The leading cryptocurrency, Bitcoin, broke above the major resistance level of $17,112 on December 5, and it is now heading north to $17,610. Similarly, Ethereum, the second most valuable cryptocurrency, has surpassed the $1,300 mark and is on its way to $1,350.
Major cryptocurrencies traded in a mixed bag early in December. The global crypto market capitalization increased 1.581% the day before to $865.67 billion. Overall crypto market volume increased by 5.91% in the last 24 hours to $32.24 billion.
DeFi’s total volume was $2.42 billion, accounting for 7.49% of the crypto market’s total 24-hour volume.
Cronos (CRO), Celo (CELO), and Litecoin (LTC) are 3 of the top 100 coins. They gained value in the last 24 hours (LTC). CRO’s price has increased by nearly 12% to $0.071; CELO’s price has increased by more than 11.12% to $0.69515, and LTC’s price has increased by nearly 7.5%. After gaining 3% on Sunday and continuing to rise today, Ethereum (ETH) is also approaching three-week highs of US$1,300.
All major altcoins started the week positively, with Litecoin (LTC) leading the way with a 9% daily gain.
Polygon (MATIC) and Polkadot (DOT) both gained around 3%, while Cardano (ADA) and Ripple (XRP) saw less movement (XRP). Crypto owners in Italy may face stricter crypto regulations in the future. The government intends to impose reporting requirements for digital currency owners and a capital gains tax on income generated by crypto trading.
The new Italian government intends to broaden the scope and impose stricter regulations for the disclosure and taxation of digital assets.
A provision in the budget proposed by the right-wing administration led by Prime Minister Giorgia Meloni will impose a 26% capital gains tax on crypto assets for profits exceeding 2,000 euros ($2,080).
The ruling coalition intends to give taxpayers the option of declaring the value of their digital assets as of January 2023 and subjecting themselves to a 14% tax rate. This should encourage Italian taxpayers to disclose their holdings on their tax returns.
Under current Italian tax laws, digital currencies and tokens are treated as foreign currency, resulting in a lower tax rate.