• The US Federal Deposit Insurance Corporation’s post-mortem of Signature Bank revealed poor management and inadequate risk management practices as the root cause for its collapse.
• The US Internal Revenue Service hopes to issue crypto tax guidance ready „in 12-ish months“ in order to change how it looks at cryptocurrency and work with the industry.
• It now costs Bitcoin miners at least $17,000 to produce one BTC in the U.S., due to soaring electricity rates across states. In terms of pricing, BTC/USD rose 0.4%, ETH fell 0.7% against USD, XRP/USD dropped 0.9% and LTC/USD dove 2.7%.
FDIC Pins SB’s Failure on Poor Management
The United States Federal Deposit Insurance Corporation’s post-mortem assessment of Signature Bank revealed poor management and inadequate risk management practices as the root cause for its collapse.
Crypto Tax Guidance Could Come in 12 Months
The US Internal Revenue Service hopes to issue crypto tax guidance ready „in 12-ish months“, Julie Foerster said at Consensus 2023. The digital assets project director also said the IRS is planning to change how it looks at cryptocurrency and wants to work more with the industry.
Cost To Mine One Bitcoin Rises To $17K In 2023
It now costs Bitcoin miners at least $17,000 to produce one BTC in the U.S., due to soaring electricity rates across states.. In terms of pricing, BTC/USD rose 0.4%, ETH fell 0.7% against USD, XRP/USD dropped 0.9% and LTC/USD dove 2.7%.
Daily Economic Calendar: US ISM Manufacturing New Orders Index
The ISM Manufacturing New Orders Index measures the business conditions in the manufacturing sector using new order data while the US ISM Manufacturing PMI shows the business conditions in that same sector – both are important indicators of overall economic conditions which will be released today at 14:00 GMT (US) and 00:30 GMT (Japan’s Jibun Bank Manufacturing PMI).