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How to add Binance Smart Chain to MetaMask

How to add Binance Smart Chain to MetaMask

In this guide, you will learn how to add Binance Smart Chain to MetaMask. Also, you will see how to send BNB token to MetaMask from 3rd party wallet via the Binance Chain browser extension wallet.

Binance Smart chain is gaining popularity as an Ethereum alternative mostly because of the cheaper transaction fees. Transactions are significantly cheaper and the user experience is similar if not even better. Binance smart chain is a fork of Ethereum blockchain. That means every Dapp that runs on Etereum could run on Binace smart chain and we can use MetaMask wallet. The blocks of the Binance chain are twice bigger and faster with only 5 second block time. If I have to be honest Binance platform lacking behind in terms of decentralization then Ethereum but I don’t think that is what’s should worry you. So there are few steps we need to do before ad the Binance Smart chain to MetaMask Follow this guide on how to install MetaMask if you don’t have the wallet already. We will install Binance smart chain extension wallet and then transfer funds to it from a wallet we got BNB tokens. That will let you use DEXs on Binance such as Pancake swap and interact with decentralized applications on the blockchain. There are quite a few steps to be done but this is a complete guide from A to Z.

Installing Binance Chain Wallet

1. First, go to https://www.binance.org  (I like to clarify that using VPN could be necessary if your country restricts Binance websites) to install a Binance chain wallet. We need this wallet because we could do cross-chain transfers on both Binance blockchains. Also, we can receive and send funds on both Binance chains and Ethereum. Follow the steps in the picture below.

install binance wallet

2. Click add to chrome.

add to chrome

3. Confirm adding the extension.

confirm to add extension

4. Press I don’t own a wallet.

i dont own a wallet

5. Create and confirm the password before continuing.

create a password

6. Write down your seed phrase and continue.

write down the seed phrase

7. Confirm the seed phrase and continue.

confirm seed phrase

8. Binance extension wallet is installed.

binance wallet is installed

Sending Funds to Binance Chain Wallet

1. Now when the wallet is installed we need to send some funds to it. I will transfer BNB from the crypto.com  wallet to send the funds. If you don’t have a BNB token, here is my link for crypto.com so if you use it we both will get a 25 US dollar bonus. In order to send tokens, we need to change from Binance smart chain network to Binance Chain Network.

change wallet networks

2. After changing the networks click receive as the picture below shows.

receive funds in BNB wallet

 

3. Next, click the QR code.

click QR code

 

4. Scan the QR code with your smartphone.

scan the code

 

Now we got a BNB token in the wallet and we need to proceed with MetaMask set up.

 

How to add Binance Smart Chain to MetaMask?

The next step we need to do before start exploring DEXs like Pancake swap and Yield farming on Binance is to setup MetaMask. the process is easy and we just need to follow the steps below.

Network Name: Binance Smart Chain

New RPC URL: https://bsc.dataseed3.defibit.io/ or https://bsc-dataseed2.binance.org/ (Check which one is work for you)

Chain ID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com/

1. Step one, open MetaMask, and follow the picture below.

custom rpc metamask

2. Copy and paste main-net details as it is shown in the picture below. Click save when finish.

set up Binance Smart Chain network

 

Binance smart chain network is installed in MetaMask. The last thing we need to do before we finish is to send the funds from our Binance chain extension wallet to MetaMask. Let’s begin!

Send the funds from the Binance chain extension wallet to MetaMask

  1. First thing to do here is to open MetaMask. Make sure that you are on Binance Smart Chain as is showed in the picture and after that copy the address. The wallet will show the Ehereum logo which is fine and is no cause for concern.

copy BNB address on MetaMask

2. Next step is to go to the Binance extension wallet and press send. The next window will look like the one below. Paste the address you copied in the address field, enter the amount you wish to send, and click send.

send funds from Binance chain wallet to metamask

3. Confirm the transaction by clicking send.

confirm transaction

 

4. The transaction will appear in MetaMask.

transaction received in MetaMask

Now everything is ready and you can use MetaMask wallet to trade on Panckake swap and explore Binance Smart Chain DApps.

The text is taken from www.crypto-explained.com

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Bitcoin is twice as profitable as the S&P 500 in Q2

In the second quarter, Bitcoin won over 40%

Bitcoin fell 0.56% on Tuesday. Thus, partially reversing Monday’s gain, Bitcoin ended June down more than 3% to $ 9,136. Despite the monthly loss for June, Bitcoin rose by an enviable 42.33% in the second quarter.

