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Cryptocurrencies gained on Wednesday ahead of the FOMC rate decision. Bitcoin traded above $28,000-mark. The global crypto market cap stood at $1.18 trillion, with a volume of $67.2 billion in the past 24 hours.

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Bitcoin | The world's largest and most popular virtual currency, Bitcoin, rose 1.4 percent to $28,176.4. Its market value stood at $546.6 billion. The trade volume was at nearly $35.6 billion.

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"Bitcoin surged to the $28,000 threshold, ahead of the US FOMC meeting, which would determine whether to raise interest rates again. Many investors and traders expect interest rates to rise at a slower pace of 25 basis points. This follows the announcement by the U.S. that it will consider ways to secure client deposits at struggling banks in the wake of a recent crisis. The FED's decision is expected to result in some market volatility," says Edul Patel of Mudrex.

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Ethereum | The second largest virtual currency, Ethererum or Ether jumped 5.7 percent to $1,800.8 at the last count, with a market capitalisation of nearly $221.3 billion. The trade volume of Ethereum was almost $10.8 billion in the last 24 hours.

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Dogecoin | Meme-based virtual currency, Dogecoin, jumped 5.8 percent to $0.1. Its market value stood at $10.1 billion. The trade volume was at nearly $664.4 billion.

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Solana | Solana fell 0.6 percent to $22.3 with a market capitalisation of $8.6 billion. The trade volume of Solana was $697.6 million in the last 24 hours.

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Shiba Inu | Shiba Inu rose 3.5 percent with a market capitalisation of almost $6.5 billion. The trade volume was almost $334.3 million in the last 24 hours.

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Polygon | Polygon gained 3.2 percent with a market capitalisation of $10.1 billion. The trade volume was $543 million in the last 24 hours.

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Crypto Price Today: Bitcoin holds above 28k, Ethereum and other tokens gain - CNBCTV18

As Circles $USDC has lost ground, Tether-issued $USDT is now the dominant stablecoin on both Ethereum and Polygon.

Regulatory FUD from U.S. authorities has helped to catalyze a regime change in the world of cryptocurrency stablecoins, as $USDC has lost its dominant position to $USDT on both the Ethereum and Polygon blockchains.

The March 11 collapse of Silicon Valley Bank certainly shook crypto holders faith in the stability of $USDC (at least in the very short term), as it was disclosed that $USDC issuer Circle had more than $3 billion in reserves stored at the failed financial institution. $USDC suffered a major but brief de-peg, and it regained its $1 value a few days later, when Circle executives were able to reassure investors that the SVB collapse did not impact its ability to maintain the 1:1 backing for the stablecoin.

The apparent irony is that U.S. regulators statements and actions against stablecoins (notably $BUSD) have incentivized crypto holders to abandon stablecoins from U.S.-regulated issues (such as Paxos and Circle) in favor of issuers like Tether who are not subject to U.S. regulations.

According to DefiLlama, $USDC lost its dominant position on Ethereum to $USDT on March 18, a week after the SVB debacle. $USDc had accounted for the plurality of stablecoins on Ethereum since the beginning of 2022. However, $USDT rose to the top spot as it benefitted from investors switching out of $USD and, since December 2022, $BUSD.

The narrative on Polygon is different but has the same result: $USDT has surpassed $USDC as the dominant stablecoin on the Ethereum sidechain.

The wrinkles in the story, however, are that $BUSDs market share on Polygon was never significant; $USDC had always been the dominant stablecoin on Polygon; and $USDTs ascent came at the expense of $USDC and $DAI.

Perhaps most importantly, $USDT surpassed $USDC on Polygon on March 2, according to DefiLlama, more than a week before SVBs failure accelerated the abandonment of $USDC.

Overall, $USDT has strengthened its grip on the entire USD stablecoin marketplace, increasing its share of stablecoin holdings on all blockchains from less than 50% to nearly 60% since the beginning of the year.

The Tether-issued stablecoin accounts for almost all stablecoin holdings on Tron and is rapidly gaining even more ground on BNB Chain as $BUSD is being phased out.

One area where $USDC has maintained its edge over $USDT is on the fast-growing Arbitrum blockchain, where $USDC has 63% of the stablecoin market.

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).

Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |

Polygon is a sidechain scaling solution that runs alongside the Ethereum blockchain allowing for speedy transactions and low fees. MATIC is the networks native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.

Website | Twitter | GitHub | Reddit | YouTube

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Binance NFT Extends Zero Fees, Gas Promotion for Ethereum ... - BSC NEWS

This week in coins. Illustration by Mitchell Preffer for Decrypt.

After three consecutive weeks of losses, prices turned verdantly green for holders of the two largest cryptocurrencies by market cap this week.

Bitcoin (BTC) blew up 36% over the past seven days and now trades at around $27,515 according to CoinMarketCap data.

Last week, Bitcoin shed around 10% in reaction to news that the industry-servicing Signature Bank and Silicon Valley Bank (SVB) had both failed.

The industrys No. 2 coin, Ethereum (ETH), is back where it was before the downturn. ETH is up 27% over the seven days and currently changes hands at $1,832.

The entire crypto market surged back to life beginning last Sunday night after the Federal Reserve, U.S. Treasury, and FDIC announced they would step in to backstop all deposits at Signature and SVB. Thatpromise was reiterated by President Biden.

