• 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.

Conclusion

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.

Summary

• 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.

Company Overview

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

Financial Performance

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

• Ubisoft and The Sandbox have partnered to create 2,066 Rabbids avatars.
• One NFT will cost 100 SAND which is around $78 USD.
• This is a big step forward for the NFT Gaming Industry.

Ubisoft and The Sandbox Team Up

Ubisoft has teamed up with Animoca Brands’ The Sandbox to develop 2,066 unique Rabbids avatars. One NFT will set you back 100 SAND (about $78 USD at the time of publication). This collaboration marks an important step forward for the NFT gaming industry as a whole.

Rabbids Avatars

Buyers will be able to view the designs for different avatars on Friday. In addition, The Sandbox will offer a Rabbids game world on February 28 with a limited set of activities. These avatars are described as “key to future utility” in The Sandbox, giving users access to upcoming drops.

Previous NFT Developments by Ubisoft

Ubisoft was one of the first major video game companies to take note of Web3 and act accordingly with regards to NFTs. In 2018 they developed a prototype called HashCraft which was heavily influenced by Minecraft but eventually abandoned it due to unsuccessful results. They have also put money into gaming studio Horizon and metaverse investment firm Animoca Brands plus supported development of games such as Axie Infinity and Nine Chronicles. Furthermore, NBA Top Shots were classified as securities by U.S judge recently which is another great example of their involvement in this space

Year of the Rabbit

Seeing as how 2023 is the Year of the Rabbit, these characters’ avatars are decorated in a Chinese New Year style making them even more special than they already are!

Conclusion

Overall, this collaboration between Ubisoft and The Sandbox signifies an important milestone for both parties involved since it represents an incredible opportunity not only for users but also for developers due to its potential implications in terms of advancing technology within this area even further!

Minting of TrueUSD by Binance

• Binance, a cryptocurrency exchange, has minted roughly $50 million worth of TrueUSD in only a few days after news surfaced that US regulators were looking into Paxos and Binance USD.
• Binance CEO Changpeng Zhao “CZ” said in a Twitter Spaces on February 14 that the exchange will seek to “diversify” its stablecoin holdings away from BUSD.
• CZ had previously stated that the recent regulatory action by the United States Securities and Exchange Commission (SEC) and the New York Department of Financial Services might lead to a long-term decline in the supremacy of U.S. dollar-backed stablecoins.

Background

Crypto Exchange Binance recently announced that it has minted 50 million TrueUSD (TUSD). This move comes as US regulators are looking into Paxos and Binance USD. The transaction occurred on February 16th, two days after CZ announced that they would diversify their holdings away from BUSD due to potential regulatory action against USD backed stablecoins by US SEC and NYDFS.

Binance’s Reaction

In light of this news, CZ had expressed his opinion that he never had high hopes for the development of the stablecoin, which bears the name ‘BUSD’. In an attempt to improve access to liquidity and capital efficiency for customers, Binance automatically converted TUSD to BUSD back in September along with USDC and USDP coins as well. Furthermore, plans have been made to expand operations into euro and yen-based stablecoins too.

TrustToken Platform

The minting process began when buyers put US dollars (USD) into an escrow account managed by Prime Trust. Each time this happened new TUSD were created accordingly.

Conclusion

It is clear that with regulators scrutinizing Paxos and other similar organizations, crypto exchanges need to be prepared for any eventualities; this includes diversifying their holdings away form USD backed coins such as TUSD or else risk being shut down due to legal implications as seen with some other exchanges before them. As such, it appears that with these recent developments more people will be turning towards alternative solutions like TUDS instead of traditional ones like USDT or PAXOS in order to ensure their safety going forward.

• Binance is adjusting the withdrawal fees on the Tron (TRX) Network in accordance with a recent proposal from the TRON community.
• The withdrawal fees for USDT/USDC/TUSD have been increased from 1 to 2.6 units, and for TRX withdrawals the user must now pay 15 TRX instead of 1.
•The dynamic energy model will help avoid excessive network resource concentration and more fairly allocate energy resources on the chain.

Binance Adjusts Tron (TRX) Network Withdrawal Fees

Binance has announced that it is adjusting withdrawal fees on the TRON (TRX) Network according to Proposal 83 passed by the TRON (TRX) community which switches to a dynamic energy model.

