2023 has been a crazy year so far, with many big changes and major developments. The crypto-sphere is, of course, no exception. So far, the crypto-sphere has been a roller-coaster of ups, downs, big gains, big losses, and interesting changes.
Let’s take a look at what’s happened around the world in March 2023. We’ll touch on the hottest cryptos, the most noteworthy exchanges, and the biggest news stories so far.
It’s been a bumpy start to the year, with January first seeing major gains, after which there were some losses. As it stands, the market is mostly looking positive, with the biggest coins on a current rise. Though it wasn’t the biggest names that have been seeing incredible gains this month. It is, instead, a few lesser known altcoins that have been climbing the charts.
Optimism has been a big gainer so far, with gains of 25.44% at the time of writing. Though Optimism may not necessarily be for everyone, it is still worth keeping an eye on. As proudly declared by the creators, Optimism’s native coin, OP, is a token specifically designed for blockchain developers. The blockchain itself is designed as an extension to Ethereum, meaning that it is fast, scalable, and operates at a fraction of the cost.
Render is another big gainer at the time of writing, currently up at 21.64%. Render (RNDR) crypto is a fascinating idea, allowing those with idle GPUs to earn crypto for sharing their processing power. If someone needs video or images rendered they can remotely connect to a participating member, let them render the graphics, and pay for the work in RNDR.
Next up is Stargate Finance and its native token STG. STG is up 20.03%, seeing some major gains since the start of the year. Stargate Finance stands apart for offering seamless, multi-blockchain trade, supporting everything from Ethereum to BNB. Most notable is that Stargate Finance excels in cross platform security.
It’s been a rocky few months for crypto exchanges, with everyone still shook up after the disastrous developments with FTX. Yet there are many big, reputable platforms still up and running, most of which are only getting better.
The best exchanges right now include Kraken, Gemini, Crypto.com, KuCoin and Coinbase. Each exchange has its own list of pros and cons, as well as a few interesting special features. It is no surprise that Kraken still tops the list, having been around since 2011. It just goes to show that being first to the party really does have its perks.
Let’s take a look now at some of the biggest crypto market stories of the month so far.
Silicon Valley Bank has officially collapsed, sending shockwaves across the world, and across the crypto-sphere. The biggest impact by far has been on stablecoins, including USD Coin (USDC.) The core idea of stablecoins is that they maintain a value of $1, making them an island of stability in the otherwise turbulent crypto market. The $1 value is maintained by the issuer of the coin holding backing reserves.
However, upon Silicon Valley Bank collapsing, a bombshell was dropped. USD Coin explained that it had roughly $3.3 billion of its $40 billion stockpile with the bank. Not surprisingly, this news brought a mild market panic, especially since the intended value of USDC fell from $1 to around 0.81c.
Though the situation isn’t as grim as it first seems. USD Coin hasn’t lost the $3.3 billion at the time of writing. It is, instead, the uncertainty around Silicon Valley Bank closing that is causing concern. The situation will become clearer when the public understands if deposits at the closed bank will or won’t be returned.
Crypto broker Voyager Digital declared bankruptcy, only for Binance.US to come to the rescue. Binance offered to buy the bankrupt company as part of a restructuring process. The deal would include the selling off of assets, as well as the transfer of customers from Voyager to Binance. It is a deal with an estimated value of around $1.3 billion.
This proposal was first approved by Bankruptcy Judge Michael Wiles, who currently has the task of overseeing the process. However, in a completely unexpected move, the US Attorney’s Office has filed an appeal, effectively slamming on the brakes. The US Attorney’s Office is the Department Of Justice’s bankruptcy watchdog, making the appeal no small matter.
At the time of writing, the US Attorney’s Office has not explained why it filed the appeal. Binance and Voyager have also so far not made any comments, leaving the nature of the situation unclear.
Crypto custodian Zodia Custody has officially registered with the financial regulator in Luxembourg. This means that Zodia is now, according to the law, allowed to offer services to financial organisations in Luxembourg. It’s a big step forward for Zodia, and likely a sign of what the future holds.
But the registration does not come without numerous regulatory rules. According to the financial watchdog, Zodia will be required to meet a number of anti-money laundering rules. Even still, Zodia is excited about the big leap forward. Chief executive at Zodia Custody Ireland, John Cronin, made a brief statement. He explained simply that the registration with Luxembourg regulators is a massive opportunity.
March has been a big month for the crypto-sphere. But as always, the market is proving its resilience. Even as banks collapse the biggest cryptos manage to weather the storm, standing as bastions in an otherwise chaotic time.
There is no telling what else 2023 will bring. But as the market continues to recover from the collapse of FTX and the chain collapses of banks, traders can now truly see where the shelters are amidst the storm. In the meantime, the world will be watching to see if stablecoins really can recover after suffering a setback.