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Ethereum Rallies Above $4K, Why Rally Isn’t Over Yet

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Ethereum


Ethereum followed bitcoin and rallied above the $4,000 resistance against the US Dollar. ETH is correcting gains, but the bulls could remain active near $4,000.

  • Ethereum started a fresh increase above the $3,880 and $4,000 resistance levels.
  • The price is now trading above $4,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $3,810 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is correcting gains, but there are many supports near $4,050 and $4,000.

Ethereum Price Rally Could Extend

Ethereum started a fresh increase above the $3,880 resistance zone. ETH gained pace after it broke the $3,900 resistance zone and the 100 hourly simple moving average.

There was also a break above a major bearish trend line with resistance near $3,810 on the hourly chart of ETH/USD. The pair cleared the $4,000 barrier to move further into a positive zone. It even spiked above $4,200 and formed a high near $4,240.

Ether price is now correcting lower and trading below $4,200. It is trading below $4,200, with an immediate support at $4,100. The stated level is near the 23.6% Fib retracement level of the recent wave from the $3,740 swing low to $4,240 high.

Ethereum Price
Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $4,200 level. The next major resistance is near the $4,240 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,320 level. The next major stop for the bulls may possibly be near the $4,400 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $4,200 and $4,220 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,100 level.

The first key support is now forming near the $4,000 level. It is close to the 50% Fib retracement level of the recent wave from the $3,740 swing low to $4,240 high. Any more downsides could lead the price towards the $3,920 support and the 100 hourly SMA. The next key support is near $3,800.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 60 level.

Major Support Level – $4,000

Major Resistance Level – $4,240



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Regulation

Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation – Regulation Bitcoin News

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Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation


Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.”

Coinbase’s CEO on Crypto Regulation

The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call Tuesday.

Coinbase’s revenue declined almost 64% in the second quarter. The company reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase said in its latest letter to shareholders.

Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the U.S., there are several bills making their way through Congress with strong bipartisan support.”

He also mentioned President Joe Biden’s executive order on crypto, the EU’s Markets in Crypto-Assets (MiCA) regulation, and “positive developments” in Australia, the U.K., Hong Kong, Brazil, and other markets.

Armstrong opined:

It’s sort of strange to say, but … in some ways, the more regulation there is for crypto, the better it is for Coinbase.

“We’re more than happy to engage with any regulators around the world who will take time to meet with us. We don’t see this as a bad thing. On the contrary, we believe it’s the best way to help the industry move forward,” he noted.

Armstrong on SEC’s Alleged Investigation of Coinbase

Addressing recent headlines that the U.S. Securities and Exchange Commission (SEC) may be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in May the SEC sent Coinbase a “voluntary request for information,” including details of its asset listings process. He emphasized:

We do not yet know if this inquiry will become a formal investigation.

Last month, the SEC charged a former Coinbase product manager in an insider trading case and stated that nine crypto tokens listed on Coinbase are securities. The Nasdaq-listed company has disputed any allegations that it lists crypto securities.

What do you think about the comments by Coinbase CEO Brian Armstrong? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Not Too Hot, Not Too Cold

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Not Too Hot, Not Too Cold


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Picking the right crypto wallet is arguably more important than picking which crypto to invest in. After all, crypto values will ebb and flow with the market — but with the wrong wallet, you can lose everything overnight.

  • “Hot” wallets are convenient, but live online and are vulnerable to hacking.
  • “Cold” wallets are the most secure, but they’re easy to lose.

Learn the difference here: Hot Wallet vs. Cold Wallet

Trust Wallet, however, falls right in the middle – and it very well might be where Goldilocks would store her Ethereum.

So, should you “trust” the Trust Wallet? Beyond supporting a million cryptos, what does it have to offer both beginner and advanced HODLers? What are its best features, and how does it stack up to the rising competition?

Let’s investigate Trust Wallet.


Features – 7


Fees – 10


Supported Currencies – 10


Ease of Use – 7


Customer Service – 4


Security – 8

7.5

Total

Trust Wallet may be missing live human support and hardware integration, but with over a million supported cryptos and security by Binance, it’s a solid, future-proof all-rounder.

Try Out trust wallet

Pros & Cons

pros

  • Over one million cryptos supported
  • Allows staking for 12 cryptos
  • Security measures supported by Binance
  • Zero wallet fees
  • Built in DApp browser

cons

  • Customer support limited to email tickets
  • Recovery phrase can be lost or stolen
  • No native desktop experience
  • No cold storage option
  • Lack of internal guides and FAQs
  • High third party transaction fees

What Is Trust Wallet?

