crypto exchanges block profits

btc convertor known as Square—saw a 34% increase in Bitcoin revenue compared to the same period in 2022. Bitcoin revenue refers to the total sale amount of cryptocurrency sold to customers. Block’s two central businesses, Cash App and Square, both generated earnings that topped Wall Street expectations. The source revealed that Bitfinex for a long time has kept a part of its earnings from trading fees in Bitcoin as a “long-term commitment” to the original cryptocurrency. Buying and holding cryptocurrency is not considered a taxable event. You can buy and hold the crypto for as long as you want, though you do have to disclose that on your tax return, but once you decide to sell (or realize the gain or loss) you will need to report the amount of profit or loss from the sale.