Bitcoin ETFs were approved this afternoon, and more than one fund could be trading as early as tomorrow, writes Axios' Crystal Kim.
Why it matters: This is crypto's long-awaited legitimization moment.
Context: Let's start with a basic fact. The vast majority of U.S. adults have heard of crypto, but nearly 2 in 3 don't trust the current ways available to invest and trade them, according to a Pew survey from March, Axios' Pete Gannon writes.
As a result, only 17% of Americans said they'd ever dabbled in a digital asset, according to Pew.
Quick take: A lot of that has to do with how cryptocurrencies are different from traditional assets. Digital wallets are complicated. And centralized crypto exchanges can be scary.
Amazon is laying off hundreds of people who work in Twitch, Prime Video and MGM Studios units, multiple outlets report.
Details: Twitch CEO Dan Clancy announced to workers today that about 500 people would lose their jobs — the third round of cuts in less than a year, Hope writes.
Separately, Mike Hopkins, the head of Prime Video and MGM Studios, told his teams that the businesses would be cutting or discontinuing investments in "certain areas."
The big picture: Amazon's cost-cutting quest is now entering its third year.
Curbs in content have come at a time when all major streamers are challenged by intense competition for eyeballs and expense scrutiny by Wall Street.
What we're watching: Come month-end, Amazon will start charging Prime and Prime Video subscribers extra to watch videos ad-free.
Walmart's trying to prove its tech prowesswith new AI and AR announcements, Hope writes with Axios' Ina Fried and Ryan Heath.
Catch up quick: The company has a new generative AI-powered search feature in its iOS app where customers can now view a list of products across different categories by typing in an activity, such as a "football watch party," versus having to hunt for specific items one at a time, like "Doritos" and then "napkins."
Walmart also introduced a new augmented reality platform that lets shoppers try on clothing virtually and share their fit pics with friends.
Why it matters: After a decade of hype, Bitcoin will soon effectively be listed on exchanges, giving it a pathway to investment portfolios alongside stocks and bonds.
Tumbler brand Stanley was once known for thermoses used during World War II. But now it's better known as a viral brand that's generated an enthusiastic following on TikTok.
The big picture: Exclusive Starbucks and Target versions of the vacuum-insulated quencher model have created a frenzy across the nation.
Starbucks is being sued over allegations that the company is deceiving consumers with its claims of "100% ethical" coffee and tea sourcing.
Driving the news: The lawsuit filed by the National Consumers League Wednesday alleges the company sources coffee and tea from farms with documented human rights abuses, including child labor and human trafficking.
The blockbuster success of the "Barbie" movie has inspired four new dolls that honor and spotlight women in film, the Mattel toy brand said Wednesday.
Driving the news: Mattel unveiled a "Women in Film" lineup Wednesday as part of its Career of the Year collection with a director, studio executive, cinematographer and movie star.
The global music industry had a record-setting 2023 with more than 4 trillion on-demand audio song streams, according to a new report.
Driving the news: The figure represents a 22.3% increase from 2022's 3.4 trillion streams, per data in a year-end report from Luminate, a music and entertainment data analytics firm.
The central story of the U.S. economy over the last 18 months has been that inflation has come down as unemployment has stayed low. But it's not just a U.S. story.
Driving the news: The unemployment rate in the eurozone fell to 6.4% in November, matching an all-time low, the Eurostat statistics agency said. That coincided with inflation of only 2.4% for the 12 months ended that month.
The United Auto Workers is launching a formal campaign to unionize the Mercedes-Benz plant in Tuscaloosa, Alabama.
Why it matters: The move marks the next step in the UAW's stated effort to organize 13 non-unionized automakers in the U.S. as it seeks to expand its reach following an unprecedented strike in the fall.
About 93% of U.S. households' stock market wealth is held by the top 10%.
Why it matters: This stat — first spotted in the FT — is a crucial bit of context to keep in mind amid the heavily hyped surge of smaller retail investors who flocked to the stock market during and after the COVID crisis.