Changes in Withdrawal Fees

The new changes affect all assets – USDT /USDC /TUSD, whose withdrawal fees have been increased from 1 to 2.6 units, and Binance stable coin, whose charges have been changed from 0.8 BUSD to 2.2 BUSD.

For TRX withdrawals, users must now pay 15 TRX instead of 1.

Dynamic Energy Model

The dynamic energy model proposed by the community seeks to adjust future energy use based on known usage, or TIP-491. This approach aims to prevent excessive resource concentration and provide a fairer allocation of energy resources on the chain.

Previous Maintenance

In preparation for this change, Binance wallet maintenance for the Tron Network (TRX) was conducted about five days ago which took about two hours.

Conclusion

With these changes comes an important shift towards a more dynamic system of resource allocation and fair distribution of energy resources on the blockchain.

• Binance recently made a significant move with the Shiba Inu (SHIB) token, transferring 6.4 trillion SHIB without affecting its price.
• This was made possible due to Binance’s advanced technology and infrastructure which allowed them to execute the huge transfer without causing disruption in the cryptocurrency market.
• There have been an ongoing series of massive Shiba Inu transfers in the past several weeks, with Voyager transferring 270 billion SHIB tokens to various crypto exchanges in the US.

Binance Makes Significant Move with Shiba Inu Token

Binance, one of the world’s leading cryptocurrency exchanges, recently made a significant move with its native Shiba Inu (SHIB) token by successfully transferring 6.4 trillion SHIB without causing any disruption or impacting its price. This was made possible through Binance’s advanced technology and infrastructure which allowed them to execute this huge transaction without creating any shockwaves in the market.

Series of Ongoing Transfers

In recent weeks, there have been an ongoing series of massive Shiba Inu transfers across different crypto exchanges. According to reports yesterday, Voyager, a bankrupt crypto lending platform transferred 270 billion SHIB tokens to various crypto exchanges based in the US. Despite large amounts of cryptocurrency being transferred over time, SHIB has managed to buck the trend and remain strong despite losses from other top 20 assets by market cap – making it one of few assets that are still printing gains during this time.

Motives Remain Unclear

The underlying motives behind these transactions remain unclear as Binance has yet to provide any official response when asked for comment. However, some speculate that it may be part of a larger move by Binance as they continue their push into decentralized finance (DeFi). It is also possible that these moves are part of an effort to increase liquidity on certain platforms or even create new trading opportunities for traders who want exposure to SHIB tokens but don’t have access to certain exchanges or wallets where they can trade them directly.

Conclusion

This remarkable feat demonstrated by Binance shows just how reliable and resilient cryptocurrencies can be when it comes to efficient transactions across exchanges – even those involving large-scale transfers like this one did not cause any disruptions in the market or negative effects on its price point. As more investors continue entering into DeFi markets and gaining exposure towards digital assets like SHIB tokens, we will likely see many more similar moves being carried out in order for traders and investors alike benefit from higher liquidity levels across multiple platforms and markets around the world.

About Carolyna Mavis

Carolyna Mavis is an experienced writer for NewsCrypto covering blockchain tech topics aiming at helping non-crypto geeks understand this technology with ease

• Changpeng Zhao (CZ), the CEO of Binance, recently suggested that the failure of certain crypto projects in 2022 will have a significant impact on the traditional finance system.
• Zhao believes that the TradeFi institutions’ reduced commitment to cryptocurrency will put them behind the adoption curve and have existential consequences within the next decade or two.
• CZ’s new forecast came after the crypto domain experienced massive downfall in the past year.

The crypto market has been experiencing a roller coaster ride in the past few years, with its share of highs and lows. This past year, however, the industry experienced a massive downfall, with the bankruptcy of some of the leading platforms, such as Terra Labs, Voyager Digital, Celsius Network, Alameda Research, and FTX. This has led to a decrease in crypto adoption by TradeFi institutions, and left them wary about the digital currency domain.

In response to this, Changpeng Zhao (CZ), the CEO of Binance, the world’s largest cryptocurrency exchange, has raised new expectations regarding traditional finance. According to the latest tweet thread from CZ, the centralized financing system is expected to have catastrophic consequences.

