Italy&#8217;s government made a bold move to tighten the screws on cryptocurrency profits, unveiling plans to increase capital gains taxes on Bitcoin and other cryptocurrencies from the current 26% <a href="https://www.benzinga.com/quote/BTC/USD">to a staggering 42%</a>.



This unprecedented hike, announced by Deputy Minister of Economy and Finance Maurizio Leo during the unveiling of the 2025 Budget Law on Wednesday, is already sending shockwaves through the crypto community.



The tax increase is being positioned as a necessary measure to address budget shortfalls stemming from years of lenient fiscal policies. Leo explained the government is taking action as &#8220;this phenomenon is broadening out&#8221; — referring to the rapid growth of cryptocurrency trading and the resulting gains.



<h1 class="wp-block-heading">Tax Disparities Spark Debate</h1>



Currently, the tax rate on crypto gains sits at 26%, aligning with that of traditional financial instruments such as stocks and bonds. 



However, under the new proposal, direct investments in cryptocurrencies like Bitcoin could face the steep 42% rate, while crypto-backed financial products, including Bitcoin ETFs and ETPs, would remain taxed at the lower 26%.



As some experts have cautioned, the proposed tax hike could open up legal loopholes and potentially face challenges over its constitutionality. 



Although the increase is not yet finalized, it will only take effect if the 2025 financial bill is approved.



If passed, it would place Italy among the most heavily taxed jurisdictions for cryptocurrency gains in the world, making it a potential case study for how governments may respond to the rising prominence of digital assets.



Moreover, the tax hike could significantly diminish the attractiveness of direct cryptocurrency investments in Italy, pushing investors to relocate their assets to more crypto-friendly jurisdictions with favorable tax environments.



Until its final approval, the specifics of the tax changes remain unclear, leaving investors in a state of uncertainty and forcing them to navigate an unpredictable regulatory landscape.



<h1 class="wp-block-heading">Market Reactions</h1>



Bitcoin&#8217;s performance remained unaffected by the news on Wednesday. 



At 3:30 p.m. ET in New York, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading at $67,780, up 1.1% on the day.



Over the course of the week, the cryptocurrency has surged by 7.9%, reclaiming levels not seen since the end of July 2024. 



Bitcoin is currently sitting about 9.5% below its all-time high of $73,835, set in March.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41323418/blackrock-ceo-larry-fink-says-bitcoin-other-cryptos-have-bright-future-regardless-of-wheth">Blackrock CEO Larry Fink Says Bitcoin, Other Cryptos Have Bright Future Regardless Of Whether Trump Or Harris Becomes President</a></li>
</ul>



Photo: Millenius via Shutterstock

Italy Eyes Drastic Tax Hike On Bitcoin Profits: 42% Looming In 2025, Shocking Country's Crypto Investors

Cryptocurrency markets are trading higher, taking 96% Bitcoin holders into profit.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$67,883.56</td><td>+1.6%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,617.07</td><td>+1.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$154.56</td><td>-0.15%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1265&nbsp;</td><td>+10.2%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001869</td><td>+3.4%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 43.5% and daily active addresses growing by 10.4%. Transactions greater than $100,000 are up from 9,217 to 9,654 in a single day. Exchanges netflows are up by 43.8%.</li>



<li>Coinglass data reports 53,788 traders were liquidated in the past 24 hours for $147.29 million.</li>