Earlier today, Cointelegraph announced that the price of Bitcoin registered its strongest performance for Q2 in history, despite the shocking collapse to $ 3,750 on March 13. It is worth noting here that the main cryptocurrency even registered twice the profit of the S&P 500 index for the quarter.

The second quarter was mixed for other major cryptocurrencies. Cardano’s ADA took the lead, rising 172.45%. Binance Coin (+22.43%), Ethereum (+69.43%), Monero’s XMR (+33.05%), Stellar’s Lumen (+65.45%), Tezos (+46.32%) and Tron’s TRX (+41.46%) also recorded stable profits.

Bitcoin Cash ABC (+1.26%), EOS (+6.98%), Litecoin (+5.03%) and Ripple’s XRP (+0.91%) lagged behind.

Reversing the trend during the quarter, however, Bitcoin Cash SV fell 4.63%.

On Wednesday morning, the total market capitalization amounted to 259.53 billion dollars. At the time of writing, the dominance of Bitcoin was 66.04%. And the trading volumes for the last 24 hours reached $ 54.54 billion.

 

What to expect in the third quarter?

Three were the main catalysts that fueled the historic Bitcoin rally from April to June. Namely: the block reward halving on May 11, the demand for BTC at a much lower price and a strong recovery in the world stock markets.

Also, data from the blockchain show that the total number of Bitcoin whales has exceeded a 3-year high above 1800 in the last 3 months. From a macro point of view, this increase in the number of whales (individual investors who own a large amount of BTC) can be considered a bullish indication.

As of the beginning of the third quarter, investors in stocks and cryptocurrencies remain concerned that markets will suffer from a drastic increase in COVID-19 infections in a number of US states. And the EU’s recent ban on Americans traveling to member countries should also have a strong effect on airlines and the global tourism industry. If stock markets volatility remains high (or above the historical average), then the correlation between stocks and BTC should remain relatively high.

The general opinion among analysts is that in the coming weeks the price of Bitcoin may test the recent bottoms again. But despite the short-term bearish outlook, BTC’s market structure and investor bullish sentiment suggest that the digital asset remains well-positioned for further gains in Q3.

 

Technical analysis of BTC/USD

Bitcoin started the new month, struggling to hold over $ 9,100 amid widespread consolidation in the crypto market.

On the downside, the first support is at 100-day SMA, supported by the upside trend line of the formed triangle of the hourly chart.

It is essential to keep the price above $ 9,100, as this will allow the bulls to focus on $ 9,200. However, if the bears prevail and the support of the triangle is broken, BTC/USD could fall below $ 9,000. And even to test recent lows at $ 8,856/18.

From a different technical point of view, the current consolidation may last longer based on the signals from RSI and MACD. Both indicators move sideways around their midlines on the hourly chart. The RSI is horizontal at 48, while the MACD is around 0.00 (midline). If they remain in the same condition longer, consolidation will also continue.

If you want to receive our analysis on daily basis, you can subscribe for one of our services here.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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ADA/USD rose before the upgrade of Shelly on June 30

The crypto market is taking advantage of improving sentiment

BTC/USD is trading around $ 9,660 after jumping more than 4% on Monday, Zcash broke above $ 60, and Cardano’s ADA began an upside movement before the upgrade of the Shelley network.

The crypto market kicked off this week with a bullish rally on Monday, fueled by rumors surrounding PayPal. It has been confirmed that  company is hiring crypto engineers, but the reason for this is still unknown. Rumors about PayPal and Venmo, integrating crypto payments, continue, but neither side has made official comments yet.

BTC/USD has touched the zone above $ 9,700 twice in the last 24 hours, but apparently the bullish momentum is not strong enough to allow further recovery. For the other major coins, the last trading day was also positive, as all top 20 cryptocurrencies are trading on green territory. Chainlink (+9.12%), Tezos (+5.89%) and Cardano’s ADA (+3.67%) led the way up. Ethereum (+2.56%), XRM Monero (+2.48%), TRX (+2.25%) and Stellar’s Lumen (+2.17%) also found additional support.

For the last 7 trading days only Ripple’s XRP (-0.94%) has decreased modestly.

At the time of writing, the total market capitalization is $ 275.66 billion, with Bitcoin dominating at 65.89%. Trading volumes for the last 24 hours reached 59.65 billion dollars.