CZ further stated that the failure of certain cryptocurrency projects during the previous year has posed a challenge for traditional financial players to adopt the crypto technology. As a result, the TradeFi institutions are now behind the adoption curve, which could have existential consequences for them in 10–20 years, as per Zhao.

Moreover, Zhao believes that the short-term impact of the few failed crypto projects last year has hampered the growth of the crypto industry. However, the industry is already seeing a recovery and the long-term effects of the collapse will be even more significant.

The crypto market is rapidly advancing, and it is important to keep up with the new technology. CZ’s prognosis shows the importance of embracing the digital currency domain, and its potential to disrupt the traditional finance system. This is something that TradeFi institutions must consider if they are to remain competitive in the years to come.

• New York State Senate proposed bill to allow certain cryptocurrencies as a legitimate payment for state entities.
• Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are some of the cryptocurrencies that will be accepted under the law.
• If passed, the bill would allow state agencies to enter into agreements with people to offer cryptocurrency acceptance.

The New York State Senate is proposing a bill to allow certain cryptocurrencies to be used as a legitimate form of payment for state entities. This proposed bill, put forth by Democratic Assemblyman Clyde Vanel, would allow for the acceptance of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for a variety of state-issued fines, taxes, and other levies.

Cryptocurrency is a digital form of money where encryption methods are used to govern the production of units of currency and to verify the movement of funds. It functions autonomously from a central bank, making it a popular choice for those looking for alternative payment methods.

If this bill is passed, it would be a massive boost to the cryptocurrency sector, as it would allow state agencies to enter into agreements with people to offer cryptocurrency acceptance. This would make it easier for people to pay taxes, rent, and other penalties in cryptocurrency. This proposal comes on the heels of Senator Wendy Rogers of Arizona filing a measure last week that would legalize Bitcoin and other cryptocurrencies statewide.

It is important to note that while this bill does not require state agencies to accept cryptocurrency, it does provide them the option of doing so. This could be a great way for those interested in using cryptocurrency to pay for things in a secure and efficient manner.

Overall, this proposed bill could be a major step forward in the adoption of cryptocurrencies, as more people will have access to these payment methods. This could lead to greater acceptance of cryptocurrencies in the future, as well as more opportunities for those looking to use them.

• Cameron Winklevoss, the CEO of the Gemini trading platform, has threatened to sue Genesis Global and its parent company, the Digital Currency Group, over the bankruptcy filing of two of its subsidiaries.
• Winklevoss has accused DCG of continuing to refuse to offer its creditors a fair deal and has called for them to recoup the funds owed to Gemini Earn customers, who are owed $900 million.
• Cameron has been very vocal on social media about the complacency of Genesis and the Digital Currency Group with regard to settling Gemini Earn customers.

Cameron Winklevoss, the co-founder and Chief Executive Officer (CEO) of the Gemini trading platform, has recently threatened to sue Genesis Global and its parent company, the Digital Currency Group (DCG). This action follows the bankruptcy filing lodged by Genesis involving two of its other subsidiaries.

It is believed that the Digital Currency Group has been refusing to offer its creditors a fair deal, leading to frustration from those affected by the bankruptcy. According to Winklevoss, this move will afford the firm to recoup its funds which were owed to Gemini Earn customers, who were reportedly owed $900 million.

Cameron has been very vocal on social media about the complacency of Genesis and the Digital Currency Group with regard to settling Gemini Earn customers. On more than one occasion, Cameron, who co-owns the Gemini exchange with his twin, Tyler Winklevoss, has claimed Silbert and Genesis have been using stall tactics to avoid paying out the funds owed.

The Gemini Earn program pays out a reward to users who subscribe to the product. Unfortunately, the Earn customers could not gain access to their funds as Genesis closed withdrawal. This has resulted in numerous complaints from customers who have yet to have their funds returned.

In response to the situation, Cameron took to Twitter to voice his frustration, accusing the Digital Currency Group of being complicit in the actions of Genesis. Cameron has also called for the group to take responsibility for its actions and to take steps to ensure that customers are not left out of pocket.

It remains to be seen if Cameron will follow through with his threat to sue the Digital Currency Group. In the meantime, customers affected by the bankruptcy filing are hoping that the situation will be resolved soon and that they will be able to access the funds owed to them.