA$0.08
NovavaxNVAX$5.18
Palantir TechnologiesPLTR$0.03
Take-Two Interactive SoftwareTTWO$0.86
Tyson FoodsTSN$1.97
UpstartUPST$0.08
Tuesday, Aug. 9Akamai TechnologiesAKAM$1.31
AramarkARMK$0.24
Bausch HealthBHC$0.91
Carlyle GroupCG$1.07
CoindeskCOIN-$2.68
Cronos GroupCRON-$0.07
EbixEBIX$0.58
EmersonEMR$1.29
GlobalFoundriesGFS$0.45
Grocery OutletGO$0.24
H & R BlockHRB$1.24
Hilton Grand VacationsHGV$0.88
Hyatt HotelsH$0.03
IAC/InterActiveCorpIAC-$2.35
iRobotIRBT-$1.55
Maxar TechnologiesMAXR$0.12
Norwegian Cruise LineNCLH-$0.83
Plug PowerPLUG-$0.20
Rackspace TechnologyRXT$0.16
Ralph LaurenRL$1.71
RobloxRBLX-$0.26
Spirit AirlinesSAVE-$0.46
Super Micro ComputerSMCI$2.35
SyscoSYY$1.11
The Trade DeskTTD$0.20
TTEC HoldingsTTEC$0.85
Unity SoftwareU-$0.21
Warner Music GroupWMG$0.20
World Wrestling EntertainmentWWE$0.55
Wynn ResortsWYNN-$0.97
Wednesday, August 10AppLovinAPP$0.50
CoherentCOHR$2.13
CoupangCPNG-$0.10
CyberArk SoftwareCYBR$0.01
Dutch BrosBROS$0.07
Fox Corp.FOXA$0.77
Franco-NevadaFNV$0.98
Jack in the BoxJACK$1.42
Manulife FinancialMFC$0.76
MatterportMTTR-$0.14
Pan Am SilverPAAS$0.14
Red Robin GourmetRRGB-$0.16
SonosSONO$0.21
TraegerCOOK$0.04
Wendy’sWEN$0.22
Wolverine World WideWWW$0.65
Thursday, August 11AerCapAER$1.42
BaiduBIDU$10.92
Brookfield Asset ManagementBAM$0.69
Canada GooseGOOS$2.98
Cardinal HealthCAH$1.18
Dillard’sDDS$2.88
Flower FoodsFLO$0.27
IlluminaILMN$0.64
LegalZoomLZ$0.02
Melco Resorts & EntertainmentMLCO-$0.44
NioNIO-$1.36
PoshmarkPOSH-$0.25
Rivian AutomotiveRIVN-$1.63
Ryan Specialty GroupRYAN$0.35
Six FlagsSIX$1.04
Solo BrandsSOLO$0.28
ToastTOST-$0.12
Utz BrandsUTZ$0.12
Warby ParkerWRBY-$0.02
W&T OffshoreWTI$0.37
Wheaton Precious MetalsWPM$0.32
Friday, Aug. 12Broadridge FinancialBR$2.65
Honest CompanyHNST$-$0.09
Spectrum BrandsSPB$1.42

FDA Calendar

None

Source: CNN Business – TDR’s stock market preview sentiment indicator

Past Week What’s Hot… and What’s Not

Source: TradingView – TDR’ stock market preview what’s hot this past week

Top 12 High Short Interest Stocks

TickerCompanyExchangeShortIntFloatShares O/SIndustry
BBBYBed Bath & Beyond Inc.Nasdaq46.38%61.57M79.96MRetail (Specialty Non-Apparel)
ICPTIntercept Pharmaceuticals IncNasdaq43.76%23.62M29.71MBiotechnology & Medical Research
MSTRMicroStrategy IncNasdaq39.29%9.32M9.33MSoftware & Programming
BYNDBeyond Meat IncNasdaq37.91%56.79M63.54MFood Processing
SWTXSpringWorks Therapeutics IncNasdaq37.51%31.64M49.41MBiotechnology & Medical Research
BIGBig Lots, Inc.NYSE37.37%26.49M28.92MRetailers – Discount Stores
EVGOEvgo IncNasdaq35.65%67.76M69.00MUtilities – Electric
UPSTUpstart Holdings IncNasdaq35.60%72.32M84.77MConsumer Lending
BGFVBig 5 Sporting Goods CorpNasdaq34.65%20.85M22.33MRetailers – Miscellaneous Specialty
SRGSeritage Growth PropertiesNYSE34.38%23.58M43.68MReal Estate Operations
NKLANikola CorporationNasdaq32.77%265.95M421.14MAuto & Truck Manufacturers
BLNKBlink Charging CoNasdaq32.54%33.98M50.20MUtilities – Electric