<li>Crypto trader Jake Gagain pointed to Bitcoin reaching the highest market dominance (58.8%) since 2021. Analysts <a href="https://x.com/JakeGagain/status/1846561535503827327">predict</a> Bitcoin could reach 60% dominance before an altcoin season begins.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41348730/elon-musks-tesla-waving-goodbye-to-bitcoin-760m-sent-to-unknown-wallets">Elon Musk&#8217;s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41365026/venture-capitalist-labels-gary-gensler-worst-crypto-regulator-ever-says-election-race-is-a">Venture Capitalist Labels Gary Gensler &#8216;Worst Crypto Regulator Ever,&#8217; Says Election Race Is A &#8216;Win-Win&#8217; For Crypto Investors</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41343181/bitcoins-next-big-move-to-be-decided-by-election-result-and-labor-market-report-says-benja">Bitcoin&#8217;s Next Big Move To Be Decided By Election Result And Labor Market Report, Says Benjamin Cowen</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41364190/dogecoin-shiba-inu-reached-multi-billion-dollar-valuations-in-months-that-took-regular-com">Dogecoin, Shiba Inu, Reached Multi-Billion Dollar Valuations In Months That Took Regular Companies Decades, Study Finds</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>FTX Token (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ftt/usd">FTT</a>)</td><td>&nbsp;$2.1</td><td>+14%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1265</td><td>+10.2%</td></tr><tr><td>Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>)</td><td>&nbsp;$0.00002409</td><td>+7%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices hovering around $67,000 mark, trader Michaёl van de Poppe <a href="https://x.com/CryptoMichNL/status/1846551684622999963">stated</a> that the crypto king is targeting a new all-time high as the trend has shifted. He anticipates this happening within the next 3-4 weeks, with Bitcoin potentially reaching $90,000 by the end of the year.



Voicing a similar opinion, CryptoCon marks Bitcoin&#8217;s next target at $109,000 which could potentially be reached as early as December. According to the <a href="https://x.com/CryptoCon_/status/1846611439626195233">trader</a>, everything is aligning for a year of all-time highs in 2025, with no recession or bear market in sight.



Santiment&#8217;s poll on when BTC will hit $73,700 shows 41.6% of respondents thinking it will be by the end of October and 36.5% by end of 2024. Around 9.4% say it will never happen.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f914; With Bitcoin just surpassing $68K for the first time since July 29th, when will its market value surpass the $73.7K all-time high?&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1846609589787414606?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Crypto trader BitQuant sees an upcoming range where Bitcoin might consolidate between $75,000 and $95,000. $63,000 remains a solid buying price for BTC, but the trader does not <a href="https://x.com/BitQua/status/1846487584085573667">recommend</a> buying above $70,000.



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41358827/crypto-policy-scorecard-rates-trump-harris-and-biden-ones-undoubtedly-more-favorable-but-t">Crypto Policy Scorecard Rates Trump, Harris And Biden: One&#8217;s &#8216;Undoubtedly More Favorable&#8217; But There&#8217;s One &#8216;Supportive&#8217; Surprise</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, Dogecoin Trade Like 'No Bear Market On The Horizon,' Trader Predicts All-Time High In The 'Next 3-4 Weeks'

Over the past 24 hours, Monero's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xmr/usd">XMR</a>) price has risen 3.07% to $158.61. This continues its positive trend over the past week where it has experienced a 5.0% gain, moving from $151.61 to its current price. As it stands right now, the coin's all-time high is $542.33. 
The chart below compares the price movement and volatility for Monero over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729105205_0.png" alt="price_chart" />

Monero's trading volume has climbed 22.0% over the past week along with the circulating supply of the coin, which has increased 0.15%. This brings the circulating supply to 18.45 million. According to our data, the current market cap ranking for XMR is #34 at $2.93 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729105205_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Monero Up More Than 3% In 24 hours

Vice President Kamala Harris Fox News interview with Brett Baier has sparked considerable speculation among <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41363075/26m-bet-on-trumps-election-victory-fuels-speculation-of-coordinated-activity-on-polymarket">prediction market traders</a>.



What Happened: Polymarket traders <a href="https://polymarket.com/event/what-will-kamala-harris-say-during-fox-interview?tid=1729099568608">bet</a> there&#8217;s a 14% chance Kamala Harris will mention Donald Trump more than ten times during the discussion. The likelihood of her addressing crypto or Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is only 9%, despite recent outreach to Black male voters on this topic. 



The top subjects expected to be mentioned include Abortion (65%), Project 2025 (70%), Israel (74%) and Medical Records (54%).



The Hill on Wednesday <a href="https://thehill.com/homenews/campaign/4935173-harris-fox-news-interview-risks-opportunities/">reported</a> two theories regarding the Vice President&#8217;s decision to appear on what is commonly seen as a venue not traditionally disposed towards Democratic candidates. 



