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After 10 years of rejections, the U.S. Securities and Exchange Commission (SEC) on Wednesday finally opened its doors to a spot Bitcoin exchange-traded fund (ETF). The SEC approved 11 applications for bitcoin exchange-traded funds submitted by some of the biggest asset managers in the world, including BlackRock and Fidelity. The journey began in 2013 with the Winklevoss twins’ rejected attempt, leading to Grayscale’s Bitcoin Investment Trust.
After 10 years of rejections, the U.S. Securities and Exchange Commission (SEC) on Wednesday finally opened its doors to a spot Bitcoin exchange-traded fund (ETF). The SEC approved 11 applications for bitcoin exchange-traded funds submitted by some of the biggest asset managers in the world, including BlackRock and Fidelity. The journey began in 2013 with the Winklevoss twins’ rejected attempt, leading to Grayscale’s Bitcoin Investment Trust.
A 2023 court order led to a reassessment of Grayscale’s application. The crypto community’s anticipation heightened as major asset managers filed for spot Bitcoin ETFs. Chaos ensued on January 9, 2024, as a false tweet from the SEC’s hacked account falsely claimed approval.
On January 10, the SEC officially greenlit the 11 spot Bitcoin ETFs.
Now you can buy bitcoin through an ETF on Bamboo for a lower price than buying from a traditional crypto exchange. Check out the Bitcoin ETF featured theme in the invest section of your Bamboo app.
Last week saw corporate drama as companies like Amazon, Google, Citigroup and Unity Software handed out pink slips to hundreds of employees, all in the name of “right-sizing” and cost-cutting. Amazon’s Twitch, in a theatrical move, plans to cut 35% of its staff (about 500 employees), citing a need to get “meaningfully smaller.” Audible and Prime Video/MGM Studios also joined the layoff party.
Not to be outdone, Google laid off “hundreds” across various divisions, including engineering and hardware teams. Duolingo took a linguistic turn, slashing 10% of its contract employees as it shifts towards AI for content creation. Discord announced a 17% cut (roughly 170 employees) for a sharper focus.
Unity Software took a bold step, announcing a one-quarter staff reduction (around 1,800 jobs) in a bid to position itself for long-term growth. Despite tech layoffs this month, numbers pale compared to the layoffs of January last year.
Adding a twist to the plot, Citigroup plans to cut 20,000 employees over two years after a $1.8 billion fourth-quarter loss, joining the layoff trend in major U.S. banks.
As the layoff saga unfolds, uncertainty is the only constant in this ever-evolving corporate drama. Stay tuned for updates on this rollercoaster ride through the job market.
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