Tags: stock market preview, stock market preview August 8, 2022.

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Regen BioPharma Inc (OTCMKTS: RGBP) Breaking Out as Biotech Files Patent on Dendritic Cell Technologies to Augment Efficacy of Survivin mRNA Cancer Immunotherapeutic Vaccine

Regen BioPharma Inc (OTCMKTS: RGBP) is making a powerful reversal rocketing back into penny land on Friday up 46% on $1.6 million in dollar volume. RGBP…

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Regen BioPharma Inc (OTCMKTS: RGBP) is making a powerful reversal rocketing back into penny land on Friday up 46% on $1.6 million in dollar volume. RGBP has a massive following of shareholders, many of them international that are jumping on board and accumulating heavily now that RGBP has reversed. Several weeks ago, the Company announced the filing with the United States Patent and Trademark Office of a provisional patent application covering utilization of dendritic cell technologies to augment efficacy of its patented survivin mRNA cancer immunotherapeutic vaccine.  RGBP CEO Dr. David Koos stated: “We are proud of our collaborators and colleagues who have worked on our first issued survivin patent, which was filed in 2015, before the world realized the potency of modified-mRNA technology that was first successfully commercialized with the COVID-19 vaccines by Moderna and Pfizer. The currently filed application discloses means of significantly increasing efficacy by combining modified-mRNA with unique cellular immunotherapy as well as adjuvant approaches.  We chose this strategy to maximally protect our intellectual property around this potentially very valuable mRNA cancer immunotherapy vaccine.”  

Microcapdaily has been reporting on RGBP since early last year. The last time we covered the Company we stated among other things: “RGBP is one of the most followed stocks in small caps with a huge investors base and it has a long history of big moves skyrocketing to 8 cents plus twice over the past 12 months. There are also plenty of buyout rumors on RGBP; notably in the July PR Dr. koos stated: “We are proud of our collaborators and colleagues who have worked on our first issued survivin patent, which was filed in 2015, before the world realized the potency of modified-mRNA technology that was first successfully commercialized with the COVID-19 vaccines by Moderna and Pfizer. Rumors are circulating that Dr. Koos has offers for either a B/O or potential joint ventures, licensing, partnerships, or a merger. He wants to get the best offer out there. Regen owns a valuable intellectual property portfolio including 8 issued patents and 13 published patent applications, these patents address enormous billion-dollar markets. RGBP has not seen the kind of volume and interest it showed on Friday in a long time and looks to be preparing to embark on something substantial here.  

Regen BioPharma, Inc. - HomeRegen BioPharma Inc (OTCMKTS: RGBP) is focused on the immunology and immunotherapy space. The Company is focused on rapidly advancing novel technologies through pre-clinical and Phase I/ II clinical trials. Currently, the Company is focused on mRNA and small molecule therapies for treating cancer and autoimmune disorders.  

Regen owns a valuable intelectuable property portfolio including 8 issued patents and 13 published patent applications. Zander Therapeutics, Inc. (a company under common control) has been granted an exclusive license to develop and commercialize IP controlled by the Company for non-human veterinary therapeutic use. Regen has granted an exclusive license to Oncology Pharma, Inc. to develop and commercialize “Antigen specific mRNA cellular cancer vaccines” for the treatment of pancreatic cancer and KCL Therapeutics, Inc. has granted an exclusive license to Oncology Pharma, Inc. to develop and commercialize certain intellectual property for the treatment of colon cancer. 

