Bitcoin’s turning point

The first Bitcoin-linked exchange-traded fund listed in the U.S. debuted as the second-most heavily traded on record—a feeding frenzy that might just be a watershed moment for the embattled crypto industry. ProShares Bitcoin Strategy ETF rose about 4.9% to $41.94. More than 24 million shares changed hands Tuesday. —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

U.S. equities extended a rally as positive corporate results helped counter continued nervousness about elevated inflation. The S&P 500 rose 0.7% as earnings at Travelers and Johnson & Johnson beat expectations. Higher commodity and freight costs weighed on shares of Procter & Gamble. Here’s your markets wrap.

The Federal Bureau of Investigation raided a Washington mansion linked to Russian billionaire Oleg Deripaska. The aluminum tycoon and his companies were targeted by U.S. Treasury Department sanctions in 2018 over his ties to President Vladimir Putin and what the U.S. called Russia’s “malign activity around the globe.”

Salaries for U.S. tech workers in San Francisco and New York have declined for the first time in about five years, a result of the coronavirus-induced push for remote work that’s driving talent to cheaper U.S. cities.

In the early days of the pandemic, toilet paper was hard to find in American stores. Now 19 months in, it’s food that’s growing scarce.

China’s latest Covid-19 outbreak, allegedly centered around an elderly tourist couple, has now spread to Beijing and possibly beyond. In Russia, which is increasingly an epicenter of the pandemic, unvaccinated Muscovites over 60 will have to remain at home for four months starting Oct. 25 as the city faces a surge of infections. On the vaccine front, the Pfizer-BioNTech shot is proving highly effective at keeping adolescents from being hospitalized, according to the U.S. Centers for Disease Control and Prevention. Here’s the latest on the pandemic.

Democrats are vowing to crack down on tax cheats by giving banks new requirements for disclosing accounts that have total annual inflows or withdrawals of at least $10,000. The plan would help fund President Joe Biden’s multitrillion-dollar economic agenda, potentially raising $700 billion and reducing the need for tax increases to offset new spending on health care and the climate crisis. In fact, the pace seems to be picking up in Congress on a deal to push through his plan.

Apple’s big product rollout raises a potentially uncomfortable question. At one time, just floating the idea would have been sacrilegious. But might Apple’s product design have improved since the departure of the legendary Jony Ive?

Latina entrepreneurs looking to boost corporate respect for one of the largest consumer demographics are forcing big companies to catch up. In the realm of beauty products, Hispanics are shaping the industry as shoppers and business owners. They spend 13% more than the average shopper and there’s a growing number of internet personalities and Hispanic-owned startups getting the message out. They range from wildly popular influencers to a makeup brand launched by Billboard top 5 Latin female artist Becky G.

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