Crypto didnt emerge fully unscathed, however: the industry has lost its two most crypto-friendly banks, and now conflicting reports are swirling over whether the FDIC is telling prospective buyers of Signature Bank that it will have to jettison the banks crypto business. Former Massachusetts congressman Barney Frank claimed the Feds shut down Signature to send an "anti-crypto message" and aReutersreport late in the week appeared to confirm Frank's claims; the FDIC has since denied the claims made in the Reutersstory.

Over in the U.K., Chancellor of the Exchequer Jeremy Hunt announced that the HM Treasurythe UK Finance Ministryhad brokered a bailout deal in which HSBC acquired the British arm of SVB for 1 to make whole British businesses with exposure to the bank.

In addition to these interventions, investors were drawn into risk-on assets like crypto and tech stocks this week after signs emerged that the banking crisis could be spilling over into Europes TradFi institutions: Credit Suisse announced on Wednesday a $54 billion loan from Swiss National Bank to shore up its liquidity.

Virtually all of the top thirty cryptocurrencies by market cap posted significant gains this week, but some of the biggest winners aside from Bitcoin and Ethereum were Filecoin (FIL), which rose 33% to $6.39, Polygon (MATIC), which grew 22% to $1.24, Solana (SOL), which rose 28% to $22.30, and BNB, which climbed 25% to $344.76.

USDCthe dollar-pegged stablecoin issued by Circleslipped its peg last weekend and fell all the way to 87 cents after uncertainty over the companys exposure to the beleaguered banks. It restabilized this week in reaction to the bailout news.

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This Week in Coins: Bitcoin, Ethereum Post Mega Rallies After Banking Intervention - Decrypt

PLBY Group (PLBY), the parent company of the late Hugh Hefner's Playboy enterprise, said it took an impairment loss of $4.9 million on the ether (ETH) it held last year, as crypto winter created a significant decline in the broader market prices.

The lifestyle and media company said it accepted ether as payments for its Rabbitars non-fungible tokens (NFT) launched in 2021, which it holds in its balance sheet as digital assets, according to an annual filing on Thursday. The value of the digital assets sits at $327,000 as of last year, the filing said.

A previous filing shows the company's digital assets, which it refers to as Ethereum, were worth $1.75 million as of Sept. 30, 2022.

The company explained that the company accounts for its digital assets as indefinite-lived intangible assets, which are subject to impairment losses if the fair value of the assets fall below their carrying value, at any time. The impairment losses the company takes on the digital assets cant be recovered, even if the fair value of the assets rise after taking the impairment losses.

The market price of one [ether] in our principal market ranged from $964 to $3,813 during the year ended Dec. 31, 2022, but the carrying value of each Ethereum we held at the end of the reporting period reflects the lowest price of one Ethereum quoted on the active exchange at any time since its receipt, according to the filing. "Therefore, negative swings in the market price of Ethereum could have a material impact on the company's earnings and carrying value, while only time a rise in prices will impact the companys earnings positively, is when the Ethereum held in the balance sheet, are sold at a gain," the filing said.

The company launched its Rabbitar NFT project in October 2021, during the peak of the crypto market. Ether, the native token of the Ethereum blockchain, lost about 60% in value since October 2021, according to TradingView data.

Earlier in 2021, Playboy entered into NFT and blockchain technology industry with its NFT drop called Liquid Summer, which is a collection of digital artworks created in collaboration with the artist Slimesunday. The collection, which minted in May 2021, features archival photographs of Playboy model Lenna Sjblom the so-called First Lady of the Internet.

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Playboy Lost $4.9M on Ether It Accepted as NFT Payments - CoinDesk

National Australia Bank (NAB) has made history as the first major financial institution to complete an intra-bank cross-border transaction on a public blockchain using its own NAB-issued stablecoin.

NAB conducted the pilot transaction on the Ethereum blockchain and utilised smart contracts for seven major global currencies. The success of this transaction demonstrates the potential to significantly reduce the time and cost of cross-border transactions, benefiting NABs corporate and institutional clients who operate in multiple jurisdictions and currencies.

According to Drew Bradford, NABs executive general manager of markets, the bank is investing in the development of Australias safest, simplest, and most secure digital asset ecosystem.

We are committed to pursuing the right digital asset opportunities with clear customer benefits, said Bradford. We believe that blockchain technology will enable elements of the future of finance, and were already witnessing rapid change in the tokenisation market.The stringent governance frameworks we have in place ensures we can support the creation of a safe and reliable digital financial system.

NAB will fully back its Australian stablecoin, AUDN, one-for-one with the Australian dollar and manage it as a liability of the bank, making it the cornerstone for NABs ambitions in digital assets. Additionally, it aims to support select clients in transacting with digital assets by the end of 2023.

NAB collaborated with Blockfold and Fireblocks to build and deploy its stablecoins on the Ethereum blockchain. This involved utilising their expertise in smart contract creation, secure minting and burning of stablecoin, and managing custody of digital assets on the blockchain.

Michael Shaulov, CEO and co-founder, said: NABs successful trade execution marks the beginning of the evolution of financial services from Web2 to Web3, underpinned by blockchain technology as well as strong governance and risk management.

While BlockFold CEO and co-founder Francois Schonken, added: NABs multi-currency cross border settlement execution on a public blockchain is exhilarating. The NAB eco-system of stablecoins puts in place cross-border payment rails that unlock tokenisation potential for both real world assets and financial products.

NABs ambition is to enable transactions across seven of the top globally utilised currencies: Australian, New Zealand, Singapore and US dollars, Euro, Yen and Pound Sterling.

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NAB Completes Historic Cross-Border Transaction Using Stablecoin on Ethereum Blockchain - The Fintech Times