The Company is led by CEO David Koos who has over 30 years of investment banking and venture capital experience.  He has a deep knowledge of startup businesses, public markers and SEC reporting companies.  Dr. Koos has extensive relationships with large and small financial institutions, hedge funds and entities that Regen BioPharma expects to leverage for company growth. Dr. Koos has a Ph.D. in Sociology and a Doctor of Business Administration with an emphasis in finance.  Additionally, he has authored / co-authored numerous peer reviewed journal articles. Dr. Koos worked hard to get the filings up to date and get the Company compliant which has recently been completed with RGBP now “pink current”  

Earlier this year RGBP announced a program to accelerate the clinical development of its NR2F6 therapies. The Company intends to combine modified mRNA technology with Regen’s existing siRNA (small interfering RNA) intellectual property targeting the NR2F6 nuclear receptor which has been identified as a potentially very important immune cell inhibitor (an immune checkpoint) and cancer stem cell differentiator. mRNA is a single-stranded molecule that carries genetic code from DNA in a cell’s nucleus to ribosomes (the cell’s protein-making machinery).    

Regen has filed an Investigational New Drug Application (IND#16928) for their drug termed tCellVax   with the U.S. FDA. tCellVax is intended to utilize siRNA to silence NR2F6 activity in human immune cells thereby activating these immune cells in such a way that they can attack cancer cells. The Company believes that adding new intellectual property utilizing modified mRNA will profoundly simplify the drug development process and thus speed development. Dyo Biotechnologies has been contracted to assist Regen with the development of the above-mentioned technology. 

To Find out the inside Scoop on RGBP Subscribe to Microcapdaily.com Right Now by entering your Email in the box below

On July 26 RGBP announced the filing with the United States Patent and Trademark Office of a provisional patent application covering utilization of dendritic cell technologies to augment efficacy of its patented survivin mRNA cancer immunotherapeutic vaccine.  

In 2021 the Company was granted US patent # 11,090,332 on composition of matter of survivin modified-mRNA useful for teaching the immune system to kill cancer. In the current patent, specific types of dendritic cells, means of generating specialized dendritic cells, and the planned formulation that will enter clinical trials have been granted patent protection. 

Immunotherapy of cancer represents a very large market which is currently being led by the class of drugs called “checkpoint inhibitors” and “CAR-T” cells.  To date there is no mRNA immunotherapy available for treating cancer. This patent application protects the use of our patented survivin mRNA both as a stand-alone vaccine and as an immunotherapy. 

RGBP CEO Dr. David Koos stated: “We are proud of our collaborators and colleagues who have worked on our first issued survivin patent, which was filed in 2015, before the world realized the potency of modified-mRNA technology that was first successfully commercialized with the COVID-19 vaccines by Moderna and Pfizer. The currently filed application discloses means of significantly increasing efficacy by combining modified-mRNA with unique cellular immunotherapy as well as adjuvant approaches.  We chose this strategy to maximally protect our intellectual property around this potentially very valuable mRNA cancer immunotherapy vaccine.” 

For more on RGBP Subscribe Right Now!

Currently trading at a $55 million market valuation RGBP has 5,024,517,324 shares outstanding and a debt load that has caused significant dilution in the past. But RGBP is an exciting story developing in small caps, at current levels the selling pressure that decimated the share price from over $0.08 to half a penny is gone and buyers have stepped in and are accumulating heavily at current levels. RGBP is no stranger to big moves and has runner in its blood skyrocketing to $0.0819 not once but twice in the past year alone. Several weeks ago, the Company announced the filing with the United States Patent and Trademark Office of a provisional patent application covering utilization of dendritic cell technologies to augment efficacy of its patented survivin mRNA cancer immunotherapeutic vaccine.  RGBP CEO Dr. David Koos stated: “We are proud of our collaborators and colleagues who have worked on our first issued survivin patent, which was filed in 2015, before the world realized the potency of modified-mRNA technology that was first successfully commercialized with the COVID-19 vaccines by Moderna and Pfizer. The currently filed application discloses means of significantly increasing efficacy by combining modified-mRNA with unique cellular immunotherapy as well as adjuvant approaches.  We chose this strategy to maximally protect our intellectual property around this potentially very valuable mRNA cancer immunotherapy vaccine.” Rumors are circulating that Dr. Koos has offers for either a B/O or potential joint ventures, licensing, partnerships, or a merger. He wants to get the best offer out there. Regen owns a valuable intellectual property portfolio including 8 issued patents and 13 published patent applications, these patents address enormous billion-dollar markets. RGBP has not seen the kind of volume and interest it showed on Friday in a long time and looks to be preparing to embark on something substantial here. We will be updating on RGBP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with RGBP.

Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!

Disclosure: we hold no position in RGBP either long or short and we have not been compensated for this article

The post Regen BioPharma Inc (OTCMKTS: RGBP) Breaking Out as Biotech Files Patent on Dendritic Cell Technologies to Augment Efficacy of Survivin mRNA Cancer Immunotherapeutic Vaccine first appeared on Micro Cap Daily.

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This Week in Apps: French developers sue Apple, time spent in apps grows, Instagram adds NFTs

Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy….

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Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy.

Global app spending reached $65 billion in the first half of 2022, up only slightly from the $64.4 billion during the same period in 2021, as hypergrowth fueled by the pandemic has slowed down. But overall, the app economy is continuing to grow, having produced a record number of downloads and consumer spending across both the iOS and Google Play stores combined in 2021, according to the latest year-end reports. Global spending across iOS and Google Play last year was $133 billion, and consumers downloaded 143.6 billion apps.

This Week in Apps offers a way to keep up with this fast-moving industry in one place, with the latest from the world of apps, including news, updates, startup fundings, mergers and acquisitions, and much more.

Do you want This Week in Apps in your inbox every Saturday? Sign up here: techcrunch.com/newsletters

Top Stories

Mobile users are spending 4-5 hours per day in apps

Image Credits: data.ai

Looks like we’re all still addicted to our apps! A new report this week from data.ai (previously App Annie), found that consumers in more than a dozen worldwide markets are now spending four to five hours per day in apps. While the daily time spent in apps varies by country, there are now 13 markets where users are spending more than four hours per day using apps. These include Indonesia, Singapore, Brazil, Mexico, Australia, India, Japan, South Korea, Canada, Russia, Turkey, the U.S. and the U.K.

And, in three of those markets — Indonesia, Singapore and Brazil — mobile users are spending more than five hours per day in apps.

While the growth in app usage has slowed a bit from the second quarter in 2020, it’s worth noting that two years ago was the height of COVID lockdowns, which drove app usage to spike across all categories as users worked, shopped, banked, gamed and studied, and attended meetings, school and events from home. If anything, that means the slowdown in growth seen in a couple of the markets is only representative of a normalizing of trends, not a larger decline.

And some markets saw significant growth in app usage over the past two years. In the second quarter of 2020, Singapore users were spending 4.1 hours in apps. Now that’s grown to 5.7 hours. In Australia, users went from 3.6 hours to 4.9 hours from Q2 2020 to Q2 2022. Both represent a 40% rise in time spent.

French iOS developers sue Apple over App Store fees

Apple app store iOS

Image Credits: TechCrunch

Apple is facing another antitrust lawsuit over its App Store fees, this time filed by a group of French iOS app developers who are suing the tech giant in its home state of California. The plaintiffs are accusing Apple of anti-competitive practices in allowing only one App Store for iOS devices, which gives it a monopoly in iOS app distribution and the ability to force developers to pay high commissions on in-app purchases.

The complaint argues that these commissions, on top of Apple’s $99 annual developer program fees, cut into developers’ earnings and stifle innovation — and yet developers aren’t permitted to offer alternative payment methods per Apple’s App Store rules, nor can they distribute their apps to iOS users outside of the App Store, despite Apple allowing this on Mac computers.

The case is now one of several antitrust legal battles Apple is facing, including the high-profile lawsuit with Fortnite maker Epic Games, which is under appeal, and another by alternative app store Cydia.

Developers involved in the class action include Société du Figaro, the developer of the Figaro news app; L’Équipe 24/24, the developer of L’Équipe sports news and streaming app; and le GESTE, a French association comprised of France-based publishers of online content and services, including iOS app developers.