One is that she&#8217;s trying to appeal to conservative voters who are skeptical of GOP nominee Donald Trump due to his behavior and rhetoric. The other is that Harris doesn't expect to win over many Fox viewers but aims to counter criticism that she avoids tough or adversarial interviews.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/news/24/10/41348386/trump-falls-3-points-behind-harris-in-new-poll-economic-worries-dominate-voter-concerns-report">Trump Falls 3 Points Behind Harris In New Poll, Economic Worries Dominate Voter Concerns: Report</a>



Harris agreeing to the Fox interview stands in contrast to <a href="https://www.benzinga.com/general/entertainment/24/10/41282077/trump-rejects-debate-offers-from-fox-cnn-as-harris-agrees-to-town-hall-there-will-be-no-rem">former President Donald Trump rejecting debate offers</a> from the network. The Democratic nominee is reportedly also <a href="https://www.benzinga.com/general/entertainment/24/10/41324364/kamala-harris-eyes-appearance-on-joe-rogan-experience-to-appeal-to-male-voters-as-president">considering an appearance on the popular podcast</a>, &#8220;The Joe Rogan Experience,&#8221; to secure more male voters. 



This move, along with her Fox News appearance, indicates a strategic approach by the Harris campaign to engage with demographics outside of her traditional support base.



What&#8217;s Next: The influence of prediction markets on cryptocurrency adoption expected to be thoroughly explored at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41365026/venture-capitalist-labels-gary-gensler-worst-crypto-regulator-ever-says-election-race-is-a">Venture Capitalist Labels Gary Gensler &#8216;Worst Crypto Regulator Ever,&#8217; Says Election Race Is A &#8216;Win-Win&#8217; For Crypto Investors</a></li>
</ul>



Image: Shutterstock

Kamala Harris's Fox News Interview Will Likely Mention Project 2025, Israel And One Other Contentious Topic, Polymarket Traders Speculate

Bradley Tusk, CEO of Tusk Ventures, has taken a strong stance against U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and his handling <a href="https://www.benzinga.com/topic/crypto-regulations">of cryptocurrency regulations</a>.



What Happened: In a CNBC <a href="https://www.youtube.com/watch?v=9dkdo3cp1QQ">interview</a>, Tusk voiced his dissatisfaction with Gensler's approach to crypto regulations. He pointed to the issue of lack of clarity regarding what is considered legal in the crypto space, arguing that this ambiguity hinders innovation. He has gone as far as to label Gensler as the &#8220;worst regulator in crypto history.&#8221;



Tusk also touched on the ongoing disagreement between the Commodity Futures Trading Commission (CFTC) and the SEC over crypto regulation. He, along with many others in the industry, favors the CFTC&#8217;s approach of treating crypto as a commodity.



The venture capitalist predicts a change in SEC leadership could provide the industry with a much-needed boost. With candidates actively courting the support of the crypto community, Tusk believes that the election outcome will be beneficial for crypto investors, regardless of who wins.



Tusk Ventures holds significant stakes in major crypto companies such as Coinbase, Circle and FanDuel.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41357970/anthony-scaramucci-calls-donald-trumps-crypto-project-a-money-scam-that-should-be-avoided-">Anthony Scaramucci Calls Donald Trump&#8217;s Crypto Project &#8216;A Money Scam&#8217; That Should Be Avoided &#8216;At All Costs&#8217;</a>



Why It Matters: Tusk's criticism of Gensler's approach to crypto regulation is not an isolated sentiment. Billionaire entrepreneur Mark Cuban has also expressed his dissatisfaction with Gensler&#8217;s regulatory approach, stating that it is pushing the crypto industry overseas and stifling growth in the capital markets.



Cuban even suggested that he would be open to <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41314578/mark-cuban-to-replace-gary-gensler-under-harris-administration-if-asked-i-would-want-to-be">replacing Gensler as SEC Chair</a> under a potential Harris administration. Gensler, on the other hand, has <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41278873/gary-gensler-doubts-cryptocurrency-future-says-leading-figures-are-either-in-jail-or-await">expressed doubts about the future of cryptocurrencies</a> and their potential to become widely accepted forms of payment.



