Bitcoin (CRYPTO: BTC) took center stage this week when the U.S. Securities and Exchange Commission (SEC) approved the trading of spot Bitcoin exchange-traded funds (ETF) on a deadline that had investors on edge.
This development officially brings the largest cryptocurrency to the attention of a wider audience of investors, who can now gain exposure to Bitcoin through an ETF.
Bitcoin ETF Inflows
On their initial trading day Thursday, Bitcoin ETFs recorded inflows exceeding $4.3 billion, establishing an unprecedented milestone for exchange-traded fund products. BlackRock Inc.‘s iShares Bitcoin Trust ETF (NYSE:IBIT) attracted over $1 billion and the Grayscale Bitcoin Trust (NYSE:GBTC) experienced inflows surpassing $2 billion.
Inflation Rises Again
The Consumer Price Index increased to 3.4% in comparison to December 2022, up from November’s 3.1% and exceeding the anticipated 3.2%. This unexpected increase in inflation may have significant implications for financial markets and future Fed policies.
Mixed Bank Results
JPMorgan Chase & Co. (NYSE:JPM) posted robust earnings and raised its 2024 net interest income outlook but cautioned about economic risks. Bank of America Corp. (NYSE:BAC) saw a 10% revenue dip last quarter. Wells Fargo & Company (NYSE:WFC)’s 2023 profit rose by 9% due to higher interest rates but the bank anticipates lower revenue ahead. Citigroup had a challenging quarter with lower revenue and plans for substantial job cuts amid ongoing restructuring efforts.
AI Boost Study
A recent study by Cognizant & Oxford Economics predicts a potential $1-trillion boost to the U.S. economy through generative AI. The study also raises concerns about potential job disruptions as automation and AI technologies continue to advance.
Google’s Mass Layoffs
Alphabet Inc.‘s (NASDAQ:GOOGL) Google has let go of more than 1,000 employees in a series of unexplained actions. The move raised questions about the motives and implications. The circumstances surrounding these terminations remain shrouded in mystery, causing uncertainty and unease among both current and former employees.
Microsoft Overtakes Apple
Microsoft Corp. (NYSE:MSFT) briefly surpassed Apple Inc. (NASDAQ:AAPL) to become the world’s most valuable company, marking a significant shift in the tech industry’ leadership….
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