Bitcoin

<p>News broke on Sunday, March 12, when the U.S. government took control of Signature Bank. This move was made to prevent the spread of a wider financial crisis, with regulators acting swiftly and decisively to ensure the safety and stability of the both the American and global financial system.</p><h2 id="header-0">The Signet and SEN networks were powerful tools for both DeFi and TradFi</h2><p>Signature Bank was a crypto-friendly institution that provided valuable services to the cryptocurrency industry. Its blockchain-based Signet platform played a critical role in powering the 24/7 crypto market, allowing institutional investors to exchange crypto and fiat in real time.</p><p>This was a powerful tool for both sides, as traditional banking only operates 9-5pm Monday to Friday, whereas cryptocurrency is all day and night, throughout the year.</p><p>Together with the now defunct Silvergate bank's SEN network, these platforms were responsible for moving an impressive $2 trillion in and out of the digital asset market for several top tier crypto clients including Coinbase and Circle.</p><p>It also has to be noted that this is third crypto-friendly bank in America, to shut its doors this year. <a href="https://blog.cryptology.com/silicon-valley-bank-collapses-and-usdc-depegs/" rel="noopener noreferrer nofollow">Silicon Valley Bank imploded</a> in spectacular fashion earlier this month, with Circle's USDC stablecoin subsequently breaking from its $1 peg.</p><h2 id="header-1">Is the American government anti-crypto?</h2><p>While some have speculated that the U.S. government's decision to take control of Signature Bank was motivated by a desire to send an anti-crypto message, others have stated that regulators acted in the best interests of the financial system as a whole.</p><p>However with the collapse of Credit Suisse and forced takeover by its rival UBS, the worldwide banking system still seems to be on the brink of a financial meltdown. And let’s not forget, that Bitcoin was created in the wake of the 2008 financial crisis, with Satoshi Nakamoto inscribing within the code of Bitcoin’s genesis block a highly relevant newspaper headline from the day - “The Times 03/Jan/2009 Chancellor on the brink of the second bailout for banks.”</p><h2 id="header-2">Bitcoin and altcoins still rallied</h2><p>Despite the challenges facing the crypto industry, many in the community remain optimistic about its future. <a href="https://cryptology.com/trading/BTC_USDC" rel="noopener noreferrer nofollow">Bitcoin and many altcoins rallied</a> while the Credit Suisse story broke over the weekend. And while the closure of Silvergate's SEN system and the potential shutdown of Signature's Signet platform are certainly setbacks, the crypto industry has overcome similar hurdles in the past and will undoubtedly continue to innovate and forge new partnerships with traditional finance.</p><p>Overall, although the situation with Signature Bank is certainly unfortunate, and the American government and regulators are evidently waging a war against crypto on their shores, price action within the market suggests there’s little cause for concern.</p><p>Blockchain technology and the crypto industry as a whole is resilient. It will undoubtedly emerge from this situation even stronger than before.</p>

With Signature Bank entering liquidation, the loss of its Signet platform is bad news for crypto

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