💰 The Crypto Industry Just Changed...

Good morning. US stock futures rose in Thursday morning trading as Wall Street prepared for the latest inflation data and the start of the fourth-quarter earnings season.

🪙 Crypto’s moment arrives as regulators approve Bitcoin ETF

📝 Our report: The U.S. Securities and Exchange Commission (SEC) just greenlit bitcoin exchange-traded funds (ETFs), bringing the wild world of crypto to the regular Joes and Janes! The approval may prove to be a landmark event in the adoption of cryptocurrency by mainstream finance, as the ETF structure gives institutions and financial advisors a familiar and regulated way to buy exposure to bitcoin.  

 🔑 Key points:

• The ETFs, which begin trading today, could make bitcoin a potential staple in 401(k)s, IRAs, and pension plans and give it mainstream acceptance.

• The Securities and Exchange Commission made the announcement roughly 24 hours after a fake social media post claimed those approvals had already been granted.

• The list of applicants approved by the SEC included some of the biggest names on Wall Street, from BlackRock to Franklin Templeton, as well as a number of firms better known in the crypto world.

💡 So what: A spot Bitcoin ETF could have significant implications for the investment industry. Unlike futures-based ETFs, a spot Bitcoin ETF would directly hold physical Bitcoin, providing investors with exposure to the actual cryptocurrency rather than derivatives. This could attract a broader range of traditional investors who prefer direct ownership and reduce some of the complexities associated with futures contracts. Additionally, it may contribute to increased liquidity and price discovery in the Bitcoin market.

Thursday - US CPI

Friday - No Major Economic News

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💰 India lobbies Apple to clean up crypto on local app store

WHAT: India's on a mission to clean up the crypto party, and they've just asked Apple to play bouncer! The country stepped up its crackdown on offshore crypto exchanges operating without local registrations, asking Apple to take the apps of platforms including — Binance — off its App Store in the country.

WHY: The move marks a significant escalation of India’s clampdown on offshore crypto platforms like Binance, which started in late December when authorities notified nine exchanges that they are suspected of misconduct.

🤖 OpenAI launches GPT Store

WHAT: OpenAI just opened the GPT Store, the one-stop-shop for all your personalized AI needs, the company announced in a recent blog post. The GPT Store is located within the popular ChatGPT chatbot, and is a place for users to discover and build GPTs, or AI customized for tasks like teaching math or designing stickers.

WHY: The GPT Store will initially be rolled out to users who are on paid ChatGPT plans, OpenAI said. In the next several months, the company intends to add a way for GPT creators to monetize their personalized AIs.

📻 Global music streams sets single-year record

WHAT: Looks like the world hit the ultimate music shuffle button in 2023, racking up a record-breaking 4 trillion streams, a new single-year record, according to Luminate’s 2023 Year-End Report. Global streams were also up 34% from last year, reflective of an increasingly international music marketplace.

WHY: In the US, three genres saw the biggest growth in 2023: country (23.7%), Latin (which encompasses all Latin musical genres, up 24.1%) and world (a catchall that includes J-pop, K-pop and Afrobeats, up 26.2%.).

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