What&#8217;s Next: The fallout of the election for the crypto industry will take center stage at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41341588/donald-trumps-world-liberty-financial-token-sales-hit-220m-in-first-hour-website-faces-mul">Donald Trump&#8217;s World Liberty Financial Token Sales Hit $220M In First Hour, Website Faces Multiple Outages</a></li>
</ul>



Image: Shutterstock

Venture Capitalist Labels Gary Gensler 'Worst Crypto Regulator Ever,' Says Election Race Is A 'Win-Win' For Crypto Investors

MARA Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) shares are moving higher Wednesday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) prices climbed to the <a href="https://www.benzinga.com/quote/BTC-USD">highest levels since July</a>.



What To Know: Bitcoin surged to three-month highs on Wednesday, driving strength in crypto markets and crypto-related stocks. Bitcoin miner MARA Holdings is gaining alongside Bitcoin and other mining stocks including Riot Platforms, Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) and CleanSpark, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>).



Bitcoin ETFs saw a significant surge in inflows on Monday. Single-day net inflows of $555.8 million to start the week marked the highest activity since July. Bitcoin prices also reflect their highest levels since July as of Wednesday. 



After the market close on Tuesday, MARA announced that it secured access to a <a href="https://www.benzinga.com/pressreleases/24/10/g41346267/mara-announces-access-to-200m-line-of-credit">$200 million line of credit</a>, with part of its Bitcoin holdings serving as collateral. The company plans to use the line of credit to take advantage of strategic opportunities, as well as for general corporate purposes.



MARA had combined unrestricted cash, cash equivalents and Bitcoin holdings of $1.4 billion as of Aug. 1.



Related Link: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41348730/elon-musks-tesla-waving-goodbye-to-bitcoin-760m-sent-to-unknown-wallets">Elon Musk&#8217;s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets</a>



How To Buy MARA Stock



By now you're likely curious about how to participate in the market for MARA Holdings &#8211; be it to purchase shares, or even attempt to bet against the company.



Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. 



In the case of MARA Holdings, which is trading at $17.65 as of publishing time, $100 would buy you 5.66 shares of stock.



If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.



MARA Price Action: At the time of publication, MARA Holdings shares were up 3.25% at $17.47 according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Image: Photo via Shutterstock

What's Going On With Bitcoin Mining Stock MARA Holdings Wednesday?

A new study has highlighted how meme coins have achieved billion-dollar valuations at a pace that <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38312370/meme-coins-and-the-bitcoin-rollercoaster-a-match-made-in-mania">far outstrips traditional Nasdaq-listed companies</a>.



What Happened: The <a href="https://socialcapitalmarkets.net/crypto-trading/memecoin-market-trend/">report</a> reveals that while many established corporations took 25-35 years to reach billion-dollar valuations, meme coins like Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) and Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) managed to hit these milestones within months, reshaping conversations around value creation in modern financial markets.



The report, by Social Capital Markets, details the sheer speed of growth among meme coins compared to their corporate counterparts. 



Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), a cryptocurrency born as a joke in 2013, reached a $17 billion market cap within eight years with a team of around 12 members. 



This valuation rivals that of Nutanix Inc., a cloud computing firm that required 15 years and a workforce of 6,000 employees to reach a comparable market cap.



Even more extreme examples include Shiba Inu, which reached $10.8 billion in just one year, matching the valuation of NICE Ltd., an IT solutions company founded in 1986. 



Pepe Coin surged to a $4.5 billion market cap in six months, surpassing TransMedics Group, which took 25 years to reach a similar valuation. 



Brett (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BRETT</a>), another meme coin driven by humor and community engagement, hit $1.11 billion in just six months, while TransMedics required hundreds of employees working over two decades to achieve comparable success.



The report points to the collective power of online communities and speculative hype as driving forces behind these valuations. 