Trust Wallet is the official crypto wallet of Binance. It’s a hot wallet — meaning it’s connected to the internet — and it’s best known for supporting over one million cryptocurrencies.

Raise your hand if you didn’t even know there were over one million cryptos.

Trust Wallet was launched in 2017 by Ukrainian developer Viktor Radchenko. He wanted a way to save tokens directly to his phone, so he designed and developed a solution himself. After rapidly gaining steam, Trust Wallet attempted to launch an ICO (initial coin offering) within a year of its launch; but the ICO flopped and Radchenko admirably returned every penny to investors.

But things would pick up just a month later when soon-to-be-titan Binance acquired Trust Wallet for an undisclosed sum. This marked Binance’s very first strategic acquisition of another player in the space.

Read more >> Binance.US Review

Four years later, Radchenko would step down as CEO of Trust Wallet, citing a desire to focus on family and “recharge.”

Twitter

Today, Trust Wallet continues to operate as “the official crypto wallet of Binance”.

Who Should Use Trust Wallet?

Trust Wallet’s best features are:

  • Its massive array of supported tokens
  • DApp browser, and
  • Staking support

For those reasons, I think it’s best positioned to help long-term HODLers and validators (aka stakers) who want a “Goldilocks wallet.”

Trust Wallet isn’t as “hot” as leaving your private keys on an exchange (which tend to get hacked), but it’s also not so “cold” that you have to purchase and safekeep a physical device.

Top Features of Trust Wallet

Support for Over One Million Cryptocurrencies

Perhaps Trust Wallet’s most unique and standout feature is its ability to support over one million cryptos and tokens spread across 53 blockchains.

A million cryptos.

That’s a number worth repeating in your best Dr. Evil voice and goes well beyond the “mere” thousands supported by MetaMask or Coinbase Wallet.

The app also supports the storage of NFTs, so you can stash your virtual art collection alongside your staggering array of digital coins.

Related>>How to Buy and Sell NFTs

One persistent criticism over Trust Wallet was that it, rather embarrassingly, didn’t support Cardano, one of the most popular modern cryptos. That was true for a time, but no longer. The Trust Wallet team just recently added support for Cardano in July of 2022.

If you’ve ever felt frustrated having to maintain multiple wallets to store all of your obscure altcoins, Trust Wallet may be your savior. Like C-3P0, Trust Wallet speaks a million languages.

Slick Mobile Experience

Trust Wallet’s other standout feature is that it’s pretty dang easy to use.

I’ve tested a lot of crypto wallets in my day, hot and cold. I swear that some of them are hard to use on purpose. It’s as if the developers deliberately design confounding, hacker-like interfaces to intimidate newbies and appeal to a more hardcore, CS-savvy audience.

Trust Wallet isn’t one of them. It’s intuitive, well laid-out, and should appeal to greenhorns and veterans alike.

Staking Support for 12 Cryptocurrencies

If you’re unfamiliar with staking, it’s a bit like a high-yield savings account (HYSA) of crypto.

What makes staking so neat is that it finally gives crypto investors a method of generating interest from their holdings.

Staking is still relatively new to crypto, which is why it’s pretty impressive to see Trust Wallet support a whole dozen stake-able cryptos. That’s double what Coinbase offers.

Here’s the full list as of July 2022, with more currencies on the way:

  • Algorand (ALGO
  • Binance Coin (BNB)
  • Callisto (CLO)
  • Cosmos (ATOM)
  • IoTeX (IOTX)
  • Kava (KAVA)
  • Osmosis (OSMO)
  • Terra (LUNA)
  • Tezos (XTZ)
  • TomoChain (TOMO)
  • Tron (TRX)
  • VeChain (VET)

You can always see the most up-to-date list, as well as current staking APYs, here on Trust Wallet’s staking page.

Purchase Crypto Through Six Third-Party Partners

At their core, crypto wallets are designed to send and receive crypto. That’s it.

But in recent years, some have gone the extra step of allowing you to purchase crypto from directly within your wallet. This usually involves partnering up with a single, trusted third-party exchange like Kraken.

Not to be outdone, Trust Wallet has partnered with six third party payment networks to enable users to buy from within the app.

