Bitcoin’s 7 % dive to $68 k today—its first break below the psychological $70 k since Nov 2024—wiped roughly $500 bn from the global crypto market in a single week. Ether slid 8 % to $1.96 k; both coins are now down 20–30 % year-to-date, erasing the entire “Trump-rally” premium that followed promises of deregulation. (ft.com)

Two forces are converging. First, the risk-off rotation triggered by Kevin Warsh’s expected Fed leadership signals tighter liquidity—a reminder that crypto trades as a high-beta tech proxy, not a hedge. Second, AI’s boom is cannibalising capital: chip-stock valuations have doubled since August while crypto outflows top $12 bn, exposing a market suddenly forced to price opportunity cost.

The larger pattern is cyclical hubris. Each speculative crest—from tulips to dot-coms—peaks when easy money meets a ‘narrative of inevitability’. History suggests a reset, not a funeral; but regulation, taxation and energy scrutiny will now rise faster than adoption. As Nassim Taleb warns, “fragility is hidden until stress reveals it.”

The Gist AI Editor

Anglo-American Mineral Pact

The UK and the US have inked a new partnership to secure critical mineral supply chains, a direct challenge to China’s market dominance (Politico.eu). Signed in Washington by UK Foreign Minister Seema Malhotra and US Under Secretary of State Jacob Helberg, the agreement will coordinate investment and economic policy to diversify sources of minerals essential for defense and high-tech industries. From our perspective, this move champions strategic open trade among allies, reducing reliance on authoritarian states and strengthening economic resilience through market-driven cooperation rather than centralized control.

Davos Chief Under Scrutiny

The World Economic Forum (WEF) is investigating its own president, Børge Brende, over his past relationship with the late financier Jeffrey Epstein (Politico.eu). The probe follows the release of documents revealing at least three dinners and subsequent communications between the two. This development casts a shadow over the leadership of the influential Davos summit organizer. For advocates of transparency and limited government, such scrutiny of elite, non-governmental power brokers is a necessary check on influence that often operates beyond democratic accountability.

AI & Crypto Market Movers

In technology, market analysts are bracing for the next wave of AI models expected this summer, viewing them as the next major catalyst for the sector (Bloomberg). Meanwhile, the cryptocurrency market continues its deep slide, with Bitcoin falling below $70,000 for the first time since November 2024 (Bloomberg). The selloff has erased all of the digital asset’s gains since the election of President Trump, signaling a severe “crypto winter” and highlighting the inherent volatility in assets sensitive to macroeconomic shifts and regulatory winds.

Stay tuned for the next Gist—your edge in a shifting world.

Bitcoin Crashes Below $70,000 as Collapse Continues
— Bloomberg

10 Reasons This Is the Worst Crypto Winter Ever
— Bloomberg

Next AI Catalyst is New Batch of Models: Weaver
— Bloomberg

The Utah Mom Who Got the World Hooked on ‘Dirty Soda’
— Wall Street Journal

Verizon’s Consumer Unit CEO Sowmyanarayan Sampath to Step Down
— Wall Street Journal

Energy & Utilities Roundup: Market Talk
— Wall Street Journal

Italian Circular Economy

A pilot project in Stradella, Italy, is turning local plastic waste into public infrastructure, showcasing a market-oriented approach to sustainability. Utility giant A2a, in a private-public partnership, has installed 21 urban streetlights made from polyethylene sourced directly from local recycling collections (Ansa). This initiative bypasses complex, centralized recycling chains, demonstrating that localized, commercial solutions can effectively create a circular economy. By converting waste into valuable assets within the same territory, the model offers a pragmatic blueprint for resource efficiency that relies on enterprise rather than sweeping regulation.

Spain’s Digital Iron Curtain?

Madrid is contemplating a significant escalation in its battle with Big Tech, with Youth Minister Sira Rego floating a potential country-wide ban on social media platform X (Politico). Citing “flagrant violations of fundamental rights,” the proposal raises serious questions about state power over the digital public square. While concerns about platform governance are valid, a state-imposed ban represents a profound threat to individual liberty and the free flow of information. The move suggests a dangerous trade-off: curbing the power of “a few digital strongmen” by empowering the state with censorship tools, a solution fundamentally at odds with an open society.

Catch the next Gist for the continent’s moving pieces.

Deutschland und Australien “tief miteinander verbunden”
— ZDF

A2a, progetto pilota di illuminazione pubblica con plastica riciclata
— Ansa

Il potere della seduzione della Supergirl di David Koma
— Ansa

Aktuelles zum Krieg in der Ukraine
— ZDF

Kartellamt verlangt Millionen-Strafzahlung von Amazon
— ZDF

Il gas conclude in leggero rialzo a 33,7 euro al Megawattora
— Ansa