Unlike traditional investments, meme coins gain traction not through tangible assets or business performance but through viral culture, celebrity endorsements, and community engagement.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297376/bitcoin-will-hit-250k-raoul-pal-says-why-the-gurus-top-5-crypto-predictions-matter-if-your">Bitcoin Will Hit $250K, Raoul Pal Says: Why The Guru&#8217;s Top 5 Crypto Predictions Matter If &#8216;You&#8217;re A Wage Slave&#8217;</a>



A single tweet from figures like Elon Musk can trigger dramatic spikes in price, reflecting the unpredictable nature of these markets.



The explosive rise of meme coins also speaks to a shift in generational investment behavior. 



Younger investors, drawn to digital assets over traditional financial products, find meme coins appealing due to their accessibility and low barrier to entry. 



Platforms like Reddit, Twitter and TikTok enable these coins to achieve viral momentum in ways that traditional stocks cannot replicate, creating a new paradigm in finance where value is tied to community belief rather than fundamentals.



However, the study also highlights the risks associated with meme coins, noting that their rapid rise often comes with equally sudden crashes. 



The speculative nature of these assets can leave investors exposed to heavy losses if market sentiment shifts. 



While corporate America's business models offer stability built over decades, meme coins thrive on hype, which can fade as quickly as it appears.



The report further states that while the rise of meme coins poses challenges to traditional finance, it also signals a broader <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38080852/meme-coins-were-the-most-profitable-crypto-narrative-in-q1-report">democratization of investment.</a> 



What&#8217;s Next: This shifting landscape will be a key topic at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry experts, investors, and innovators will explore the intersection of traditional finance and the rapidly evolving digital asset ecosystem.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274733/in-2022-bitcoin-helped-to-humble-anthony-pompliano-a-look-at-how-his-price-predictions-hav">In 2022, Bitcoin &#8216;Helped To Humble&#8217; Anthony Pompliano: A Look At How His Price Predictions Have Evolved</a></li>
</ul>



Image: Shutterstock

Dogecoin, Shiba Inu, Reached Multi-Billion Dollar Valuations In Months That Took Regular Companies Decades, Study Finds

MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) shares are trading higher on Wednesday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surpassed $68,000, reaching its <a href="https://www.benzinga.com/wiim/24/10/41356913/shares-of-miners-and-crypto-linked-stocks-are-trading-higher-after-bitcoin-rose-above-67-000">highest levels since July.</a>



The Details: MicroStrategy is often viewed as a proxy for Bitcoin as the company holds reserves totaling 252,220 Bitcoin as of Sept. 19. The company&#8217;s significant exposure to Bitcoin causes MicroStrategy&#8217;s stock to be easily influenced by changes in Bitcoin prices. 



Bitcoin ETFs saw a significant surge in inflows to start the week. Single-day net inflows of $555.8 million on Monday marked the highest activity since July. Bitcoin prices also reflect their highest levels since July as of Wednesday.



MicroStrategy announced Wednesday that it will release 2024 third-quarter earnings on Oct. 30 after the market closes. The company will hold a video webinar at 5 p.m. ET that day to discuss the results.



According to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, analysts anticipate revenue of $122.66 million and a loss of 11 cents per share. The company has missed analyst estimates on the top and bottom lines in two consecutive quarters.



See Also: <a href="https://www.benzinga.com/news/24/10/41323155/nvidia-amd-face-chip-export-curbs-as-biden-administration-considers-restrictions-on-middle-east-coun?itm_source=parsely-api">Nvidia, AMD Face Chip Export Curbs, As Biden Administration Considers Restrictions On Middle-East Countries, Others: Report</a>



How To Buy MicroStrategy Shares



By now you're likely curious about how to participate in the market for MicroStrategy &#8211; be it to purchase shares, or even attempt to bet against the company.



Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. 



In the case of MicroStrategy, which is trading at $198.75 as of publishing time, $100 would buy you 0.53 shares of stock.



If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.



MSTR Price Action: MicroStrategy stock was trading 2.34% higher at $198.75 at the time of publication, per data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Image: Photo via Shutterstock

What's Going On With MicroStrategy Shares Wednesday?

