Weekly SmartPills #55
Financial Markets
Cryptocurrency Market
Bitcoin (BTC) recently surpassed the $100,000 mark, reaching an all-time high of $108,364 on December 17. However, it has experienced a correction, currently standing around $94,171, with a weekly performance decline of 1.28%. Ethereum (ETH) followed a similar trend, with significant growth throughout the year. As of December 27, ETH is trading at approximately $3,343.82, showing a positive change of 0.72% compared to the previous day. It is important to note that today, options on Bitcoin and Ethereum are expiring, with a total value of over $18 billion, an event that could increase market volatility.
Traditional Financial Markets
In the United States, the major stock indices recorded declines in the last session of the week. The Dow Jones lost 1.1%, the S&P 500 dropped 1.48%, and the Nasdaq fell by 2.01%, mainly influenced by the decline in tech stocks such as NVIDIA (-2.64%) and Tesla (-4.47%). In Italy, Piazza Affari showed a positive performance, with the FTSE MIB rising by 1.25% to 34,160 points. Among the notable stocks, STM (+2.2%), Moncler (+2.1%), and Stellantis (+2.1%) recorded the highest gains, while Amplifon experienced a slight decline (-1.02%).
Economics and Regulation
The EU and Switzerland reached a €550 billion trade deal to integrate Switzerland into the EU single market, but the agreement faces opposition in Switzerland, especially from the right-wing SVP. The deal, which includes issues like immigration and legal sovereignty, must be ratified by both Swiss Parliament and through a public referendum.
The Central Bank of the Republic of Turkey (CBRT) cut its benchmark repo rate by 250 basis points to 47.5%, exceeding forecasts, as inflation fell to 47.09% in November. The move supports ongoing disinflation, though the CBRT remains cautious about risks. Turkey’s economic stabilisation has led to credit upgrades, but GDP growth is expected to slow. The Turkish lira has strengthened slightly against the euro since November.
Blockchain and Innovation
SOLAXY (SOLX) is a new Layer-2 project built to enhance the Solana blockchain, addressing past issues of congestion and failed transactions. By utilizing advanced rollups technology, SOLAXY processes transactions off-chain, aggregating them later to reduce costs and increase the network's capacity. The SOLX token will be used for governance and to reward validators. This project aims to improve Solana's speed and efficiency, making it ideal for decentralized finance (DeFi) applications and decentralized gaming. The SOLX presale has raised a significant amount, indicating strong interest in this innovative solution.
Trends and Statistics
Trends and Statistics Average salary rankings in Europe:
Highest salaries (2023, adjusted for PPS): Luxembourg (€53,745), Denmark (€50,220), Ireland (€41,581).
Lowest salaries (2023, adjusted for PPS): Greece (€20,525), Bulgaria (€20,835), Hungary (€23,547).
EU average salary (2023): €37,863 nominal, €33,877 PPS. Largest salary increases (2022-2023): Luxembourg, Belgium, Ireland (+ €4,000+).
Countries below EU average (2023): Italy (€32,500 nominal, €33,723 PPS), Spain (€32,500 nominal, €35,774 PPS).