Monat: Februar 2023

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Binance to suspend USD deposits and withdrawals: report

  • Binance is reportedly set to suspend all US dollar (USD) deposits and withdrawals.
  • According to a crypto news report on the matter, the suspension starts on 8 February 2023.
  • Binance will reportedly continue to support all other payment methods, including bank transfers in another currently supported fiat currency.

Binance will temporarily pause US dollar deposits and withdrawals on its exchange platform, with the planned move expected to begin 8 February, 2023.

This is according to the latest cryptocurrency news  by CNBC.

Binance set to suspend USD deposits and withdrawals

On Monday afternoon, CNBC published a news story that said the world’s largest crypto exchange Binance was looking to briefly halt USD deposits and withdrawals beginning Wednesday this week. 

According to the details shared with CNBC by a Binance spokesperson, the upcoming USD-related pause will last a few weeks as Binance tries to secure a new banking partner. However, the issue will only affect a tiny number of the exchange’s monthly active users, said to be about 0.01%. Binance will reportedly notify all affected customers directly.

While the source offered no other information regarding the USD withdrawals being unavailable from the given date, they did confirm that customers can still buy and sell cryptocurrencies via all other supported payment methods. The exchange will also continue to support bank transfers via another fiat currency that’s currently supported, the person familiar with the issue said.

Binance is the largest crypto exchange by trading volume and has a US-based subsidiary Binance.US. The US-based unit, which is Financial Crimes Enforcement Network (FinCEN) regulated, has noted that the suspension will not impact its operations. 

In a tweet following the news, Binance.US said this would be the case unless there’s an official notice from them. In this case, the USD pause is likely to only impact customers using the global platform.

The price of Binance‘s native coin BNB was largely muted at the time of writing, changing hands around $328 at 15:05 pm ET.

The post Binance to suspend USD deposits and withdrawals: report appeared first on CoinJournal.

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Marathon Digital produced a record number of bitcoin in January

  • Marathon reports a 45% sequential increase in its monthly BTC production.
  • The digital asset technology company also sold 1,500 bitcoin last month.
  • Wall Street sees upside in Marathon stock to a little under $12 on average.

Shares of Marathon Digital Holdings Inc have lost nearly 15% in recent sessions after the mining company said it did not mint nearly as many bitcoin last month as it sold.

How many BTC did it sell last month?

Marathon opted to sell a total of 1,500 bitcoin in January amidst a continued increase in the BTC price to fund its operational costs.

On the flip side, it minted a record 687 BTC last month that represents a whopping 45% sequential increase. In its monthly production and mining update, the management wrote:

Improvements in our operational efficiency, along with proactive measures we’ve taken to strengthen our balance sheet, have placed Marathon in strong position to achieve growth and operational targets in 2023.

Marathon stock has already more than doubled since the start of the year. Still, Wall Street is sticking to its consensus overweight rating on “MARA” and sees upside in it to a little under $12 a share.

Marathon Digital to continue selling BTC

A continued increase in production, as per Marathon Digital Holdings Inc, will see it further liquidate its BTC holdings moving forward to cover operational costs. The press release added:

We remain confident in our ability to scale Marathon into one of the largest and most energy efficient bitcoin mining operations globally by installing 23 exahashes of computing power near the mid of 2023.

According to Marathon Digital, it increased both its unrestricted cash and unrestricted BTC holdings last month to $133.8 million and 8,090 bitcoin, respectively.

Marathon is set to report its Q4 results early next month. Consensus is for it to swing to 19 cents a share of loss this quarter versus 36 per share it earned a year ago.  Last week, BlackRock confirmed that it now owns 8.62 million shares of Marathon Digital that represents 7.4% of the digital asset technology company.

The post Marathon Digital produced a record number of bitcoin in January appeared first on CoinJournal.

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Binance introduces Binance Tax for calculating taxes on transactions

  • Binance Tax allows users to calculate taxes on up to 100,000 transactions.

  • The service is currently available to users in Canada and France.

  • Binance wants the tool to help its users keep up with their tax obligations.

Binance Tax is now available to users in France and Canada

Binance, the world’s leading cryptocurrency exchange by trading volume, announced on Monday, February 6th, that its Binance Tax tool is now available to its users in France and Canada.

In its blog post, Binance explained that the new tool is designed to help users calculate the tax obligations on their crypto transactions. This latest cryptocurrency news comes as more governments around the world look to ensure they don’t miss out on revenue from the crypto industry.

While explaining the tool, Binance wrote that;

“In one click, you can now import your Binance transactions into our calculator and obtain a simple yet comprehensive estimate of your tax obligations depending on your jurisdiction.

Binance Tax is still in an early launch phase, and as such, its algorithm does not yet cover all the types of transactions within our vast ecosystem. Binance users should adjust accordingly in their final tax report.”

Binance Tax can report up to 100,000 transactions

The world’s largest cryptocurrency exchange added that the Binance Tax tool is free for its users in Canada and France to use. The tool supports up to reportable 100,000 transactions, ensuring that most users will capture their cryptocurrency transactions on Binance during a select period.

However, Binance explained that the product is still in its early stage and might not support some products. 

The crypto exchange added that Binance Tax provides detailed information on the transactions users make on its platform. The information helps users file their taxes, including but not limited to: spot trades, crypto donations, and even blockchain fork rewards.

While the tool is only available to users in Canada and France at the moment, Binance could roll it out to its users in the United States and other parts of the world in the coming months or years.

The post Binance introduces Binance Tax for calculating taxes on transactions appeared first on CoinJournal.

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Lightning Network hits all-time high in Bitcoin capacity

  • Lightning Network has reached over 5,490 in Bitcoin payments capacity, an all-time high.
  • Transactions in BTC on the layer-2 payments network have increased roughly 63% since January 2022.
  • The increased Bitcoin micropayments via Lightning Network comes as BTC price retreats below $23k after a great rally to start 2023.

Lightning Network’s capacity in terms of Bitcoin across payment channels has hit a new all-time high, according to the latest data on usage for this major payment network.

The Block Research shows the critical layer-2 network, which is built on Bitcoin, has seen its capacity grow to over 5,490 BTC. That’s nearly 160 BTC more than what was observed on 4 February 2023, according to details shared by Lightning Network statistics.

Lightning Network capacity up 63% since January 2022

The benefits of the Lightning Network technology, mainly around fast and low-cost micropayments, has increasingly attracted more people. According to the data, Lightning Network’s capacity in BTC terms is up approximately 63% since January 2022.

Approximately 3,350 bitcoin was recorded in payment channels on the protocol on 1 January last year. From the figures, it’s clear that total network value has declined compared to when Bitcoin price hit an all-time high in November 2021. The value of current Lightning Network capacity in USD is around $128 million – down from more than $216 million when BTC raced to highs of $69,000.

But as the on-chain metrics for the payment network’s daily usage shows, there has been continuous adoption even as the crypto winter saw crypto prices crash. Bitcoin is currently trading above $22,700 after a brief rally last week ended with bears mounting a wall near $24,000.

According to data from CoinGecko, BTC price remains roughly 67% off the ATH of $69.044 reached on 10 November 2021. In comparison, (as noted above) LN capacity has increased 63% since January 2022. 

Find out more about Lightning Network here.

The post Lightning Network hits all-time high in Bitcoin capacity appeared first on CoinJournal.