Cryptocurrency

Italy Revises Cryptocurrency Tax Proposal Amid Industry Opposition

Wednesday. December 11 at 12:00 AM

1 min. read

Italy has scrapped plans to increase the tax on cryptocurrency capital gains from 26% to 42% due to strong opposition and political discord. The initial proposal by Economy Minister Giancarlo Giorgetti aimed to boost government revenues but faced backlash from lawmakers, industry players, and the ruling League party. Instead, Italian lawmakers are now considering a more modest hike to 28% or maintaining the current 26% rate to support the growing crypto sector. The revised tax plans are part of the 2025 budget awaiting parliamentary approval by December. Advocates for a softer approach, like League lawmaker Giulio Centemero and Treasury Junior Minister Federico Freni, warn that excessive taxes could drive crypto trading underground, hurting investors and the economy. Italy's shift reflects global trends in regulating and taxing cryptocurrencies, with countries like Russia and the Czech Republic also adjusting their tax policies to encourage digital asset investments.

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Utilizing Bitcoin for Rainforest Conservation Efforts

Wednesday. February 5 at 5:00 PM

Strategic Bitcoin reserves and Bitcoin-based treasuries are gaining popularity, with various entities like US states, the US government, El Salvador, and banks planning to launch reserves. Rainforest Foundation US aims to triple its budget and conservation efforts by creating a Bitcoin-backed treasury. The foundation plans to raise 100 Bitcoin (around $10 million) to combat the devaluation of traditional currency. Unlike other reserves, Rainforest Foundation US will utilize the funds for initiatives in South America, supporting Indigenous communities in protecting their land rights. The foundation's unique approach focuses on people rather than just land conservation. Through crypto donations, they provide support to Indigenous teams for environmental conservation. The article emphasizes the importance of Indigenous participation in decision-making processes. To learn more about Rainforest Foundation US's Bitcoin treasury and initiatives, listen to The Agenda podcast on Cointelegraph's platforms.

Cryptocurrency

Analysis of Shiba Inu's Market Value and Bearish Sentiment

Wednesday. February 5 at 1:00 PM

Shiba Inu (SHIB), a prominent meme coin, has experienced a notable 20% decrease in value within the past week. Despite this decline, an on-chain metric suggests that SHIB is currently undervalued, potentially presenting a favorable buying opportunity. The Market Value to Realized Value (MVRV) ratio, calculated using a 30-day moving average, indicates a -29.35% ratio at present, highlighting SHIB's undervalued status. Negative MVRV ratios historically signal a buying opportunity, but the prevailing bearish sentiment surrounding SHIB, as evidenced by its negative funding rate of -0.03%, may hinder a significant price rebound in the short term. Additionally, the Chaikin Money Flow (CMF) indicator on the daily chart supports the bearish trend, with a value of -0.03, suggesting strong selling activity. While SHIB's undervaluation may attract traders seeking to capitalize on a potential price increase, caution is advised due to the current bearish sentiment.

Cryptocurrency

Bitcoin Miner Moves $5 Million BTC Earned When Price Was Just 10 Cents

Wednesday. February 5 at 12:00 PM

A Bitcoin wallet holding 50 BTC mined 15 years ago has been activated, transferring coins now valued at $5 million, originally worth $0.10 each. Bitcoin historian Pete Rizzo shared the wallet transaction, sparking discussions in the crypto community. Speculation arose linking it to Silk Road founder Ross Ulbricht, but attributing old Bitcoin movements to individuals without confirmation is speculative. The transaction utilized SegWit, Taproot, and RBF features, drawing community scrutiny. Analysis suggests the move was to safeguard quantum-vulnerable funds. This event highlights Bitcoin's evolution since its inception in 2009, when mining was possible with regular CPUs. The transaction, one of the largest movements of early-mined Bitcoin recently, showcases a significant ROI over 15 years. The future use of these funds remains uncertain, with challenges in converting them to fiat discreetly. This transaction adds to the trend of dormant Bitcoin wallets reactivating, with this one standing out for its technical complexity.

Cryptocurrency

Corporate Firm Semler Scientific Invests $88 Million in Bitcoin

Wednesday. February 5 at 11:00 AM

Healthcare technology and software company Semler Scientific recently announced its acquisition of over $88 million worth of Bitcoin in the past few weeks, resulting in a paper gain of more than 150%. The firm disclosed that it bought 871 Bitcoin between Jan. 11 and Feb. 3 for $88.5 million, with an average purchase price of $101,616 per BTC. Since adopting a Bitcoin treasury strategy, Semler has seen an aggregate yield of 152% from July 1 to Feb. 3, with a 22% yield this year. Currently holding 3,192 BTC acquired for $280 million, Semler's investment is valued at around $313 million at current market prices. The company financed its crypto investment through a senior convertible notes offering and monetization of a portion of its minority investment in Monarch Medical Technologies. Semler's commitment to growing its Bitcoin holdings aligns with its strategic focus on cryptocurrency investments, distinguishing it as the 10th-largest corporate holder of BTC according to Bitcoin Treasuries.

Cryptocurrency