Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. Every Monday, Grace and Alex scour the news and record notes on what’s going on to kick off the week.

What was on our minds this morning? The following:

• Global markets are generally down, albeit nothing too terrifying. The American stock market is trying to regain its footing after weeks of selling.
• What's ahead for crypto startups in the wake of the Terra/Luna meltdown? Bloomberg wonders about a general slowdown, and we look at the Crunchbase data of who backed the ill-fated stablecoin.
• Startup layoffs are accelerating -- not as bad as before, but enough to warrant our attention. Layoffs.FYI is back, y'all!
• The Topship round, invested in by Y Combinator and Flexport, has our recent look at CVC hitting just right.

It was an awful weekend in America, which leaked into the show somewhat. Take care of one another.

A few housekeeping notes before we go: This is not a live-show week, so Equity will simply come out on Wednesday and Friday mornings. And this week is our TC Sessions: Mobility event, which you can learn more about here.

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.