Bitcoin Price Analysis: Italy’s 42% Tax Proposal, Trump Secures $7.5M in Crypto Donations

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October 17, 2024 05:51 EDT

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…

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Last updated:

October 17, 2024 05:51 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews cryptoBitcoin is trading at $67,450, sustaining momentum above the crucial pivot of $66,890. Investors are closely watching as Bitcoin approaches the next resistance at $69,000, with support at $66,110 providing a key safety net in the event of a pullback.

This movement aligns with broader trends, including Italy’s proposed Bitcoin tax and the entry of new cryptocurrency ETFs into the market.

Italy Plans 42% Bitcoin Tax as EU Prepares MiCA Crypto Regulations

Italy is set to raise its Bitcoin capital gains tax from 26% to 42%, aiming to fund election promises and reduce its budget deficit. Deputy Finance Minister Maurizio Leo attributes the hike to the increasing use of Bitcoin in the country. Currently, cryptocurrency gains over €2,000 are taxed at 26%, but the new rate will soon take effect.

Meanwhile, the European Union is preparing to implement MiCA, a regulation aimed at standardizing crypto rules across member states.

• Investor confidence remains high despite the tax hike.
• MiCA regulations could further stabilize the Bitcoin market.

Despite the higher tax, Bitcoin prices continue to show resilience, reflecting strong investor optimism.

Trump’s Campaign Raises $7.5 Million in Cryptocurrency Donations

Since June 2024, Donald Trump’s campaign has raised over $7.5 million in cryptocurrency donations, according to the Federal Election Commission.

His PAC, Trump 47, received Bitcoin, Ether, XRP, USDC, and Tether, with notable contributions from Tyler and Cameron Winklevoss, who each donated over $1 million.

JUST IN: 🇺🇸 Donald Trump PAC has raised $7.5 million in #Bitcoin and crypto donations since June — CNBC pic.twitter.com/qZhuBa1kvR

— Bitcoin Magazine (@BitcoinMagazine) October 16, 2024

On Tuesday, Trump launched World Liberty Financial, a cryptocurrency banking venture, raising $10.2 million through token sales despite early technical issues.

• Trump’s pro-crypto stance could boost Bitcoin prices.
• The initiative signals a potential shift towards making the U.S. a “crypto capital.”

This could increase investor optimism and demand for Bitcoin.

STKD Launches Bitcoin and Gold ETF as “Debasement Trade” Gains Traction

STKD has introduced a Bitcoin and gold ETF (BTGD) to protect investors from inflation and currency depreciation, especially with global tensions and U.S. elections approaching.

The ETF provides equal exposure to gold and bitcoin, offering portfolio hedging and capital growth potential.

⚡️ JUST IN: Stacked, also known as STKD, has launched a #Bitcoin and gold ETF. pic.twitter.com/LGl5raarRe

— Cointelegraph (@Cointelegraph) October 16, 2024

• JPMorgan reports increased interest in “scarcity assets” like gold and Bitcoin.
• Rising geopolitical risks and inflation drive demand for these assets.

This ETF launch may boost Bitcoin prices by increasing institutional exposure and attracting investors seeking protection from economic volatility.

Bitcoin Eyes $69,000 as Uptrend Holds, Key Support at $66,110 in Focus

Bitcoin is trading at $67,450, maintaining its upward trend above the key pivot point of $66,890. The price holds strong near-immediate support at $66,110, with additional support from the 50-day Exponential Moving Average (EMA) at $65,920.

If BTC sustains its momentum, a break above the immediate resistance at $68,310 could drive the price towards the next resistance levels at $69,140 and, ultimately, $69,980.

Bitcoin Price Chart – Source: TradingviewThe Relative Strength Index (RSI) is at 60.72, indicating a neutral stance where neither overbought nor oversold conditions are present. This suggests that Bitcoin can move in either direction depending on upcoming market catalysts.

On the downside, a break below $66,110 could trigger a more significant correction, with potential targets at $65,220 and $64,420. As long as Bitcoin stays above the pivot and maintains support from the 50-day EMA, the overall outlook remains cautiously bullish.

Key Insights:

• Bitcoin needs to surpass $68,310 for bullish continuation.
• Strong support exists at $66,110, reinforced by the 50-day EMA.
• RSI at 60.72 suggests potential for further movement in either direction.

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Another Meme Coin Gaining Attention: Memebet (MEMEBET)

Memebet (MEMEBET) is quickly emerging as a notable player in the meme coin space, with a unique focus on utility. Designed for use in a crypto casino, MEMEBET allows users to place bets using popular meme coins.

This innovative concept has caught the attention of analysts, leading to heightened interest in the project.

So far, Memebet has raised over $472,000 in its presale, signalling strong investor confidence.

Its goal is to be the first crypto casino to fully integrate meme coins, offering a fresh take on crypto betting and meme coin utility.

Crypto analysts have started to notice MEMEBET’s potential, with some speculating on a 100x growth. In this video, Crypto Chester provides a detailed analysis and highlights why MEMEBET could be one of the top three meme coins to watch.

Buy & Bet $MEMEBET for Airdrop Rewards!

With just around two days until the next price increase, you can still grab $MEMEBET at $0.0259. Join the presale and secure your place for a chance at airdrop rewards!

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