 

Outside the top 20 Zcash was the big winner from yesterday with a growth of 10.39%

This digital coin is attracting more and more attention to itself. Zcash has risen 200% since March 13, but has slowed significantly over the past three weeks. On June 22, ZEC tried to resume the bullish movement and yesterday buyers pushed with even greater strength. This sent ZEC/USD over $ 60, peaking at $ 62.08 before a slight retreat to $ 58.24.

The trend should remain upside in short term and nothing should stop ZEC/USD from testing the next resistance at $ 64.20. On the downside, buyers can use the previous high of $ 56.30 and the 20-day SMA (now at 52.85) as supports.

 

Cardano eagerly awaits the network upgrade for a jump above $ 0.10

The much-anticipated upgrade of Shelley network is set to begin on June 30, according to a statement from ADA founder Charles Hoskinson. With Shelley’s help, we’ll see Cardano enter the arena of smart contracts. This will allow it to compete with leading platforms such as Ethereum and EOS.

With the arrival of Shelley, Cardano is expected to become significantly more decentralized than any other blockchain network. Cardano’s Shelley upgrade currently has 200 registered stake pools and continues to work hard. From August, the investors will be allowed to help secure the network by staking their ADA tokens. In return, they will receive a reward.

Technical analysis of ADA/USD

The decline from $ 0.08447 on June 18 was short-lived as the bulls aggressively defended the 20-day SMA. This is a positive sign, as it shows that traders expect the upward trend to continue, therefore buying the downturns. Price control is now in the hands of the bulls based on a gap between 50 SMA and 200 SMA on a daily chart.

The trend is bullish also because the break above the downside trend line from the beginning of June and above the resistance of $ 0.085 signals a possible re-testing of $ 0.09019. In addition, the 50- and 200-day SMAs are tilted up, and the RSI is in positive territory.

However, if for some reason there is a decline, the bears will try to plunge ADA/USD to the support zone $ 0.0700 – $ 0.06944.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Tron’s TRX left basic support and resistance levels untested

The crypto market recorded a positive day on Tuesday

After a significant drop on Monday, Bitcoin and the entire crypto market managed to recover quite well thanks to the Fed. The correlation between Bitcoin and the stock market has increased in the last few days. The Federal Reserve has said it will buy bonds worth up to $ 250 billion. As a result, the stock market reacted positively to the news and Bitcoin simply followed suit.

As for the other major cryptocurrencies, Tuesday was a mixed day. Bitcoin Cash SV (+2.11%), Ethereum (+1.90%), and Monero’s XMR (+2.07%) led the way up. Binance Coin (+0.24%), Bitcoin Cash ABC (+0.67%), Cardano ADA (+1.12%), EOS (+0.83%), Litecoin (+0.23%), Stellar’s Lumen (+1.24%) and TRX of Tron (+0.06%) were also in green territory.

On the other hand, Ripple’s XRP and Tezos fell by 0.08% and 0.55%, respectively.

At the time of writing, the total crypto market capitalization is $ 267.53 billion. Trading volumes from the last 24 hours reached 67.47 billion dollars.

Bulls and bears on Bitcoin are fighting for control

BTC/USD fell to $ 9,425.70 in the early hours of Wednesday when the bears took control after bullish Tuesday. The dominance of sellers is expected to continue in the next sessions according to the MACD indicator.

The bulls will need a clear break above the 10,000 resistance to be able to resume the upward movement to $ 10,500. On the downside, a price drop below the 50-day SMA (at $ 9,358.7) could trigger a deeper correction to $ 8,673.20 and then to $ 8,164.20. A break below this support could attract further sales and lead to a downside trend. The dominance of Bitcoin is now 66.16%.

Technical analysis of TRX/USD

After weeks of sideways trading, Tron finally began to increase in early June. But after reaching a temporary peak at $ 0.01856 on June 8, Tron’s TRX lost bullish momentum again and is trading in the $ 0.01613 area today.

The closest resistance is the high from Tuesday at 0.01624 dollars. A clear break above this level and the next resistance at 0.01670 will be needed to continue the price its recovery higher. The weekly chart shows that since March TRX/USD has been moving in a formed triangle, and the break is already close. In the medium term, Tron is possible to test the $ 0.028 level if the upper border of the triangle and the psychological resistance of $ 0.020 is breached.

However, if the pair fails to cross yesterday’s high of $ 0.01624, the bears will take the price to the first support $ 0.0160. In the event of an extended sell-off in the crypto market, Tron’s TRX will likely test $ 0.01500 (Monday low) before a possible recovery.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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