Weekly Highlights: LTC-ETF, Italy’s Tax Hike, and Ethereum’s Key Challenge

Bitcoin neared $69,000, Canary Capital filed for a spot LTC-ETF, Vitalik Buterin identified Ethereum’s main challenge, Italy will raise the tax on bitcoin profits to 42%, and other events of the past week.

Bitcoin Price Approaches $69,000

The leading cryptocurrency started the week below $63,000 but tested the $66,000 mark by Monday, October 14. The next day, digital gold approached $68,000, surpassing this level on October 16.

At the time of writing, bitcoin is trading at $68,600.

Most digital assets in the top 10 by market capitalization ended the week in the green. Dogecoin gained the most (+25.9%).

The total cryptocurrency market capitalization stands at $2.47 trillion. Bitcoin’s dominance index is 58.7%.

Canary Capital Files for Spot LTC-ETF with SEC

Crypto investment firm Canary Capital has filed an S-1 application with the SEC to register a spot Litecoin-ETF. The custodian and administrator of the product have not been specified.

“Litecoin plays a leading role in the broader cryptocurrency ecosystem […] and is attractive to a wider range of institutional investors,” the document states.

Bloomberg analyst James Seyffart noted the similarity between LTC and bitcoin in terms of oversight.

Vitalik Buterin Identifies Ethereum’s Main Challenge

Ethereum co-founder Vitalik Buterin considers the lack of a unified ecosystem as the network’s main pressing issue. According to him, the current protocol-based space resembles 34 different blockchains.

As long-term development goals for Ethereum, he outlined:

• achieving throughput of over 100,000 TPS through second-layer solutions;
• completing transactions between any chains within two seconds;
• a unified interface.

Buterin also mentioned tasks for improving the EVM and enhancing link security.

Topics to Discuss with Friends

• A trader turned $727 into $2.42 million in four days on the GOAT meme token.
• Researchers made AI robots harm humans.
• Tesla moved its bitcoins worth $760 million.
• BlackRock CEO Larry Fink expressed confidence in bitcoin’s growth.

Italy to Raise Bitcoin Profit Tax to 42%

The Italian government plans to increase the capital gains tax on cryptocurrencies from 26% to 42%. This applies to profits exceeding €2000.

The rate hike is part of measures approved by the council of ministers to raise funds for supporting households, youth, and businesses.

The government first introduced the cryptocurrency profit tax in the 2023 budget.

JPMorgan Identifies Cryptocurrency Growth Drivers for Year-End

The potential return of Donald Trump to the U.S. presidency and the need for insurance against economic instability create favorable prospects for bitcoin in 2025, according to JPMorgan.

Analysts believe that amid rising geopolitical tensions and upcoming U.S. elections, speculative institutional investors may consider gold and the leading cryptocurrency, but not Ethereum.

A potential Trump victory, besides supporting bitcoin from a regulatory standpoint, is likely to increase turbulence due to plans for tariff hikes and increased government spending (“debt devaluation”), JPMorgan suggests.

According to experts, stock and bond markets underestimate the prospect of a Republican candidate returning to the White House.

Other factors include:

• Morgan Stanley’s statements and those of other investment firms about allowing clients to recommend spot bitcoin-ETFs;
• the disappearance of pressure from the liquidations of Mt. Gox and Genesis, as well as Germany’s government coin sales;
• FTX client payouts in fiat after the bankruptcy process concludes.

Experts noted the growth of stablecoin capitalization to $180 billion, observed before the Terra/Luna collapse.

“Overall, we are optimistic about digital assets until 2025,” the review states.

Analysts maintain a conservative view on the medium-term outlook. They reminded that the current price of the leading cryptocurrency still exceeds the average mining cost of $47,000 and the volatility-adjusted level compared to gold at $63,000.

Also on ForkLog:

• An AI-backed meme coin surged to $150 million.
• Scientists cracked crypto algorithms using a quantum computer.
• Bitcoin exchange reserves fell to a multi-year low.
• A bitcoin whale sold 199 BTC acquired five years ago.

Hamster Kombat Team Comments on HMSTR Price Drop

The anonymous developers of Hamster Kombat hinted at the imminent launch of the second season and commented on the HMSTR price decline.

“The price is determined by supply and demand; currently, many people prefer to sell their tokens. We are now focused on creating new products in the Hamster ecosystem that will attract newcomers,” the developers stated.

Users will be offered “management of new enterprises.”

“Together we will build a gaming platform, hire staff, and create new gaming hits!” the announcement reads.

Previously, the project team promised to distribute 15% of the remaining HMSTR tokens among active players.

What Else to Read?

This week, ForkLog explained how TRON became Ethereum’s main competitor.