Of note, the case is being led by U.S.-based Hagens Berman law firm, which last year won a $100 million settlement against Apple over App Store policies and recently filed a $1 billion case against Apple over antitrust issues with Apple Pay. The lawyer involved also previously secured a $560 million settlement against Apple regarding e-book price-fixing and a $90 million settlement on behalf of Android developers. In France, Paris-based antitrust lawyer Fayrouze Masmi-Dazi is helping manage the claims.

New data on in-app subscriptions shows the first month is key

Subscription management service RevenueCat took a deep dive into more than 10,000 subscription apps across iOS and Android to see how subscription renewal rates stacked up. It found that monthly subscriptions had a median first renewal rate of 56%, which would increase over time. In other words, customers who didn’t get value from the app would churn in the first month — an indication of how important it is to convince users of that value in their first days using the service. In subsequent months, renewals were higher — 75% or 81% for the second and third months, for instance.

The company analyzed its own customer base data for the analysis, but notes it’s not showing all renewals on RevenueCat, as that would bias the data toward larger customers, like VSCO. Instead, it looked at the median of each individual app’s renewal rates.

In addition, RevenueCat developer advocate David Barnard pointed out that a lower renewal rate may not necessarily be a bad thing, depending on the business. For instance, if the developer was acquiring users organically at a low cost, a lower rate could be better than a higher renewal rate with expensive customer acquisition costs.

Weekly News

Platforms: Apple

  • Apple is expanding its App Store ads. The company previously offered two ad slots, on the main Search tab and in the Search results. The new ad slots will be available on the App Store’s Today tab and at the bottom of individual app pages in the “You Might Also Like” section.
  • Bloomberg reported that iPadOS 16 will be delayed about a month as Apple works on its multitasking features. The report says this would put the release in October, alongside macOS Ventura.
  • A new report indicates iOS has lost 4% of ad spend market share since the launch of ATT, which makes targeting advertising more difficult for iOS developers. Its share dropped from 34% in April, down 4% YoY according to Adjust.
  • Digiday reports Apple may be building its own demand-side platform, based on a job posting looking for a senior manager for a DSP in its ads platform business. Apple’s DSP may be focused on serving ads on its own properties, like the App Store, but the company declined to confirm details.

Platforms: Google

  • Google revealed the finalists for the Indie Games Festival, which highlights some of the best games on Google Play. This year, the company is hosting the Festival in South Korea, Japan and Europe for local developers on September 3. At the European finals, Google will also reveal the 2022 class joining the Indie Games Accelerator, a program that provides indie game devs with training and mentorship.
  • Google offered a guide to Android developers as to how to support predictive back gestures, as it’s making an early version of the UI available for testing with Android 13, Beta 4.

E-commerce

  • Facebook’s live shopping feature is shutting down on October 1 to shift the company’s focus to Reels. After this date, users will no longer be able to host new or scheduled live shopping events, but they’ll still be able to use Facebook Live for other live events — but won’t be able to create product playlists or tag products in those streams.

Fintech

  • Coinbase partnered with BlackRock, which oversees $10 trillion in assets, to provide its institutional clients with access to cryptocurrency.
  • Starbucks Rewards, the coffee company’s loyalty program that doles out perks for customers’ purchases, will expand to include NFT rewards as part of a broader web3 push. The company said it’s being advised by Starbucks Mobile Order & Pay architect Adam Brotman on the effort, where NFT rewards will translate into exclusive content and “one-of-a-kind” experiences.
  • The SEC is probing trading app Robinhood’s compliance with short selling rules. The SEC has been investigating since October 2021 and requested additional info from the company in Q2 2022. Robinhood also announced headcount reductions of 23% after posting a $295 million quarterly loss. In addition, New York’s State Dept. of Financial Services fined Robinhood’s crypto unit $30 million for violating anti-money laundering and cybersecurity regulations.
  • An exploit in the Slope mobile wallet was possibly to blame for a major network attack that saw thousands of wallets drained of millions of dollars.
  • iOS 16 beta 4 added support for Apple Pay in non-Safari browser apps including Chrome, Firefox and Edge, likely in response to the EU’s Digital Markets Act.