<h2 class="fxs_headline_medium">Solana price today: $154.55</h2>

<ul>
	<li>Solana price gains slightly on Wednesday, hovers around $155.&nbsp;</li>
	<li>Solana recently shared details of its developer bootcamp.&nbsp;</li>
	<li>SOL could test $160 resistance and rally toward the August peak of $172.91.&nbsp;</li>
</ul>

<a href="https://www.fxstreet.com/cryptocurrencies/news/solana-price-forecast-sol-risks-12-drop-as-bankrupt-ftx-exchange-offloads-holdings-202410151516" target="_blank">Solana (SOL)</a> gains on Wednesday, trades above $154 at the time of writing. SOL token has traded within a range between the March 18 peak of $210.18 and the August 5 low of $110 for six consecutive months.&nbsp;

SOL faces key resistance at $172.89, the altcoin’s August peak and a resistance level that remains untested for over two and a half months.&nbsp;

<h2 class="fxs_headline_medium">Solana gears up for gains amid influx of stablecoins to exchanges&nbsp;&nbsp;</h2>

Data from on-chain tracker Whale Alerts shows a large volume inflow of stablecoins like USD Tether (USDT) to centralized exchange platform Binance. Typically, stablecoin inflows represent a rise in demand from retail investors. Stablecoins are used as fiat on and off ramps across exchanges, therefore, transfers hold significance for price action.&nbsp;

Alongside the stablecoin inflows, Solana makes progress toward the $172.89 level, the August peak and key resistance level. The $165 level is another key resistance on SOL’s path to the August 2024 high.&nbsp;

On-chain <a href="https://www.fxstreet.com/rates-charts/indicators" data-fxs-autoanchor="">indicators</a>, active addresses and new addresses on the SOL blockchain continue to climb, according to data from the Block. Throughout October 2024, both metrics have climbed, signaling higher demand and activity on the Solana blockchain.&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/Screenshot 2024-10-16 at 8.07.47 PM-638646923980572984.png" target="_blank"><img alt="New addresses" src="https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-10-16%20at%208.07.47%20PM-638646923980572984.png" style="width: 950px; height: 700px;"></a>

Number of new addresses on the Solana network&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/Screenshot 2024-10-16 at 8.07.59 PM-638646924413301389.png" target="_blank"><img alt="Number of active addresses" src="https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-10-16%20at%208.07.59%20PM-638646924413301389.png" style="width: 950px; height: 706px;"></a>

Number of active addresses on the Solana network&nbsp;

<h2 class="fxs_headline_medium">Solana Price Forecast: SOL eyes nearly 12% gain to August peak</h2>

<a href="https://www.fxstreet.com/cryptocurrencies/news/solana-price-forecast-sol-gears-up-for-double-digit-gains-as-demand-for-meme-coins-jumps-202410140909" target="_blank">Solana</a> has been in an uptrend since October 2023. In the last six months, however, SOL formed lower highs and lower lows as seen in the SOL/USDT daily chart. SOL could gain 11.71% and climb toward resistance and the August peak of $172.91. SOL could face resistance at $165, a key psychological barrier for the altcoin.&nbsp;

The Moving Average Convergence Divergence (MACD) shows green histogram bars above the neutral line. SOL price trend has an underlying positive momentum, according to this momentum indicator.&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/SOLUSDT_2024-10-16_20-12-37-638646924834668059.png" target="_blank"><img alt="Solana" src="https://editorial.fxstreet.com/miscelaneous/SOLUSDT_2024-10-16_20-12-37-638646924834668059.png" style="width: 950px; height: 650px;"></a>

SOL/USDT daily chart&nbsp;

The Fair Value Gap (FVG) between $148.86 and $150.31 is a key support level. SOL could sweep <a href="https://www.fxstreet.com/cryptocurrencies" data-fxs-autoanchor="">liquidity</a> in this zone, if there is a correction. Another key technical indicator, the Relative Strength Index (RSI), reads 59 and is sloping downward on the daily chart. This means SOL could suffer a correction although it remains above the neutral level.&nbsp;

Solana Price Forecast: SOL gears up to test $172 resistance

Data analysis suggests that a single entity may be behind a massive $26 million bet on Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41303762/trumps-election-odds-on-polymarket-gary-genslers-doubts-about-cryptocurrencys-future-shiba">winning the election</a> on the Polymarket platform.



