Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, the Italian government is considering raising the capital gains tax on Bitcoin to a massive 42% in 2025, the token sale for the Trump family’s crypto platform raised a paltry 3.4% of its $300 million goal on its first day, and Coinbase and Glassnode said the crypto market has “dramatically” matured this year.
Italy considers raising capital gains tax on Bitcoin to 42% from 26%
The Italian government is considering increasing the capital gains tax for investments in Bitcoin BTC$67,606 to 42% from 26%, according to Deputy Economy Minister Maurizio Leo.
Speaking at a news conference at Palazzo Chigi on Oct. 16, Leo commented on Italy’s new budget bill, which the Council of Ministers approved.
The minister said the withholding tax on Bitcoin capital gains should rise to 42% according to the budget bill.
Leo also said that the bill would remove the minimum revenue requirement for Italy’s “web tax,” or the Digital Services Tax (DST), which was introduced as part of the country’s budget in 2019.
The DST now applies to companies that generated at least 750 million euros ($817 million) in the past calendar year and at least 5.5 million euros ($5.9 million) in revenue from operating digital services in Italy.
Italy’s Senate increased the capital gains tax on crypto asset trading over 2,000 euros to 26% in late 2022 as part of its approved budget for 2023.
Trump platform’s crypto token sale flatlines at $10 million
The first-day token sales for the Trump family-backed World Liberty Financial crypto project fell flat as it sold just over 3.4% of the $300 million tokens allocated for public sale amid its site crashing.
WLFI, the platform’s token, went live on Oct. 15 with 20 billion tokens priced at 1.5 cents each up for public grabs, but only 687 million, around $10.3 million worth, were sold.
A day earlier, the project’s team touted they’d seen 100,000 people sign up to the platform, but Etherscan data shows just 6,832 unique wallet addresses held WLFI.
World Liberty Financial’s website also crashed soon after the tokens went on sale and was unavailable for several hours, apparently due to excessive traffic, with some visitors met with a “website under maintenance” notice.
The project’s so-called “gold paper” released Oct. 15, named Donald Trump as the platform’s “Chief Crypto Advocate” while sons Eric, Barron, and Donald Jr. are listed as “Web3 Ambassadors.”
Donald Trump took to X on Oct. 15 to spruik the token sale. “Crypto is the future, let’s embrace this incredible technology and lead the world in the digital economy,” he said in a video.
Coinbase says the crypto market is maturing
Despite the apparent volatility in cryptocurrencies, the market has matured “dramatically” in 2024, according to a new report by Coinbase and Glassnode.
The report, which analyzes crypto’s prospects in the fourth quarter, cited multi-billion-dollar inflows into spot Bitcoin exchange-traded funds (EFTs) and higher blockchain activity as reasons for optimism.
“From the runaway success of spot ETFs to the spike in onchain activity to the upswing in trading volumes, it’s clear that markets have grown deeper, more liquid, more sophisticated, and more accessible,” the report said.
The growth of stablecoins and continued adoption of Ethereum layer-2 solutions “reflect the maturation of the market and the broadening of the crypto economy,” the report explained.
Although digital assets are more volatile than traditional securities, Bitcoin’s three-month spot price volatility has declined from nearly 130% in 2021 to less than 60% today, the report showed.
To read article in Arabic, please visit the website Crypto Mena
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