Social

instagram testing nfts

Image Credits: Instagram

  • Instagram expanded support for NFTs to more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas after first launching a test of the new feature in May. Users will be able to connect their digital wallet, and share NFTs to the Feed, Stories or in messages. They can also automatically tag creators and collectors for attribution. The feature relies on Coinbase Wallet and Dapper integrations and the Flow blockchain.
  • Instagram head Adam Mosseri is temporarily moving to London to work from Meta’s King Cross offices as the company rethinks how to shape its plan to take on TikTok with Reels.
  • TikTok is on track to overtake Facebook in influencer marketing spend in 2022, and will overtake YouTube by 2024, per an analyst report. However, Instagram this year will still capture 3x the influencer marketing dollars as TikTok, or $2.23 billion versus TikTok’s $774.8 million.
  • The Washington Post reported video entertainment app Triller failed to make promised payments to a number of Black creators. Triller denied the claims.
  • Discord announced it will finally bring its Android app into parity with its iOS counterpart. The new Android app has been rebuilt with React Native, which will allow it to expedite new feature releases and bug fixes.
  • Pinterest missed on earnings and delivered zero user growth in its most recent quarter — it’s stuck at 433 million MAUs. The company cited a combination of factors for its issues, including the lingering impacts of the pandemic, reduced traffic from search engines, the rise of TikTok and — like many companies reliant on digital advertising, the broader economic environment. Still, the stock popped on the news (up 20% after hours) as revenue was close to expectations ($664.9 million) and the company was praised by new investor Elliott Investment Management.
  • Pinterest also began testing a new app, Shuffles, for collage-making and leaderboards. But the app, which includes image cut-out features and animation, requires an invite for the time being.
  • A top anonymous social app, NGL, which hit the top of the App Store earlier this summer, was forced to adjust its app to stop tricking users into thinking they had received messages from friends, when really a bot was delivering them. Both it and rival Sendit also changed their subscriptions to include more features than just “hints” about who was sending the messages.

Dating

  • Match Group said Tinder CEO Renate Nyborg is leaving after less than a year and it’s reorganizing the app’s management team after disappointing earnings. It also said it’s not moving forward with plans for Tinder Coins, its virtual currency, nor its plans for a dating metaverse. The company wanted to characterize this stoppage as merely a pause, but did not offer any sense as to if or when it would revisit these ideas. Instead, the company spoke of plans to introduce shorter-term subscriptions on Tinder while it tries to figure out why it couldn’t convince new people to try dating apps.
  • TikTok-style dating app Desti launched to match up users by fav date destinations, initially in its debut market of Austin.

Messaging

  • Kakao blamed Google’s new payment policies for a decline in the number of emoji subscription purchases on the messaging app KakaoTalk. The figure dropped by a third over the year, the South Korean app maker said in its quarterly earnings call Thursday.
  • Google is merging its Meet and Duo apps. Duo is being rebranded as Meet (the mobile app will be updated with the new branding). This will include features from both of the apps. Meet will be called Google Meet (original) and will be eventually phased out in favor of the new Meet. Not confusing at all!
  • Brazilian prosecutors asked WhatsApp to delay the launch of the Communities feature in Brazil until January in order to avoid spreading misinformation about the October election.

Streaming & Entertainment

Image Credits: Spotify

  • Spotify updated its app to address a long-standing user complaint with music playback — but it’s asking customers to pay for the fix. The company announced it will introduce a separate Play Button and a Shuffle Button at the top of albums and playlists to make it easier to play the music the way you like. This replaces the combined button available before. However, the new button is only being offered to Spotify Premium subscribers, despite arguably being a UI/UX issue that should be available to all.
  • Clubhouse began beta testing a new feature, private communities called Houses, which allow a group of friends to hang out, catch up, hop from room to room and more. The Houses can be kept private and closed or users can each nominate a few friends to join.
  • Spotify’s biggest playlist is getting its own video podcast. The company said Brandon “Jinx” Jenkins, the podcast host of “Mogul” and “No Skips,” will host the new “RapCaviar Podcast.” The new video podcast will explore the rap genre and include panels of guests.
  • SoundCloud announced it was laying off 20% of its global workforce due to the challenging economic environment. Staff in the U.S. and U.K. will be informed if they’re impacted.
  • TikTok has been filing “TikTok Music” trademarks in global markets, suggesting the company is considering a launch of some sort of music streaming service similar to its existing service in select markets known as Resso.

