Cryptocurrency

Due to other controversies surrounding Binance, the decision caused concern among users. However, Binance has since unveiled plans to use Lightning Network to solve all these problems.The revelation of Binance’s plans to integrate the Lightning Network came amid a crisis for the exchange.On Monday, May 8, Binance paused Bitcoin withdrawals for the second time in 12 hours, causing considerable concern among its users. At the…Continue Reading on DailyCoin More

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Coinbase’s revenue rose “23% QoQ to USD773m, 18% ahead of the consensus,” with its “adjusted EBITDA turning positive in 1Q23 at USD284m (vs. consensus’ negative USD9m),” the analysts explained.”We believe the strong beat was mainly on the better-than-expected retail trading spread and strong interest income,” they wrote. “Even excluding the USD241m interest income in 1Q23, the positive adjusted EBITDA of USD43m indicates a profitable operation of its core business, despite the major restructuring (3,535 employees as of 1Q23, -29% YoY) to improve efficiency over 2022-23.”Daiwa believes the current Coinbase share price has largely priced in the US regulation uncertainty but “underestimated Coinbase’s recovering profitability, accelerating global expansion and crypto-native innovations.”Premarket, Coinbase shares are down over 3% following a decline in Bitcoin’s price, which is currently around $27,850, after declining over 2%. More

The world’s largest cryptocurrency exchange, Binance temporarily suspended BTC withdrawals twice within the past 12 hours. As a result, the price of Bitcoin declined by over 2% in the last few hours. Binance CEO Changpeng Zhao publicly commented on the matter on Twitter.In a recent statement, Zhao addressed the surging gas fees resulting from recent disruptions, acknowledging that prices fluctuate, transactions may become stuck, and fees may rise, prompting complaints from users. “Bull market issues,” he called it. Zhao appealed to the market to take a positive view, pointing out that gas fees are still cheaper than fiat currencies.Reports suggest that Binance suspended Bitcoin withdrawals due to a substantial backlog of pending transactions, which the exchange was not prepared for. Binance acknowledged the significant volume of outstanding transactions but stated that it did not anticipate the recent surge in Bitcoin network gas fees. It assured users that its team is working to expedite the confirmation of all pending transactions.Moreover, to address the withdrawal problems, Binance replaced the pending Bitcoin withdrawal transactions with higher fees to increase their chances of being selected by mining pools.Meanwhile, Binance announced that it is facilitating BTC Lightning Network withdrawals during the ongoing increase in the volume of transactions. It added that it has adjusted gas fees to avoid similar incidents in the future.A report from blockchain analytics firm Glassnode revealed that on May 7, a record-high of 75.77% of Bitcoin on-chain transactions utilized Taproot, compared to just 1.536% at the start of the year. The surge in Taproot adoption has led to an increase in block sizes and subsequently, transaction fees.The post Binance CEO Notes Bull Market Spike In Gas Fees, Appeals For Positive View appeared first on Coin Edition.See original on CoinEdition More

Garlinghouse dropped the figure during a fireside chat at the Dubai Fintech Summit on May 8. He stated that the U.S. is stuck compared with the regulatory progress of the United Arab Emirates virtual asset regulatory authority and the recent Markets in Crypto-Assets (MICA) bill in the European Union. He went on to share that by the time the case is decided, Ripple will have spent $200 million defending itself against a lawsuit which, from its very beginning, doesn’t make a lot of sense.Continue Reading on Coin Telegraph More

According to a report from The Wall Street Journal, Chinese companies are studying methods to develop AI via weaker semiconductors and combinations of chips to bypass reliance on a single type of hardware. Continue Reading on Coin Telegraph More

As AI talent marketplaces continue to grow, traditional employment models are likely to be disrupted even further. In the past, people typically found jobs through traditional means such as networking, job boards or recruitment agencies. Continue Reading on Coin Telegraph More

In a May 5 announcement, the FCA said it had coordinated with local authorities in the cities of Exeter, Nottingham and Sheffield to raid facilities suspected of operating unregistered cryptocurrency ATMs. The enforcement action followed similar operations from March in East London and February around the city of Leeds, where the FCA said it had issued warnings or cease-and-desist requests to suspected crypto ATM operators.Continue Reading on Coin Telegraph More