Bitcoin took center stage this week when the Securities and Exchange Commission approved Bitcoin exchange-traded funds on a deadline that left investors on edge. This development officially draws the attention of a wider audience of investors to the largest cryptocurrency, who can now gain exposure to Bitcoin through an ETF.
Bitcoin flows traded on the exchange
On the initial trading day on Thursday, Bitcoin ETFs recorded inflows exceeding $4.3 billion, marking an unprecedented milestone for ETF products. Blackrock Inc.’s iShares Bitcoin Trust ETF has attracted… Over $1 billion, Grayscale Bitcoin Trust saw inflows exceeding $2 billion.
Inflation is rising again
The consumer price index rose to 3.4% compared to December 2022, compared to 3.1% in November and exceeding the expected rate of 3.2%. This unexpected increase in inflation could have significant implications for financial markets and Fed policies in the near future.
Mixed bank results
JPMorgan posted strong earnings and raised its 2024 net interest income forecast but warned of economic risks. Bank of America saw its revenue decline 10% last quarter. Wells Fargo’s 2023 earnings rose 9% due to higher interest rates but the bank expects revenue to decline going forward. Citigroup faced a challenging quarter with declining revenues and plans for significant job cuts amid ongoing restructuring efforts.
Study of artificial intelligence enhancement
A recent study by Cognizant & Oxford Economics forecasts a potential trillion-dollar boost to the US economy through generative AI. The study also raises concerns about potential job disruptions as automation and artificial intelligence technologies continue to advance.
Google mass layoffs
Google has laid off more than 1,000 employees in a series of unjustified actions, raising questions about the motives and repercussions of the widespread layoffs. The circumstances surrounding the termination remain shrouded in mystery, causing uncertainty and anxiety among current and former employees alike.
Microsoft outperforms Apple
Microsoft briefly overtook Apple to become the world’s most valuable company this week, marking a major shift in the technology industry’s leadership. This change reflects Microsoft’s strong performance in artificial intelligence. Apple also saw a third analyst rating downgrade in January, highlighting doubts in the market’s assessment of Apple’s future performance.
Tesla cuts prices in China
Tesla has announced a price cut for its entry-level electric cars in China, making them 6% cheaper. This step aims to enhance the company’s competitiveness in the Chinese market and attract more customers to its electric cars.
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Benzinga is a financial news and data company headquartered in Detroit.