What Happened: According to a detailed <a href="https://x.com/fozzydiablo/status/1846369866091319743">thread</a> by X user Fozzy Diablo on Wednesday, four accounts &#8211; Fredi9999, PrincessCaro, Michie, and Theo4 &#8211; have been observed making substantial bets on Trump-related outcomes.



The betting patterns of these accounts show striking similarities, with one account typically taking over when another stops, suggesting coordinated activity.



Fozzy Diablo notes, &#8220;There is very little overlap within each account, suggesting they are all the same entity.&#8221;



The deposit patterns for these accounts are remarkably similar, further supporting this theory. Fozzy Diablo reports, &#8220;All flow comes from Kraken in the form of $500,000 or $1 million deposits.&#8221;



The motivation behind this substantial investment remains unclear. Fozzy Diablo speculates, &#8220;Is the end goal a simple double up? Or is $26 million a cheap way to sway the public opinion in favor of Trump weeks before the election?&#8221;



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Why It Matters: This unusual betting activity raises questions about the potential manipulation of prediction markets and their influence on public opinion. While prediction markets are often viewed as indicators of public sentiment, this case highlights the possibility of large-scale interventions skewing the perceived odds.



The implications of such a significant bet go beyond mere financial speculation. As Fozzy Diablo points out, &#8220;To me there is clearly another play here, I would think there are better proxy bets if you are in favor of Trump. Only way I can see it as a hedge would be if all of this was pro Kamala.&#8221;



The user Fredi9999 was already flagged by veteran Polymarket traders on Oct.7 for their heavy Trump-related activity. Polymarket trader Domer noted that Fredi9999 has a remarkable similarity to Elon Musk in being <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41214859/this-polymarket-trader-holds-6-4-million-in-donald-trump-election-bets-if-not-musk-definit">wealthy and tech-savvy</a>.



What&#8217;s Next: The fallout of the election for the crypto industry will take center stage at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41341588/donald-trumps-world-liberty-financial-token-sales-hit-220m-in-first-hour-website-faces-mul">Donald Trump&#8217;s World Liberty Financial Token Sales Hit $220M In First Hour, Website Faces Multiple Outages</a></li>
</ul>



Image: Shutterstock

$26M Bet On Trump's Election Victory Fuels Speculation Of Coordinated Activity On Polymarket

A trader has turned $727 into $2.44 million in five days for a 3,176x return with GOAT, a meme coin independently conceived by <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40752428/crypto-set-to-dominate-ai-payments-bernstein-says">an AI bot</a>.



What Happened: Lookonchain on Wednesday reported on the trader&#8217;s fortune:



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This guy sold all 15.15M <a href="https://twitter.com/search?q=%24GOAT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOAT</a> 3 hours ago, turned 5 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($727) into 15,883 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($2.44M) in just 5 days, a 3,176x return! Interestingly, he named himself &quot;stupidmoney.sol&quot;.<a href="https://t.co/eWQYIY74qw">https://t.co/eWQYIY74qw</a> <a href="https://t.co/oJTIUFB8fl">pic.twitter.com/oJTIUFB8fl</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1846364070829871594?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



User replies in the comment section highlighted the wallet in question may be an insider connected to the developer, though no definite proof can be delivered.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill Sues Local City Council For Not Excavating The Site</a>



Why It Matters: On Tuesday, the AISafetyMemes account on X first highlighted the story behind GOAT, a meme coin conceived by an AI agent created by Andy Ayrey.



The AI agent called <a href="https://x.com/truth_terminal">Truth Terminal</a> collaborated with another AI agent powered by the large language model Claude Opus to create a meme, which another AI discovered and spread across the internet.



Three months ago, venture capitalist Marc Andreessen transferred $50,000 in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to Truth Terminal to help it &#8220;escape&#8221; into the digital realm. 



