Signature Bank Closure Marks New Setback For Cryptocurrency – Bitcoin & Ethereum Price Rally Key For Industry As SignUp Token Looks To The Future

The cryptocurrency industry has been dealt with yet another blow after Signature Bank, a regional New York-based lender that counted several crypto companies as customers, was closed down by New York state regulators over the weekend. Signature Bank is the third bank in a week to shut down after the twin collapses of Silvergate Capital Corp. and Silicon Valley Bank, all of which were once considered among the US's most crypto-friendly financial institutions.

Signature Bank, which had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of 31^st December, was already under the spotlight since the collapse of FTX, which happened to have accounts with Signature Bank. However, despite Signature Bank having FTX deposits that represented less than 0.1% of its overall deposits, the closure of Silicon Valley Bank caused anxious depositors to withdraw their funds from Signature Bank.

The trio of closures caused the crypto market cap to crumble to $912 billion over the weekend, the lowest since January this year. But heavy resistance by bulls ensured that top cryptos Bitcoin (BTC) and Ethereum (ETC) helped recover the market to trade above the $1 trillion mark once again as on the front of new entries, SignUp Token was seen making headway into the industry with its new approach.

Bitcoin – The Recovery Surge

Bitcoin (BTC), the world's oldest and most powerful cryptocurrency, more than rebounded from losses it suffered last week amid a crisis of confidence across the US banking sector after its price rose overnight by 7.37% to trade at its current price of $22,111.75.

Bitcoin's price fell below the $20,000 mark last week for the first time since January this year as the bulls were heavily outnumbered by bears which caused the price to fall to a 30-day low of $19,628.25. Despite the daily rally, Bitcoin's price continues to indicate a weekly decline of 1.20% while holding a market capitalization of $427 billion.

Ethereum – The Surge Fuelling the Industry

Ethereum (ETH) was all green as its price posted a 7-day high of $1,629.37 after rising overnight by 7.41% at the back of a disaster of a weekend which saw its price nosedive to a 7-day low of $1,378.53, prompted by investor uncertainty around the US banking sector.

The rally helped Ethereum to reverse its weekly downward outlook to an upward sentiment indicating a rise of 1.28% while holding a market capitalization of $193 billion and a circulating supply of 122 billion.

SignUp Token – A Sign-Up Worth Millions

SignUp Token is one of the latest ERC-20 tokens built on the Ethereum network offering the average crypto user a simplified way to invest in cryptocurrency. The project is unique as opposed to the other cryptocurrencies in the market as it provides users with a simple and convenient way to invest in Decentralized Finance (DeFi) companies by simply letting consumers sign-up with just their email addresses to secure a token.

SignUp Token's simplicity is its flagship feature because, unlike any other cryptocurrency which is entering the market, the project does not have an Initial Coin Offer (ICO) or presale. This means a user does not have to pay any money to secure a token, and instead, a simple sign-up that will take less than a minute to do so will secure a SignUp Token. The process does not require any specialized knowledge of cryptocurrencies or decentralized finance.

The project will launch on the Uniswap exchange platform after the project hits its target of 1 million subscribers and will allow investors to trade SignUp Tokens for other Ethereum-based digital currencies.

SignUp Token assures that all email sign-ups are verified to avoid automated signups and that users are constantly notified of updates via email.

To sign up for Signup Token, visit:

Website: https://signuptoken.com/