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Robinhood introduces Robinhood web3 crypto wallet for iOS

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web3 wallet Robinhood

Broker Robinhood introduced an iOS version of its Robinhood web3 crypto wallet. The company announced this on its official website. Users can download the app through the App Store and get up to 5 USDC for a $10 deposit to their wallet through Robinhood Crypto as part of the promotion. For deposits from any other wallet or exchange, Robinhood promises a cashback of 1 USDC.

Robinhood web3 wallet for iOS has added support for Ethereum, though previously it only worked with Polygon sidechain. Users can now store over five dozen ERC-20-based tokens, including stablecoins. The wallet also has support for non-interchangeable tokens (NFT) based on Ethereum and Polygon.

Support for the Android operating system is planned for 2023, but no tentative timeline has been disclosed. In the coming months, Robinhood wants to implement a Web3 browser into the wallet, expand the list of supported tokens, and add new rewards for completing tasks within the wallet.

The company began beta testing web3 wallet Robinhood back in September 2022. At that time, only 10,000 users with iOS devices had access to the product. Robinhood Wallet is a non-custodial (non-depository) wallet. This means that users are responsible for the safety of their funds. Robinhood did not clarify in any way who provides intermediary services for onchain transactions. However, the broker admitted that some services may be unavailable due to sanctions.

The wallet from Robinhood first became known back in May 2022. Then representatives of the company assured that the wallet would give customers “full control” over the cryptocurrency, as well as “unhindered access” to the decentralized network.

Robinhood has long had a mixed reputation among traders. In the past, the company unilaterally stopped trading in “meme” stocks of companies like GameStop because of their excessive growth. According to some reports, the broker sold off shares from some accounts at market prices without users’ permission.

Previously, we reported on the Top Altcoins to Watch in March.

Cryptocurrency

Ethereum Price Analysis: Is There More Trouble Ahead for ETH After 14% Weekly Drop?

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Ethereum’s price has been dropping consistently over the past couple of weeks and is yet to show any sign of recovery.

As things stand, a deeper decline could be expected in the coming weeks.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily chart, the asset has gradually decreased after breaking the 200-day moving average, located around the $3,000 mark, to the downside.

The $2,700 level has also been lost, and the market could now target the $2,350 support zone. Yet, with the RSI entering the oversold region, a bullish pullback might occur soon, which could even put an end to the downtrend if the market can recover above the 200-day moving average.

The 4-Hour Chart

Looking at the 4-hour timeframe, it is evident that the price has been consolidating inside a tight descending channel around the $2,700 level. Currently, the market is testing this level from below, and if it gets rejected, a breakdown of the channel and a drop toward the $2,350 level would be imminent.

However, if the opposite scenario occurs and the $2,700 level is reclaimed, a rally toward the key $3,000 area would be likely.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Exchange Reserve

While Ethereum’s price has been experiencing an aggressive downtrend, things might be looking attractive for long-term investors who like to buy the dip. This is somehow evident when looking at the Ethereum exchange reserve.

The metric measures the total amount of ETH that is held in exchange wallets. It is considered a proxy for supply, as these coins can be quickly sold and add to the overall selling pressure.

As the chart suggests, however, the exchange reserve has recently taken a nose dive following the recent market crash. This indicates that some investors are aggressively accumulating during this correction, and the subsequent supply shrink could lead to a recovery.

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Cryptocurrency

3 Bullish Signs for Bitcoin Following Recent Crash

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February began on the wrong foot, even though it’s historically a highly positive month for bitcoin. This time, though, the cryptocurrency plunged last Sunday and Monday by $15,000 within days.

Although the asset has failed to recover most of the losses since the end of January, the overall bullish sentiment remains strong on several fronts.

Fear Is Good

The aforementioned crash took bitcoin down hard as its price stood above $106,000 last Friday before it dumped toward $91,000 on Monday morning during the US tariffs-induced collapse. Such substantial price movements in either direction tend to influence the overall market sentiment, and this correction was no exception.

Popular crypto analyst Ali Martinez pushed a chart indicating that the crowd has turned negative toward BTC. Moreover, the Fear and Greed Index also went from ‘greed’ to ‘fear’ for the first time since the US elections in November. However, both of those could actually be a blessing in disguise for the largest crypto asset as “the best buying opportunities often come when crowd sentiment toward bitcoin is negative,” said Martinez.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

Let’s not forget Warren Buffett’s timeless advice, suggesting that investors should be fearful when people are greedy and vice versa.

Critical Support and Buying Pressure

Martinez further highlighted $92,800 as the critical support that showcases whether the ongoing bull run is intact or not. If BTC maintains it, the MVRV pricing bands show that the bull case is still active, while a drop below it could spell trouble for the asset.

The cryptocurrency has slipped beneath that line on several occasions in the past few months but has managed to bounce above it almost immediately after each correction.

Lastly, the analyst asserted that investors operating on two of the biggest crypto exchanges – HTX and BitMEX – have gone on an accumulation spree as the buying pressure on both had gone through the roof in the past day or so.

Bonus: February

Although BTC is currently down by over 5% since the start of February, the second month of the year is historically a highly bullish one for the asset. This is particularly true for Februaries, which come after a halving year, such as the current one.

In 2021, BTC soared by nearly 37% in February; in 2017, its gains were a bit more modest at 23%, while in 2013, the cryptocurrency jumped by almost 62%.

Still, history is no indication of future price performances, but it does tend to rhyme sometimes.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Cryptocurrency

Binance Coin Soars by Double Digits, Bitcoin Taps $97K (Weekend Watch)

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Bitcoin managed to defend the $96,000 level during yesterday’s correction, and the asset now sits above a grand higher in a calm weekend landscape.

The altcoins have bounced off, and Binance Coin leads the pack with a substantial increase, followed by SOL, AVAX, SUI, and others.

BTC Back to $97K

The previous weekend went badly for the primary cryptocurrency as US President Trump began a trade war with China, Canada, and Mexico. The tariffs he imposed on those countries led to an immediate crash in the crypto market, with BTC slumping from $106,000 on Friday to $97,000 on Sunday.

The correction worsened on Monday morning as the asset fell below $92,000 for the first time in a few weeks. However, the bulls finally stepped up at this point and didn’t allow a further breakdown beneath $90,000. Just the opposite, bitcoin recorded another ten grand move, this time in the opposite direction, and tapped $102,000.

It couldn’t maintain its run, though, and returned to five-digit price territory almost immediately. The second attempt to break above $100,000, which came on Friday, was also stopped in its tracks, and the subsequent rejection pushed BTC south to $96,000 yesterday.

It defended that line and now sits around $97,000 following a minor daily increase. Its market cap has gone up to $1.925 trillion on CG, but its dominance over the alts has taken a hit and is down to 58.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB on the Run

Most altcoins have turned red today after yesterday’s crash. Ethereum is above $2,650 once again after a minor 2% increase. XRP is heading toward $2.5, following a 3.5% rise. Similar price pumps are evident from DOGE, LINk, ADA, and XLM. Solana, Avalanche, SUI, HBAR, and SHIB have recorded more impressive gains.

Binance Coin has stolen the show today. BNB has soared by nearly 12% in the past 24 hours and now trades at a multi-day peak of $645.

Other impressive gainers from the top 100 alts include FLOKI (14%), IMX (13%), FET (12%), TIA (11%), and RENDER (10%).

The total crypto market cap has added around $80 billion and is above $3.3 trillion now.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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