Gaming

Image Credits: Sensor Tower

  • A new report indicates most mobile gaming genres saw revenue declines in the U.S. during the first part of the year. According to Sensor Tower, Arcade and Tabletop games were the only categories with revenue growth. Arcade was the fastest growing genre, with player spending up 14.8% year-over-year to approximately $176 million. Top games included Clawee, Gold & Goblins and Idle Mafia. Tabletop grew 1% YoY to $388.8 million. However, in terms of revenue, Puzzle was the largest with $2.3 billion, down 8.8% YoY. It was followed by Casino ($2.2 billion) and Strategy ($2 billion). Gaming downloads also declined 2.5% YoY to 2.4 billion.
  • Apple Arcade added a handful of new games to the service, including the popular Jetpack Joyride, as well as Amazing Bomberman, My Talking Tom+ and Love You to Bits+. The company also recently pulled 15 games from the subscription service.
  • Blizzard and NetEase scrapped plans for a World of Warcraft mobile game after a disagreement over financial terms for the title, Bloomberg reported. NetEase disbanded a team of more than 100 developers tasked with creating content for the game — only some of whom were given internal transfers.
  • Amazon’s cloud gaming service, Luna, which allows users to play on mobile, tablet, PC or Mac, now supports Samsung Gaming Hub on Samsung’s smart TVs and monitors.

Transportation & Travel

  • Uber partnered with the Berlin-based travel service Omio in order to test train and bus bookings in its U.K. app. Omio’s inventory includes more than 1,000 transport providers.

Utilities & Productivity

  • Google Maps and Search apps now allow merchants to label their businesses as “Asian-owned,” following similar additions that allowed labeling businesses as Black-owned, Latino-owned, veteran-owned, women-owned or LGBTQ+-owned.
  • Microsoft launched a new Outlook Lite app for low-powered Android phones aimed at users in emerging markets.

Government & Policy

  • The European Commission is investigating Google Play’s policies over possible antitrust issues, according to Politico. Specifically, the investigation is looking into billing terms and developer fees, the report said.

Security & Privacy

  • Security researchers found an error in more than 3,200 mobile apps, which would allow them to take full or partial control of Twitter accounts. The names of impacted apps have not yet been disclosed.
  • A ruling by European Union’s top court may have major implications for online platforms and apps that use background tracking and profiling to target users with behavioral ads or for personalizing content. It set a precedent that even this inferred data derived from things a company learned about a user could be considered personal data.

Funding and M&A

Dating app Desti raised $1 million in early-stage funding in July at a $5 million valuation. The company also makes a related app for friends, Besti.

Uber to sell stake its 7.8% stake in the food delivery app Zomato for $350 million+ after taking a $707 million loss on the deal in H2 2022.

Locket, a popular app that lets you post photos to your friends’ homescreens, raised $12.5 million in seed funding from OpenAI CEO Sam Altman, Sugar Capital, Costanoa Ventures, along with Instagram co-founder Mike Krieger and Quora CEO Adam D’Angelo.

Downloads

Banish

A new app for iPhone users can help you browse the web without being constantly bothered by pop-up panels that beg you to use the company’s app instead. The app, called Banish, is a Safari extension that helps remove the “open in app” banners from various websites and other popups that block content across a number of sites, like Reddit, TikTok, LinkedIn, Twitter, Quora, Medium, Yelp and some Google sites, to name a few.

While there are a number of similar Safari extensions for blocking cookie banners and ads, the scourge of the “Open in App” banners is often not addressed by existing solutions.

To use Banish, you’ll first install the app to your iPhone, then configure it in the Settings. This involves a few key steps for Banish to function properly. There are two places where Banish needs to be enabled, under Safari Extensions — you need to toggle on the switch next to Banish under “Allow These Content Blockers” and “Allow These Extensions.” Then you need to set the “Allow” permission to “All Websites” below. You can read more about Banish here on TechCrunch or download it from the App Store for $1.99.

 

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