As of writing, they include: 

  • Mercuryo
  • MoonPay
  • Ramp Network
  • Simplex
  • Transak
  • Wyre

Curiously, Trust Wallet’s own parent exchange Binance isn’t listed. Perhaps this is due to the latter’s ongoing troubles with U.S. regulators. Either way, it’s a bummer since Binance likely would’ve charged significantly lower fees than these third parties (but more on that in a bit).

Learn more about exchanges>>The 10 Best Crypto Exchanges for 2022

It’s worth noting that although Binance is absent, you can still buy the platform’s proprietary token BNB through the third party networks.

These exchanges also allow you to purchase crypto with a credit or debit card — another feature that was unheard of just a few years back.

Unfortunately, as is often the case with in-wallet purchase options, fees are high across the board. There’s a $50 minimum, $2,000 maximum, and net transaction fees hover around 5% or higher.

So while buying crypto from within Trust Wallet may be fast and convenient, it’s still cheaper to buy it elsewhere and transfer it over.

Browser for DApps

The Trust Wallet app features its own Web3 browser.

Unlike a last generation “Web2 browser” like Google Chrome, a Web3 browser leverages blockchain technology to encrypt and protect your browsing data. It also enables access to decentralized applications, or DApps.

Web-whaaaa?>>What Is Web3 And Why Should Investors Care?

DApps (aka dApps) are like next generation programs that live and operate on the blockchain. There are already over 4,000 DApps, according to State of the DApps. They range from social media platforms to games to file sharing sites. And through Trust Wallet, you’ll be able to access most of them, even from mobile.

It’s an impressive feat given that each DApp is unique — and to create a seamless experience, Trust Wallet would have to work directly with dozens of dev teams.

So that’s what they did.

One of the most notable DApp integrations is with PancakeSwap, which allows you to swap your coins for other coins without the use of a middleman. No need to create a new account on a new service or pay another round of high third party fees – just find a liquidity pool big enough to facilitate your desired swap and poof: instant, automatic, and painless.

How Many Cryptocurrencies Does Trust Wallet Support?

A lot.

Well over a million, according to their latest numbers.

As mentioned earlier, Trust Wallet was mocked on Reddit for supporting well over a million cryptos and tokens… but not Cardano.

Considering that Cardano (ADA) is the 8th-most popular crypto in the world by trading volume, that’s a bit like an ice cream shop touting that they offer over 1,000 flavors but not strawberry.

The whole Cardano episode gave me the feeling that Trust Wallet fully intends to grip tightly onto their crown as the most versatile crypto wallet on the market. This, combined with their affinity for staking and support from Binance, tells me that Trust Wallet is highly future proof.

Trust Wallet Platforms

Earlier I hinted that Trust Wallet is mobile-only. That’s mostly true.

Technically speaking, Trust Wallet is intended to be a mobile-only experience. You can find it on both the App Store and the Google Play Store.

That being said, there are at least two ways of accessing your Trust Wallet via desktop.

The first is if you happen to own an Apple MacBook or iMac fitted with the company’s nifty new M1 chip. The M1 lets you use iPhone and iPad apps on your Apple computer, including the Trust Wallet mobile app. As expected, the experience is just the mobile version on a larger screen, like an emulator.

The second way to access Trust Wallet via desktop is, oddly enough, through its own competitor Metamask. Specifically, you’ll download the Trust Wallet mobile app, download the Metamask Chrome extension, and then import your Trust Wallet into Metamask.

How to Add Money to Trust Wallet

There are two ways to fund your Trust Wallet:

  1. Purchase crypto from directly inside the app, or
  2. Send crypto to your Trust Wallet address

Method 1 is pretty straightforward: Just pick an exchange, choose an amount of crypto, and confirm your transaction. Just remember there are high fees involved and a $50 minimum purchase.

Method 2 is how most users will fund their Trust Wallet, either by sending coins over from another wallet they control or receiving funds from another person.

In either case, you’ll need to generate a public key for the funds you’re looking to receive. So if you’re looking to get Ethereum, you’ll tap Token > Ethereum, and generate either a QR code or an old fashioned alphanumeric public key to share. Then, fire that over to the sender and they’ll use it to direct crypto to your Trust Wallet.

How to Withdraw From Trust Wallet

If you’re looking to move crypto from your Trust Wallet into another wallet (perhaps for cold storage) the process is pretty straightforward. Just make sure that the receiving wallet supports the crypto you’re looking to send, generate a public key, and send the coins from your Trust Wallet to the receiving wallet’s public key.

