Binance Kills Bitcoin Lightning Network Nodes

Binance is making the news again following the latest moves. Check out what the crypto exchange is up to below.

Crypto exchange Binance confirmed on Tuesday that it has started running nodes on the Bitcoin Lightning Network as part of its plan to integrate it for deposits and withdrawals.

“Some eagle-eyed users spotted our new lightning nodes recently,” Binance said in a tweet. “Yes – that’s us! However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated.”

On May 8, the exchange announced plans to integrate a Layer 2 network in response to congestion on the main Bitcoin network.

The integration aims to reduce costs and increase transaction throughput, a feature already adopted by rival exchanges Kraken and Bitfinex.

According to The Block’s data dashboard, Bitcoin’s Lightning Network has steadily increased its capacity over the past year, now capable of supporting 1 million transactions per second.

At the last check, it stood at $148 million, according to the online publication The Block.

According to an investor who accurately predicted the 2022 crypto low, the markets may be preparing to follow the bullish trend of the stock market.

Chris Burniske, a partner at venture capital firm Placeholder, shares with his 261,600 Twitter followers that cryptocurrency tends to rise when the Nasdaq 100 index (NDX) takes a break.

He references data from Glassnode founders Jan Happel and Yann Allemann, who have observed that Bitcoin (BTC) has experienced significant rallies numerous times after the NDX has cooled off since 2019.

Burniske said the following:

“An interesting observation that crypto often runs after NDX stalls – rotation into higher risk.”

In May 2019, Happel and Allemann observed that Bitcoin surpassed the NDX when the index showed signs of bullish exhaustion.

Stay tuned for more exciting news from the crypto space.