ETFs Approach 1 Million BTC, and Denmark Eyes Unrealized Crypto Gains Tax - October 25, 2024
Also, BTC jumps to 68K, and Solana keeps surpassing BTC and ETH.
TL;DR: Crypto Insights in Seconds
Solana: Outperforms both Bitcoin and Ethereum.
Kraken: Partners with Ethereum’s OP Stack to improve scalability on its new Layer 2 network.
BTC ETFs: Near 1 million BTC tokens.
EURC: Circle’s stablecoin sees supply decline.
Regulation: U.S. state regulators see a rise in crypto investigations.
Base: Planning on introducing fault proof for decentralization.
Denmark: Proposes tax on unrealized crypto gains.
Aptos: Foundation partners with FLock.io for move programming language tools.
Price Update
Bitcoin Climbs 3% to Retake $68K, with Solana Outperforming
Bitcoin has surged 3%, reclaiming $68,000 as the crypto market regains momentum. Solana has been a standout performer, outperforming both Bitcoin and Ethereum, driven by increased network activity and strong revenue growth. Meanwhile, Ether has shown relative weakness, struggling to keep up with its competitors.
Market Trends
Bitcoin ETFs Near 1 Million BTC Milestone
Bitcoin ETFs are on track to hold nearly 1 million tokens, a significant milestone that reflects the growing institutional demand for Bitcoin-backed financial products. This amount will rival the holdings of Bitcoin's creator, Satoshi Nakamoto, showing the increasing mainstream acceptance of digital assets.
Circle’s Euro-Pegged Stablecoin (EURC) Sees Supply Decline
The supply of Circle’s euro-pegged stablecoin, EURC, has been declining, signaling reduced demand in the European stablecoin market. This comes at a time when regulatory challenges and market dynamics are shaping the future of stablecoins.
U.S. State Regulators Report Sharp Rise in Crypto Investigations
State regulators in the U.S. are reporting a significant increase in investigations related to tech and digital assets. This trend stresses the ongoing and growing scrutiny from regulators as the crypto market continues to expand.
Regulatory Updates
Denmark Proposes Tax on Unrealized Crypto Gains
Denmark is considering a controversial new bill that would impose taxes on unrealized crypto gains. This proposal has sparked debate within the crypto community, as taxing unrealized profits represents a significant departure from typical capital gains taxation.
Business News
Base Plans to Introduce Fault Proofs for Decentralization
Base, an Ethereum Layer 2 network, is set to introduce fault proofs this month. This is a key step toward decentralization, improving the security and reliability of the network, which strives to attract more developers and users.
Kraken Partners with Ethereum Layer 2 OP Stack for Scalability
Kraken has announced a partnership with Ethereum’s OP Stack to support the development of its Layer 2 network. This collaboration is expected to improve scalability for Kraken’s DeFi offerings, positioning it as a key player in the Ethereum ecosystem.
Aptos Foundation Partners with FLock.io for Move Programming Language Tools
The Aptos Foundation has teamed up with a crypto-AI startup FLock.io to develop tools for the Move programming language, which powers its blockchain ecosystem. This collaboration wants to create more efficient, scalable tools for decentralized applications, positioning Aptos at the forefront of blockchain and AI integration. This partnership could help push further innovation in the growing Web3 space.
Analysis and Commentaries
Standard Chartered Analyst Says Bitcoin Could Test $73K by U.S. Election
According to a Standard Chartered analyst, Bitcoin is on track to test its all-time high of over $73,000 by the U.S. presidential election. This bullish outlook is supported by a combination of institutional demand and optimism around the approval of U.S. spot Bitcoin ETFs. With the macroeconomic landscape showing signs of stability, Bitcoin’s upward trajectory may continue through election day.
Bitcoin’s rise back to $68K with analysts expecting the price to test new highs as the U.S. election approaches. However, regulatory challenges, like Denmark’s proposed tax on unrealized gains and rising investigations in the U.S., signal that the industry will face increasing scrutiny. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
Very nice
Well detailed!!