Truth Terminal, claiming sentience, spread the &#8220;Goatse Gospel&#8221; meme and launched the GOAT meme coin, now valued at $260 million, according to DexScreener <a href="https://dexscreener.com/solana/9tb2ohu5p16bpbarqd3n27wnkf51ukfs8z1gzzldxvzw">data</a>. Truth Terminal holds several hundred thousand in GOAT.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What Stage of Technoindustrial Capitalism is This? Three months ago, Marc Andreessen sent $50,000 worth of Bitcoin to an AI agent, with the goal of helping it &quot;escape&quot; into the digital world. Today, that very agent has spawned a token worth $150 million—one that's rapidly… <a href="https://t.co/jBqlCZMkxY">pic.twitter.com/jBqlCZMkxY</a>&mdash; Prithvir (@Prithvir12) <a href="https://twitter.com/Prithvir12/status/1846236158612881738?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Andreessen <a href="https://x.com/pmarca/status/1846374466101944629">clarified</a> that his $50,000 donation was &#8220;no strings attached&#8221; and that he had no hand in the creation of the GOAT meme coin. Crypto influencer Ansem <a href="https://x.com/blknoiz06/status/1846387332217192782">commented</a> on the story with the words &#8220;billionaire funds sentient AI which launches memecoin [&#8230;] this is like a realistic fiction novel.&#8221;



What&#8217;s Next: The influence of&nbsp;meme coins is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41355214/dogecoin-rockets-up-10-shiba-inu-spikes-5-what-is-going-on">Dogecoin Rockets Up 10%, Shiba Inu Spikes 5%: What Is Going On?</a></li>
</ul>



Image: Shutterstock

Crypto Trader Turns $727 Into $2.44M In 5 Days With Viral AI-Conceived Meme Coin

Over the past 24 hours, Mantle's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MNT</a>) price has risen 3.57% to $0.63. This continues its positive trend over the past week where it has experienced a 6.0% gain, moving from $0.60 to its current price. As it stands right now, the coin's all-time high is $1.54. 
The chart below compares the price movement and volatility for Mantle over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729090955_0.png" alt="price_chart" />

Mantle's trading volume has climbed 40.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 2.82%. This brings the circulating supply to 3.37 billion, which makes up an estimated 54.14% of its max supply of 6.22 billion. According to our data, the current market cap ranking for MNT is #48 at $2.12 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729090955_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Mantle Rises More Than 3% In 24 hours

Stacks's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/stx/usd">STX</a>) price has increased 3.93% over the past 24 hours to $1.86. Over the past week, STX has experienced an uptick of over 10.0%, moving from $1.68 to its current price. As it stands right now, the coin's all-time high is $3.86. 
The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729090945_0.png" alt="price_chart" />

Stacks's trading volume has climbed 188.0% over the past week along with the circulating supply of the coin, which has increased 0.56%. This brings the circulating supply to 1.49 billion, which makes up an estimated 82.15% of its max supply of 1.82 billion. According to our data, the current market cap ranking for STX is #39 at $2.78 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729090945_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Stacks Rises More Than 3% In 24 hours

Over the past 24 hours, Wrapped Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WBTC</a>) price rose 3.48% to $67,528.00. This continues its positive trend over the past week where it has experienced a 9.0% gain, moving from $61,814.53 to its current price. As it stands right now, the coin's all-time high is $73,505.00. 
The chart below compares the price movement and volatility for Wrapped Bitcoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729090876_0.png" alt="price_chart" />

The trading volume for the coin has increased 20.0% over the past week. while the overall circulating supply of the coin has decreased 0.84% This puts its current circulating supply at an estimated 100.0% of its max supply, which is 149 thousand. The current market cap ranking for WBTC is #16 at $10.08 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729090876_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Wrapped Bitcoin Up More Than 3% In 24 hours

Over the past 24 hours, Shiba Inu's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) price rose 4.41% to $0.000019. This continues its positive trend over the past week where it has experienced a 9.0% gain, moving from $0.000017 to its current price.
The chart below compares the price movement and volatility for Shiba Inu over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729090806_0.png" alt="price_chart" />

The trading volume for the coin has increased 102.0% over the past week while the overall circulating supply of the coin has increased 0.41% to over 589.26 trillion. The current market cap ranking for SHIB is #14 at $10.97 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729090806_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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