Bitcoin BTC/USD captivated the spotlight as the U.S. Securities and Exchange Commission (SEC) greenlighted the trading of spot Bitcoin exchange-traded funds (ETF) within a nail-biting deadline.
This milestone expansion brings the world’s largest cryptocurrency into the purview of a broader investor base, allowing them to now access Bitcoin through an ETF.
Bitcoin ETF Flooded with Inflows
On their inaugural trading day, Bitcoin ETFs witnessed an unprecedented influx, with inflows surpassing $4.3 billion, shattering previous records for exchange-traded fund products. BlackRock Inc.‘s iShares Bitcoin Trust ETF IBIT attracted over $1 billion, and the Grayscale Bitcoin Trust GBTC experienced inflows exceeding $2 billion.
Sharp Inflation Surge
The Consumer Price Index surged to 3.4% from December 2022, topping November’s 3.1% and surpassing the expected 3.2%. This unexpected inflationary uptick bears significant ramifications for financial markets and future Federal Reserve policies.
Varied Results for Major Banks
JPMorgan Chase & Co. JPM posted robust earnings and uplifted its 2024 net interest income outlook, but sounded cautionary notes about economic headwinds. Bank of America Corp. BAC observed a 10% revenue decline in the last quarter. Wells Fargo & Company WFC clocked a 9% profit rise in 2023 driven by higher interest rates, but anticipates a revenue dip ahead. Citigroup weathered a challenging quarter marked by reduced revenue and plans for substantial layoffs amidst ongoing restructuring endeavors.
Innovative AI Study
A recent study by Cognizant & Oxford Economics forecasts a potential $1 trillion impetus to the U.S. economy through generative AI. The study also raises concerns about potential job displacements as automation and AI technologies progressively advance.
Google’s Enigmatic Workforce Reduction
Alphabet Inc.‘s GOOGL Google has terminated over 1,000 employees in a series of puzzling actions. The enigma surrounding these terminations engenders uncertainty and disquiet among current and former employees, leaving motives and ramifications shrouded in mystery.
Microsoft Surpasses Apple
Microsoft Corp. MSFT briefly overtook Apple Inc. AAPL to claim the mantle of the world’s most valuable company, marking a momentous power shift in the tech industry’s hierarchy. This shift underscores Microsoft’s robust performance in the artificial intelligence sector. Apple also endured its third analyst downgrade in January, spotlighting uncertainties in market prognostications for Apple’s future performance.
Tesla Slashes China Prices
Tesla Inc. TSLA unveiled price reductions for its entry-level electric vehicles (EVs) in China, rendering them 6% more affordable. This strategic maneuver seeks to fortify the company’s competitiveness in the Chinese market and entice more patrons to its EVs.