If the crypto isn’t supported by the receiving wallet, you’ll want to convert it into a supported crypto on PancakeSwap first.

Now, if you’re looking to convert crypto sitting in your Trust Wallet into USD in your bank account, the process is a bit more complex.

Here’s how to withdraw from your Trust Wallet:

  1. Tap the crypto you’re looking to convert and tap “More”
  2. Convert the crypto into BNB
  3. Register and sign up for Binance, if you haven’t already
  4. From your Binance dashboard, click BNB and generate a public key
  5. Back in Trust Wallet, send your BNB to your Binance account using your public key
  6. Once your BNB hits your Binance account, click Switch and then Sell for USD (or your local currency)
  7. Then, once your BNB sells, you can withdraw it to your linked bank account

Unfortunately, the information above was taken from a Youtuber unaffiliated with Trust Wallet. There doesn’t seem to be a withdrawal guide on Trust Wallet’s support center, nor any mention of withdrawals at all.

Unsurprisingly, the confusing and roundabout process for withdrawals is a common thread among the app’s less-than-stellar reviews.

Trust Wallet Play Store review

Trust Wallet Fees

Trust Wallet itself is free to download and free to use.

You’ll still pay gas fees on swaps, but those are charged by the host blockchain, not by Trust Wallet. Gas fees are essentially unavoidable no matter what wallet you use, although you can minimize them by trading during low traffic hours.

As mentioned earlier, transaction fees are high on Trust Wallet — around 5%. But all of those fees are charged by the third-party exchanges integrated into Trust Wallet (Wyre, Transak, etc.) Trust Wallet doesn’t charge any fees on top of those.

So while it’s commendable that Trust Wallet doesn’t charge any fees for simply using the wallet, the fees for buying crypto from within the wallet are high. It makes way more sense to buy crypto from Binance and then transfer it to your Trust Wallet. That would cost you at most 0.5% and could actually be as low as 0%.

But putting aside the high cost of buying crypto from inside the wallet, Trust Wallet itself is still free to use. That gives Trust Wallet a small leg up on its cold wallet rivals like Ledger, which start at $59.

Read more>>Ledger Wallet Review 2022: One of The Best Hardware Crypto Wallets

Is Trust Wallet Safe?

Trust Wallet is curiously tight-lipped about their security measures. They have a 1,200-word blog about how their users can stay safe, but I could only find three words about their own security measures:

“Military-grade encryption.”

Nevertheless, I’m not too worried. Binance wouldn’t link its reputation to Trust Wallet’s without first enshrouding the app in state-of-the-art crypto security.

Now, that being said, some are still concerned with how Trust Wallet has chosen to handle secure access to the app.

When you download Trust Wallet, the app will generate one “master private key” that serves as your login credentials. It’s essentially the keys to the whole castle, bundled into a single 12-word recovery phrase.

Trust Wallet

Trust Wallet recommends that you store your recovery phrase “in multiple, secure places” like a password-protected notes app, cold storage (i.e. a USB stick), or even a piece of paper.

The advantage of using a recovery phrase in lieu of traditional logins is that the former are harder to hack or guess.

But since they’re virtually impossible to remember, recovery phrases are extremely easy to lose or forget. And it’s all a thief needs to access your crypto.

u/buy4takeonefree on Reddit
Trust Wallet review on the App Store

Trust Wallet’s security system, then, is a mixed bag.

On the one hand, it’s (presumably) backed by the best cyber defenses that Binance can offer. But to access your funds, all anyone needs is a simple phrase.

If you choose to use Trust Wallet, you’ll have to follow their recommendation and store your recovery phrase very, very carefully. You don’t want to end up sifting through a landfill for eight years, desperately seeking the hard drive containing your recovery phrase.

Best Trust Wallet Alternatives:

MetaMask vs. Trust Wallet

Despite countless direct comparisons and feverish forum debates, Metamask and Trust Wallet share very little in common. For starters, Metamask only stores Ethereum-compatible tokens across a handful of networks compared to Trust Wallet’s 53 supported blockchains.

Plus, MetaMask exists primarily as a browser extension for Chrome, Firefox, Brave, and Edge. Trust Wallet, on the other hand, is a mobile-first experience.

Lastly, MetaMask offers seamless integration with NFT marketplace OpenSea. Trust Wallet is technically also compatible, but you’ll have a better experience buying and storing NFTs with MetaMask.

