Weekly Smart Pills #81
Financial Markets
Cryptocurrency Market
Bitcoin (BTC) reached a new all-time high of $110,524 this week, driven by growing optimism about U.S. crypto-regulatory developments and improving macroeconomic conditions. Ethereum (ETH) also posted strong gains, trading at about $2,563.84 on 25 May. Rising prices are attributed to greater institutional investment and the easing of U.S.–China trade tensions.
Traditional Financial Markets
U.S. stock markets fell this week amid renewed trade frictions. The Dow Jones Industrial Average slipped 256 points (0.6 %), the Nasdaq lost nearly 200 points (1 %), and the S&P 500 declined 0.7 %. Losses followed President Trump’s threats to impose tariffs on the European Union and on Apple.
In Europe, Germany’s DAX touched a record 23,695.59 on 15 May, up 19.0 % year-to-date. Italy’s FTSE MIB closed at 40,022.16 on 19 May. The euro fluctuated between 1.123 and 1.142 dollars during the week.
Economy and Regulation
Fears of a trade war between the United States and the European Union resurfaced after Trump threatened 50 % tariffs on the EU, citing stalled negotiations. The EU firmly rejected the threats, pledging to defend its interests while pursuing de-escalation. Trump’s demands include EU adoption of U.S. food standards and removal of digital taxes; the EU, in turn, proposed higher imports from the U.S. and cooperation on steel overcapacity. Markets reacted negatively: Apple shares fell 3 % after Trump also floated a 25 % tariff on the company.
Tashkent hosted GSMA M360 Eurasia 2025, underscoring Uzbekistan’s rise as a digital-transformation leader. A GSMA report projects mobile technologies will add €238 billion to Eurasian GDP by 2030. Since 2017, Uzbekistan has built a robust digital ecosystem with 9,700 ICT firms, €4.1 billion in revenue, and exports to 90 countries. Initiatives such as a US$1 million presidential tech prize are further spurring innovation.
Blockchain and Innovation
The U.S. SEC announced plans to draft new rules for crypto tokens, aiming to clarify their classification and oversight. Meanwhile, Ethereum’s “Pectra” upgrade, merging the “Prague” and “Electra” phases, went live on 7 May, bringing 11 major improvements in speed, cost efficiency, and usability.
Trends and Statistics
Energy bills in Europe (household rates):
April 2024: Taxes averaged 22 % of electricity bills in EU capitals (8 % energy taxes, 14 % VAT), ranging from –26 % in Amsterdam to 49 % in Copenhagen.
Amsterdam enjoys a –43 % electricity tax due to substantial credits; Luxembourg also shows a negative impact (–13 %).
Tax shares on electricity exceed 30 % in Brussels (37 %), Berlin (34 %), Oslo (33 %), Madrid and Helsinki (32 %).
For natural gas, the average tax share is 28 %, peaking at 49 % in Amsterdam and dipping to 5 % in Zagreb.
April 2025: Energy prices ranged from €0.091/kWh (electricity) and €0.025/kWh (gas) in Budapest to €0.404/kWh (electricity in Berlin) and €0.341/kWh (gas in Stockholm).
