Bitcoin Price Analysis: Italy’s 42% Tax Proposal, Trump Secures $7.5M in Crypto Donations
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...
Bitcoin 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 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.
Despite the higher tax, Bitcoin prices continue to show resilience, reflecting strong investor optimism.
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.
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