The largest publicly traded Bitcoin miner, MARA Holdings, has acquired 6,474 Bitcoin, worth around $615 million, at an average price of $95,395 per BTC. The move brings its total Bitcoin holdings to 34,794 coins.

Russia’s upper house of parliament, the Federal Council, has approved a bill introducing new taxes on cryptocurrency transactions. The legislation, expected to be signed into law by Russian President Vladimir Putin, classifies digital currencies as property and imposes a 13% to 15% personal income tax on cryptocurrency sales.

Nasdaq-listed cryptocurrency exchange Coinbase has announced the termination of its USDC yield program for European users, citing the stringent requirements of the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

Top stories in the Crypto Roundup today:

• Bitcoin Miner MARA Acquires $615M Worth of BTC
• Russia Moves to Approve Crypto Taxation Framework
• Coinbase Drops USDC Yield in Europe Over EU’s Regulatory Framework
• Crypto Market Movers – XLM, XRP, ADA

Bitcoin Miner MARA Acquires $615M Worth of BTC

The largest publicly traded Bitcoin miner, MARA Holdings, has acquired 6,474 Bitcoin, worth around $615 million, at an average price of $95,395 per BTC. The move brings its total Bitcoin holdings to 34,794 coins.

The acquisition follows MARA’s recent $1 billion convertible note offering, with the company planning to allocate a portion of these funds to repurchase existing convertible notes and to further expand its Bitcoin holdings.

The company, whose total cryptocurrency holdings total around $3.3 billion, noted that it has about “$160 million in remaining proceeds available net of transaction costs for future BTC dip purchases.”

MARA’s third-quarter earnings were revealed earlier this month, falling short of analysts’ expectations as the firm reported a net loss of $124.8 million for the quarter.

Russia Moves to Approve Crypto Taxation Framework

Russia’s upper house of parliament, the Federal Council, has approved a bill introducing new taxes on cryptocurrency transactions. The legislation, expected to be signed into law by Russian President Vladimir Putin, classifies digital currencies as property and imposes a 13% to 15% personal income tax on cryptocurrency sales.

The move comes amidst a surge in Bitcoin's value relative to the ruble, a trend that has likely spurred the government's desire to capture revenue from the burgeoning cryptocurrency market.

The bill offers a tax break to Russian cryptocurrency miners, exempting them from value-added tax (VAT) on mined coins. However, these miners will be required to report their activities to the government, providing relevant information about their services.

Failure to comply with these reporting requirements could result in fines of up to 40,000 rubles (approximately $360).

Coinbase Drops USDC Yield in Europe Over EU’s Regulatory Framework

Nasdaq-listed cryptocurrency exchange Coinbase has announced the termination of its USDC yield program for European users, citing the stringent requirements of the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

MiCA, designed to enhance consumer protection and financial stability, imposes strict regulations on stablecoin issuers, including limitations on interest payments and yield programs. The framework aims to reduce the risk of stablecoins being used as long-term stores of value.

Coinbase’s decision, which will take effect on December 1st, has sparked frustration among the crypto community. It will affect customers in the European Economic Area (EEA), which includes all EU member states as well as Iceland, Norway, and Liechtenstein.

Other companies, such as Tether, have also faced challenges in navigating MiCA's provisions. Tether recently announced the discontinuation of its euro-backed stablecoin, EURT, citing regulatory hurdles as a significant factor.

Crypto Market Movers – XLM, XRP, ADA

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Stellar Lumens (XLM) - Stellar is an open-source, decentralized blockchain network designed to facilitate the transfer of money and other assets between people and institutions. It was created by Jed McCaleb and Joyce Kim in 2014 and is overseen by the Stellar Development Foundation (SDF).

XRP (XRP) - XRP is a highly efficient cryptocurrency built on the XRP Ledger, a decentralised blockchain designed to facilitate fast, affordable transactions across borders. Its primary use case is in bridging currencies for global payments, with additional applications in decentralised finance, tokenisation, and everyday transactions.

Cardano (ADA) - Cardano is a Proof-of-Stake blockchain that supports smart contracts and enables the creation of decentralized apps (dApps), tokens, and more. It is designed to be scalable, sustainable, and flexible. The Cardano network uses Ouroboros, a Proof-of-Stake consensus mechanism, which allows ADA token holders to delegate their tokens to staking pools run by validators to validate transactions.

State of the Crypto by Top Tier Exchange Volume

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