# The a16z State of Crypto

*Author: Bankless*
*Published: Oct 16, 2024*
*Source: https://www.bankless.com/the-a16z-state-of-crypto*

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The a16z State of Crypto
    
  

  
  Published on Oct 16, 2024

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
    
Italy's Crypto Tax Hike
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/10/Group-14---2024-10-16T180740.103.png)](https://www.bankless.com/dashboard)- 💰** Italy Plans to Hike Bitcoin Capital Gains Taxes. **The plans would [increase](https://www.bankless.com/italy-bitcoin-tax-hike) the capital gains tax on crypto from 26% to 42%.
- **🥷 Radiant Capital Exploited for $51 Million. **An apparent multi-sig exploit has [drained](https://www.bankless.com/radiant-capital-exploited-for-51m-on-arbitrum-and-bsc-2) assets on Arbitrum and BNB Chain.
- 🐙 **Kraken Launches ETH Restaking Feature. **The new service for users outside the U.S. [comes via an EigenLayer integration](https://www.bankless.com/kraken-restaking).

.  .  .

 
  
    
      
      GO BANKLESS
    
    
  
  
    
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    MARKET VIBES

  
  

Trump Trade Returns?
  
   
     
   
     
    
 

**📸 Daily Market Snapshot: **Despite largely shrugging off Trump's non-transferable WLFI token sale, crypto traders are still seeming to bid up the market as investors across the board are betting on [renewed enthusiasm](https://www.bloomberg.com/news/articles/2024-10-16/druckenmiller-says-market-is-very-convinced-trump-will-win?embedded-checkout=true) around the prospects of a Trump win. *So, what are traders bidding up most?* Memes like DOGE, MOG, BONK, and... FTT.

Prices as of 6pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $2.32T
       

  
    
    ↗ 1.3%
    
  

   
    
    ↗ 9.4%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $67,728
       

  
    
    ↗ 1.2%
    
  

   
    
    ↗ 11.6%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $2,622
       

  
    
    ↗ 0.9%
    
  

   
    
    ↗ 10.8%
  

       ![](https://s2.coinmarketcap.com/static/img/coins/64x64/28324.png)
    

  **DYDX**
   
          $0.982
       

  
    
    ↘ 1.0%
    
  

   
    
    ↗ 13.7%

    
  

  

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🔺**New Token Rating: **Leading crypto perpetuals exchange **dYdX** is debuting crypto’s first leveraged prediction markets! What implications could this development hold for the DYDX token?[Unlock DYDX on Token Hub](https://www.bankless.com/tools/token-hub/dydx)

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ANALYSIS

  
  
    
Will Ethereum Remain Institutions' Top Choice?
  
  
   
     
     Bankless Author: 
     
       [
       
        Jonah Roberts](https://www.bankless.com/author/jonah)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/10/image---2024-10-16T173644.656-1.png)](https://www.bankless.com/institutions-ethereum-options)*Disruption. Digitization. Financial inclusion. Future-proofing.*

What do all of these oft-repeated buzzwords have in common? They’ve all been used by crypto-pilled associates at TradFi firms to pitch their bosses on the exciting upside of blockchain tech. This year, it seems, the executives are listening.

Institutions jumped into crypto more headlong than ever in 2024 with bespoke blockchain integrations, tokenized funds and ETFs, industry partnerships, and [research papers](https://www.blackrock.com/us/financial-professionals/insights/bitcoin-unique-diversifier). These moves are starting to bridge the gap between TradFi and DeFi. However, this article isn’t focused on why firms are building onchain. Instead, we are focusing on *where *these funds are choosing to build.

*Let's dig in* 👇

[Read More on Bankless.com](https://www.bankless.com/institutions-ethereum-options)
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