Coinbase Wallet vs. Trust Wallet

Trust Wallet trumps the Coinbase Wallet in most key wallet-related aspects. Tokens supported? A million versus “just” 44,000. Blockchains? Dozens versus a handful.

But where Coinbase Wallet makes up serious ground is in customer support. Coinbase offers its users a robust library of FAQs, live chat, and even live phone support — all of which Trust Wallet lacks.

Despite both wallets boasting incredibly user-friendly UIs, Coinbase Wallet might be the overall better choice for newbies who may have questions or simply value human support.

Exodus vs. Trust Wallet

Exodus is the total opposite of Trust Wallet and many others like it.

Exodus may only support 225 cryptos and tokens, but what it lacks in variety it makes up for in human and hardware support. First, Exodus offers 24/7 live human support in case there’s ever any trouble. Second, it integrates with Trezor, giving you a seamless cold storage option for the ultimate level of security.

So while Exodus’s limited list of supported cryptos may be a deal-breaker to some, it’s still a superb choice for beginners who want maximum support and security.

Get the full lowdown on Exodus.

The Bottom Line

Trust Wallet is safe, secure, and incredibly robust in its feature set. The lack of customer support, hardware integration, and archaic user security measures may all be vexing — especially considering its $4.5 billion parent company. However, even in its base form, Trust Wallet is a solid, future-proof wallet option.

Just don’t lose your recovery phrase.

Want to learn more crypto? We’ve got you covered. >>





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Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

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BTC Wires


By&nbspRaghav Sawhney

Poloniex launched its new trading system on 1st August 2022 which includes a lot of technical changes and updates in its interface providing users a faster, stable and reliable trading system.  The platform is now offering over 100,000 TPS, both the order matching and transaction speed are now increased over 30 times compared to its legacy system. 

The platform has an updated interface, which includes the new addition of post-only mode to its Limit order section. By enabling the post-only mode, an order placed gets added to the order book as a Maker and does not get filled immediately, and it would be cancelled if there’s a matching contra-order in the market.

Two new order types, market order and stop-market order are also added to the trading system. Whereas the Stop market helps to trade by adding a stop price, the Market order helps to execute the order immediately at the market price. 

Poloniex is always known for its security and with the NTS it takes the speed and stability to the next level. Simultaneously, Poloniex has also launched a “ZERO TRADING FEE” campaign in order to celebrate its NTS launch. In this launch, 24 USDD pairs are already available with the ZERO trading fee, which also includes major cryptocurrencies like BTC, ETH, TRX etc., Going forward, zero trading fee is said to be applied for every trading pair available on the platform. This could be quite an interesting thing to attract all sorts of traders to use poloniex platform.

Ethereum Hard fork

Alongside with updates and rapid expansion, Poloniex is also supporting the ethereum merge and hard fork. Back then Poloniex was the first exchange to list Ethereum and Ethereum Classic. In September 2022, Ethereum is scheduled to start ETH2.0’s merge upgrade. The platform is ready to give full support to Eth’s upgrade and its potential hard fork. Ethereum Holders on the platform will get 1:1 ratio of forked assets after the upgrade. 

In the Ethereum community, developers say: moving over from the proof of work(POW) system of ethereum would make the transactions faster, cheaper and environmentally friendly as well. This also means it won’t reward the Ethereum miners for mining Ethereum and supplying resources to Blockchain.

This led some developers in the community to propose a fork which keeps the proof of work system alive and continues to operate. It helps the miners to continue to support the POW system even if Ethereum undergoes the merge.

Before the official ETH 2.0 upgrade, ETH holders on poloniex platform can swap their ETH into both “potential forked” tokens, ETHS and ETHW, at a 1:1 ratio. Poloniex will launch the corresponding markets, with details explained here.

About the platform

Poloniex was founded in January 2014, it is an exchange well known for its security. Poloniex has recently completed its 8 years of service in this space. It is one of the oldest exchanges which has great trust amongst the crypto community. Poloniex was acquired by H.E. Justin sun in 2019 since then the platform had been seeing great developments . Today, Poloniex has 450+ market pairs and a range of other digital assets. The platform supports spot, future trading with its fast and easy to use interface having a user base across the world. 

Raghav Sawhney

Raghav is a significant contributer who uses his knowledge, skills and experience towards development & growth of the organisation in an efficient and effective manner.

#Press Release

This is a paid press release. Btcwires does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.





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