Bitcoin took center stage this week when the Securities and Exchange Commission approved the trading of spot Bitcoin exchange-traded funds 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 attracted over $1 billion and the Grayscale Bitcoin Trust 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 Fed policies in the near future.
Mixed bank results
JPMorgan posted robust earnings and raised its 2024 net interest income outlook but cautioned about economic risks. Bank of America saw a 10% revenue dip last quarter. Wells Fargo’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
Google has let go of more than 1,000 employees in a series of unexplained actions, raising questions about the motives and implications of these widespread layoffs. The circumstances surrounding these terminations remain shrouded in mystery, causing uncertainty and unease among both current and former employees.
Microsoft overtakes Apple
Microsoft briefly surpassed Apple to become the world’s most valuable company this week, marking a significant shift in tech industry’ leadership. This change reflects Microsoft’s strong performance in the artificial intelligence business. Apple also experienced its third analyst downgrade in January, highlighting uncertainties in the market’s assessment of Apple’s future performance.
Tesla cuts China prices
Tesla has announced a price reduction for its entry-level electric vehicles in China, making them 6% cheaper. This move aims to enhance the company’s competitiveness in the Chinese market and attract more customers to its electric cars.
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