- Coinsauce
- Posts
- Bitcoin Exchange Balances Hit Multi-Year Lows.
Bitcoin Exchange Balances Hit Multi-Year Lows.
Nvidia market cap hits a new all-time-high.
Coinsauce
October 18, 2024
Welcome to the Daily Coinsauce Newsletter, it’s good to be back.
We are thrilled to announce the launch of our weekly premium newsletter, which will include a lot more alpha above and beyond our current newsletter.
Weekly on-chain insights.
3-5 altcoin chart setups.
In-depth Bitcoin price updates.
Occasional in-depth reports on altcoin gems.
VC funding roundups.
Market cycle insights.
Premium Telegram trading group, and more.
Click below to upgrade.
Let’s get straight into today’s highlights.
📅 Today
💧Top headlines from the last 24 hours:
• Bitcoin exchange reserves hit multi-year-lows.
• Italy plans to raise tax on BTC to 42%.
📕Educational :
• Nvidia market cap hits a new all-time-high.
Bitcoin Exchange Balances Fall To 2-Year Lows ❗️
Bitcoin exchange reserves have hit levels not seen in the past 2 years.
BTC held on exchanges are now under 2.7 million BTC, down from over 3.3 million nearly three years prior
This sharp decline in reserves suggests that more Bitcoin is being moved off exchanges and into cold wallets, potentially signaling strong holding sentiment among investors.
Historically, lower exchange reserves have indicated less selling pressure, translating to upward price action for Bitcoin.
Italy Plans To Increase Tax On Bitcoin to 42%
Italy’s Deputy Finance Minister, Maurizio Leo, recently announced their plan to raise capital gains taxes on Bitcoin from 26% to 42%, citing the growing adoption as a concern.
The Italian government had previously introduced a 26% tax rate on profits from crypto trading in December 2022 for local investors who exceed earnings of €2,000 annually.
However, individuals who earn less than this threshold from trading Bitcoin or altcoins were exempted from the proposed tax legislation
The government’s new move signals it’s attempt to regulate and capture more revenue as the popularity of Bitcoin spreads.
📕 Educational
Nvidia Market Cap Hits All-Time-Highs.
Nvidia, $NVDA, has officially hit a new record market cap of $3.41 TRILLION.
Over the last month, Nvidia has added ~$800 billion in market value and has again become the world’s second-largest company.
The chipmaker's value has more than TRIPLED in just one year, despite being a trillion dollar company.
Nvidia is now just ~$100 billion from exceeding Apple, $AAPL, and becoming the largest firm on the planet.
Meanwhile, the company's shares have rallied a whopping 190% year-to-date, making Nvidia the 2nd best performer in the S&P 500 this year.
Source : The Kobeissi Letter
🌎 Other News
📊 Stat of the day
🤣 Meme of the day
That concludes our update for today!
We appreciate you joining us for the latest news. We aim to provide the best-in-class insights and highlights that keep you well-informed and ready.
Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!
Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.
Reply