• The global crypto market cap regained the $1.1 trillion mark, driven mainly by Bitcoin and Ethereum’s surge after the Silicon Valley Bank collapse.
• Altcoins like Shiba Inu and Polygon are also on the rise as they launch new updates and layer-2 solutions.
• Here is a look at some of the top cryptocurrencies to watch out for in March 2023.
Crypto Market Reaches $1.1 Trillion
The global crypto market cap has recently regained its $1.1 trillion mark, driven mainly by Bitcoin and Ethereum’s surge after the Silicon Valley Bank collapse. This has increased investor attention towards digital assets as an alternative investment option that could be more resilient to traditional markets’ volatility.
Altcoins With Notable Updates
Apart from Bitcoin and Ethereum, other significant altcoins have been buzzing with new updates and launches. Shiba Inu (SHIB), for instance, has launched its layer-2 blockchain “Shibarium” which is being referred to as a potential “Dogecoin Killer”. Similarly, Polygon (MATC) is getting ready to premiere its layer-2 scaling solution, “zkEVM” zero-knowledge execution virtual machine which will go live on March 27th this year.
Top Cryptocurrencies To Keep An Eye On
Here is a look at some of the top cryptocurrencies that could explode in popularity in March 2023:
- Bitcoin (BTC): The king of cryptocurrency currently stands with 44% market share and a 9-month high price range of $26K reached on March 14.
- Shiba Inu (SHIB): SHIB was created as a joke but now turns to new developments with large use cases.
- Polygon (MATC): MATC is launching its zkEVM mainnet this month.
Bitcoin Price Surge
Since the start of 2023, BTC price has surged more than 49% while ETH prices have risen 13% in one week alone following Silicon Valley Bank’s failure which caused stock markets to become volatile. At press time, BTC traded at $24,731 with a 24-hour trading volume of $42 billion and a market cap of $477 billion; however it did take a deep dive into the 18K mark early this month before recovering back up again above 24K levels now.
• CoinTracker and H&R Block have announced a partnership to simplify the crypto tax filing process.
• Through the partnership, users can now leverage automated crypto tax filing capabilities for an efficient, accurate, and simple experience.
• The upgraded functionality allows users to import their crypto tax information accurately and quickly to file with confidence.
CoinTracker Partners with H&R Block for Crypto Tax Filing
CoinTracker, a leader in cryptocurrency tax and portfolio tracking for consumers, has partnered with H&R Block for the 2023 tax season. This collaboration will streamline the process of filing taxes on digital asset holdings and make it easier for users to remain compliant with regulations.
Automated Crypto Tax Filing Solution
The upgraded functionality will enable users to automatically enter rows from Form 8949 into H&R Block Online when connected to CoinTracker. This eliminates the need for manual copying and pasting of transactions from Form 8949 as part of the online DIY tax filing process.
Benefits of Partnership
In addition to simplifying the manual process of crypto tax filing, there are several benefits associated with this partnership: free CoinTracker tax plans; 10% discounts on CoinTracker tax plans; access to H&R Block’s team of expert advisors; and enhanced support resources.
Understanding Crypto Gains & Losses
Nearly half of Americans were unaware that they had to file taxes on digital asset holdings in 2022 – highlighting the importance of understanding how crypto gains and losses are taxed. Through this partnership, H&R Block and CoinTracker are helping bring convenience by providing automated solutions and making sure users get every dollar they deserve while remaining compliant.
The collaboration between CoinTracker and H&R Block simplifies the complex process of filing taxes on digital assets – eliminating complexities associated with DIY crypto tax filings while ensuring accuracy throughout the entire process.
- Signature Bank released its 2022 Form 10-K for the fiscal year ended December 31, 2022.
- Signature Bank is a New York-based full-service commercial bank with 40 private client offices throughout the metropolitan New York area.
- As of December 31, 2022, Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits.
Signature Bank (Nasdaq: SBNY) is a New York-based, full-service commercial bank with 40 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada, and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers. The Bank has two wholly owned subsidiaries: Signature Financial which provides equipment finance and leasing; and Signature Securities Group Corporation which is a licensed broker dealer offering investment brokerage services. Signature Bank was also the first FDIC insured bank to launch a blockchain based digital payments platform called Signet™ that allows customers to make real time payments in U.S. dollars twenty four hours a day seven days a week. As of December 31st 2022 they reported $110.36 billion in assets and $88.59 billion in deposits making them 19th on S&P Global’s list of largest banks in US based on deposits at year end 2021 according to Business Wire report dated March 2nd 2023 8:01 pm EST
2022 Form 10-K
On March 1st 2023 Signature Bank filed it’s 2022 Form 10-K for the fiscal year ended December 31st 2022 which can be found on their website here https://www.signatureny.com/investor_relations/annual_reports/. This form reports financial information such as total assets and total deposits for the company during this period as well as other important information regarding their operations and strategy moving forward into 2023
Signet Blockchain Platform
The Signet blockchain platform was launched by Signature Banks allowing commercial clients to make real time payments using US dollars 24 hours a day 7 days a week becoming the first blockchain based solution approved by NYS Department of Financial Services according to Business Wire report dated March 2nd 2023 8:01 pm EST
According to Business Wire report dated March 2nd 2023 8:01 pm EST Signature Banks reported $110.36 billion in assets and $88.59 billion in deposits as of December 31st 2022 ranking them 19th on S&P Global’s list of largest banks in US based on deposits at year end 2021
Signature Banks continues to invest heavily into technology solutions such as blockchain platforms which have allowed them to remain competitive within the banking industry while also producing strong financial performance reporting over one hundred ten billion dollars worth of assets under management at end of 2022