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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.S. Securities and Exchange Commission (SEC) has officially approved the country's first exchange-traded funds (ETFs) that track Bitcoin's value, a significant development for the cryptocurrency market. This follows a false announcement on the SEC's social media account, which was quickly corrected. The green light for these Bitcoin ETFs, involving applications from major firms like BlackRock and Fidelity, is set to transform investment options in the cryptocurrency space, with most ETFs expected to begin trading shortly. This move opens up new avenues for investors to engage with Bitcoin without direct ownership.

2. Google is implementing layoffs across its digital assistant, hardware, and engineering teams as part of a broader trend of workforce reductions in the tech industry. This decision aims to streamline costs amidst increasing competition in its core search business, particularly from rivals Microsoft and OpenAI. The move follows similar cost-cutting measures by other tech giants, including Amazon's downsizing in its Prime Video and Twitch units and Unity Software's plan to reduce its workforce by a quarter.

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4. Headlines

   1. T-Mobile is working with SpaceX to use their Starlink satellites for text messaging.

   2. Goldman Sachs has quietly pulled back on its diversity fund after meeting its target to deploy $1B to women and people of colour.

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