Italy raises taxes to 42%! Bitcoin, on the other hand, soared above 68,000 US dollars, and institutions spent 25 billion US dollars in strength!

The Zhitong Finance App learned that Italy plans to raise the capital gains tax rate on Bitcoin from 26% to 42% to deal with fiscal deficits and fulfill campaign promises. Although the effects of taxing cryptocurrencies in other countries were not always significant, such as India's high tax rate, which led to a sharp drop in transaction volume, the Italian government decided to take this step. Meanwhile, the European Union is preparing to implement the MiCA cryptocurrency regulation plan, yet the price of Bitcoin bucked the trend and at one point surpassed $68,000. Furthermore, pre-market gains in US cryptocurrency concept stocks have expanded, BlackRock's bitcoin holdings have reached 25 billion US dollars, and IBIT's asset management scale has reached 375,169 bitcoins, showing the market's continued interest in cryptocurrencies.

According to information, Italy's Deputy Finance Minister Maurizio Leo mentioned in a conference call that Prime Minister Georgia Meloni's cabinet decided to raise the tax rate due to the Bitcoin “phenomenon is spreading.” The decision comes as the EU prepares to implement the MiCA cryptocurrency regulation plan, which is expected to be fully implemented by the end of this year.

Despite stricter regulations, the Bitcoin price showed a strong upward trend. At one point, it surpassed 68,000 US dollars, the highest level since July 30, and rose by more than 3% during the day. Bitcoin's value has risen 17% over the past month.

In terms of the stock market, cryptocurrency concept stocks also performed well. CleanSpark (CLSK.US) rose nearly 5%, MARA Holdings (MARA.US) rose more than 4%, and MicroStrategy (MSTR.US) and Coinbase (COIN.US) rose more than 3%.

Additionally, asset management company BlackRock's Bitcoin holdings have reached $25 billion, showing its strong confidence in Bitcoin. BlackRock CEO Larry Fink said that Bitcoin is unlikely to be affected by the upcoming US presidential election results and predicts that this flagship cryptocurrency will show an upward trend.

At the same time, IBIT's asset management scale also reached 375,169 bitcoins, with a net inflow of US$288.8 million on October 15, 2024, with a cumulative historical net inflow of US$22.06 billion, achieving net inflows for the second day in a row. Previously, it recorded revenue of 79.5 million US dollars. These data show that despite regulatory challenges, the cryptocurrency market is still active, and investors' interest in digital assets such as Bitcoin continues unabated.