SoSo Daily Oct 16 | Italy Plans to Raise Capital Gains Tax on Bitcoin to 42%: Report

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM UTC0 time on October 16, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.44 trillion US dollars, witnessing a decrease of 0.228% compared to yesterday; the total trading volume is 114.24 billion US dollars, marking a decline of 15.9% from the previous day.

According to sosovalue, the price of $BTC is 67,974 USD, an increase of 1.52% from yesterday. The market cap of $BTC is 1.34 trillion USD, accounting for 55.2% of the total market cap; $BTC's 24-hour trading volume is 40.03 billion USD, making up 35% of the total trading volume.
The price of $ETH is 2,621.7 USD, up 1.28% from yesterday; the market cap of $ETH is 315.62 billion USD, representing 13% of the total market cap; $ETH's 24-hour trading volume is 17.14 billion USD, comprising 15% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.2% of the total cryptocurrency market cap, and their combined trading volumes constitute 50% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:55 UTC0 time, according to sosovalue, the top five token gainers are:
Top 1 gainer is Neon. As of 17:55 today, its market cap is 28.97M, with a coin price of 0.50213 USD, witnessing a 24-hour increase of 34.3%.
The second is Satoxcoin. As of 17:55 today, its market cap is 575.59K, with a coin price of 0.00016200 USD, witnessing a 24-hour increase of 32.7%.
The third is The Doge NFT. As of 17:55 today, its market cap is 75.06M, with a coin price of 0.0050270 USD, showing a 24-hour increase of 30.9%.
In fourth place is Chain Games. As of 17:55 today, its market cap is 7.44M, its coin price is 0.019597 USD, with a 24-hour rise of 30.9%.
In fifth place is MATH. As of 17:55 today, its market cap is 61.23M, its coin price is 0.34250 USD, increasing by 30.5% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 16 sectors, 5 are up and 11 are down. Notably, AI, NFT, and RWA sectors are worth mentioning.
AI sector has fallen -3.45% relative to the UTC 0 time, led by declines in dsla (-8.08%), wld (-8.06%), and lai (-6.98%).
NFT sector has decreased -3.56% relative to UTC 0, with epik (-9.64%), gq (-6.79%), and mplx (-6.55%) leading the drop.
RWA sector has fallen -3.56%, with LMR (-10.2%), mkr (-6.78%), and PRCL (-5.86%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Italy plans to increase capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%, according to Vice Economy Minister Maurizio Leo. The tax increase is part of measures approved by the Council of Ministers to generate resources for supporting families, youth, and businesses. Italy also plans to crack down on cash usage to combat tax evasion.
Next news:Tether announced that by the end of the third quarter of 2024, there are 330 million on-chain wallets and accounts (user agents) that have received USDT, with the number of new users each quarter exceeding that of the previous quarter, averaging a growth of 9% over the past four quarters. The third quarter of 2024 is its fastest-growing quarter to date, welcoming 36.25 million users.
Next news:According to Wu's report, QCP Capital's latest analysis indicates that $BTC remains above $65,000 and has surpassed $67,000. This is despite a decline in the U.S. stock market due to the earnings season, particularly with semiconductor stocks like NVDA and AMD dropping due to ASML's report raising concerns about slowing chip demand. However, this has not affected the upward trend of BTC. The report highlights that as Trump's chances of winning increase, market expectations suggest that his cryptocurrency policies are more favorable than those of Harris, further strengthening the positive correlation between cryptocurrency assets and Trump's potential victory. QCP anticipates that as global central banks enter a rate-cutting cycle, market liquidity will increase, driving up risk assets. The European Central Bank is expected to cut rates by 25 basis points tomorrow, the People's Bank of China continues to maintain an accommodative stance, and the Federal Reserve is expected to cut rates twice this year, with four potential cuts in 2025.
Next news:Binance Labs has invested in Lombard Finance, a Bitcoin liquid staking platform. Lombard's total funding now stands at $17 million, with Binance Labs contributing about $1 million. Lombard's LBTC token is already being used in DeFi protocols, and with the new funding, Lombard plans to expand access to LBTC across new blockchains.
Next news:According to Arkham's monitoring, Grayscale transferred 1,346 $ETH, worth approximately $3.51 million, to the market maker Flow Traders' address via Coinbase Prime custody address 8 minutes ago.
Next news:According to Foresight News, HTX DAO has officially announced that it completed the destruction of HTX tokens for the third quarter of 2024 on October 15. In this quarter, HTX DAO destroyed a total of 15,811,683,954,403 HTX tokens, with a total value exceeding $21.25 million.
Next news:A study by a16z crypto found that cryptocurrency activity and usage are at an all-time high. The report estimated 617 million global cryptocurrency owners and up to 60 million monthly active users. Ethereum's Dencun upgrade and the inclusion of EIP-4844 helped increase the $ETH value on Layer 2s by 36%. Bitcoin ETFs also saw consistent interest following their approval in the United States.
Next news:Binance announced that it will launch the BNSOL/USDT trading pair on October 17, 2024, at 17:00 UTC+8. BNSOL is a staking product for Solana launched by Binance.
Next news:Gotbit officially confirmed that the CEO was arrested in Portugal and is prepared to fully cooperate with authorities to clear up any misunderstandings.
Next news:Foresight News reports that Japanese Web3 infrastructure company KEKKAI Labs has announced the rebranding of its Web3 security solution KEKKAI to Alpha Network, along with the launch of the cross-platform Web3 operating system AlphaOS. AlphaOS adds intelligent Alpha recommendations, AI cross-chain trading, and point rewards on top of its existing security features, providing a more intelligent Web3 experience.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.