Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Bonfida to Participate in Solana Hacker House in Hong Kong
Bonfida is a team of experts specializing in cryptocurrencies, analytics, and engineering, with a primary focus on advancing blockchain technology by enhancing decentralized identities. Through their extensive experience, they have recognized that a fundamental element of identity, whether on or off the blockchain, is a person’s name. This insight led to the development of the **Solana Name Service (SNS)**.
The mission of SNS is straightforward: to provide a decentralized and affordable method for mapping domain names, represented as ".sol," to on-chain data. This on-chain data can include anything from Solana addresses to IPFS CIDs, images, text, and more.
CoinDepo Revolutionizes Crypto Investments with Simplicity and Security
CoinDepo, a cryptocurrency investment platform founded in 2021, has quickly established itself in the digital asset market and is recognized for its unique approach to simplifying investments while prioritizing user security. The platform has become a trusted choice for individuals seeking an accessible and profitable way to invest in cryptocurrencies and stablecoins.
Dedicated to security and transparency, CoinDepo is carving out a distinct position in the competitive crypto landscape to make digital asset investments more approachable for everyone.
At its core, CoinDepo's mission is to provide investment opportunities as simple as traditional banking deposits but with significantly higher returns. By eliminating the complexities and risks associated with active trading and staking across platforms with fluctuating interest rates, CoinDepo allows even beginners in crypto to earn on their assets confidently. With fixed annual interest rates on crypto savings accounts ranging from 12% to 24% APR, coupled with compound interest, CoinDepo offers an attractive alternative to the low returns typically found in traditional savings accounts.
Scroll's Token Declines 32% as Whales Scoop Up Airdrop
After more than a year of anticipation, the launch of Scroll's layer-2 network governance token, SCR, has fallen short of expectations due to issues with token allocation.
Just one day after debuting at $1.40, SCR’s price has dropped by 32% to $0.94, with its market capitalization shrinking below $180 million. This decline has caused the token to fall out of the top 250 tokens on CoinMarketCap, despite earlier optimism that Scroll would be the "turtle that wins the Ethereum scaling race."
While poor early token performance doesn't necessarily signal a failing project many recently launched tokens struggle during the initial price discovery phase it's worth noting that Scroll’s total value locked (TVL) has decreased by 23% over the past week after reaching a peak of $1 billion, according to DefiLlama data.
The main issue is the token’s allocation and distribution strategy. Before SCR’s release, users voiced frustration over Scroll’s decision to allocate 5.5% of the token supply to the Binance Launchpool while reserving only 7% for the initial airdrop. This frustration grew further when it was revealed that Scroll's decision not to implement an airdrop cap allowed a small group of whales to acquire most available tokens.
Kalshi adds global elections to betting platform.
Prediction marketplace Kalshi has expanded its offerings by introducing contracts for betting on the outcomes of elections outside of the United States as political wagers increase in anticipation of the upcoming U.S. presidential election in November.
According to regulatory filings with the Commodity Futures Trading Commission (CFTC), these new contracts cover national elections in countries such as Australia and Ecuador. Additionally, Kalshi has introduced markets for the 2025 elections in Canada and Ireland. These contracts join Kalshi's existing suite of election betting markets, which already includes more than a dozen contracts tied to the results of the upcoming U.S. federal elections.
As of October 23, Kalshi’s primary market, titled “Who will win the Presidential election?”, has attracted around $52 million in total betting volume since it was listed on October 7, as reported on the platform's website.
Kalshi introduced event contracts for betting on U.S. election outcomes after winning a significant legal battle in September, marking the first time that an election prediction market has been allowed to operate within the United States. This breakthrough has opened the door for other platforms to participate, including Web3-based platforms like Polymarket.
As of October 23, approximately $2.3 billion is wagered on Polymarket, according to the platform's website, based on the outcome of the November U.S. presidential election.
In 2024, over 75 countries worldwide are expected to hold elections, including major economies such as those in the European Union, India, and Russia, based on data from Maps Interlude.
Italy seeks to raise 68 million euros from tougher web tax cryptocurrency capital gains.
Italy aims to raise approximately 68 million euros ($73.28 million) through stricter regulations on its domestic web tax and increased taxation on cryptocurrency capital gains, as outlined in the country's 2025 budget.
In 2019, Italy introduced a 3% tax on revenues from online transactions for digital companies with global sales of at least 750 million euros, with at least 5.5 million of that revenue generated within Italy.
However, the new budget removes these minimum thresholds, allowing the tax to apply more broadly. This adjustment is expected to generate an additional 51.6 million euros, supplementing the current annual revenue of 400 million euros from the tax.
While the additional revenue may not be substantial, there are concerns that the revised web tax could provoke retaliatory measures from the United States, as previously reported by Reuters.
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