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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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Bitcoin remains steady until oil and stocks collapse

The fall in oil prices is now affecting the stock market, which makes crypto investors worried about the future of Bitcoin price. The cryptocurrency market is now in a lull after the retreat from last week’s highs. Most cryptocurrencies barely manage to stay in green territory, especially the first three: Bitcoin, Ethereum and Ripple.

Total market capitalization dropped to $ 198 billion. The decline clearly shows that sales pressure has been significant for the last 48 hours, especially for Bitcoin. The main digital coin fell from the high $ 7,300 to the bottom at $ 6,767. Total trading volume also dropped from $ 186 billion to $ 114 billion (reported in the last 24 hours).

 

BTC/USD stays stable at $ 6,900 when oil and stocks collapse

The US oil market has suffered the biggest blow in its history after prices falling to negative territory on Monday. The downturn also had an effect on the stock market. And this is a situation that is worrying for Bitcoin and other crypto enthusiasts because of the recently found correlation between the price of BTC and stocks movements. Yet, amidst the chaos in traditional markets, the price of Bitcoin has remained relatively stable.

As for the technical picture, a positive development is the pattern of higher lows and the increasing volume of purchases of the 4-hour chart. If Bitcoin manages to stay above the $ 6,900 level, then the price may go above the average line of Bollinger Bands near $ 7,000. However, a clear breakthrough and a daily close above $ 7,300 (April 18 peak) will be needed, so the bulls can clear the way to the $ 8,000 price level.

If the $ 6,900 level fails to affirm as support, then Bitcoin bears can take control of the price. A clear break below the bottom of this morning at $ 6,826.2 will bring BTC to retest at $ 6,767.

 

Tezos runs crypto recovery, but for how long?

Any discussion of the current price action of the cryptocurrency market should also include some references for Chainlink (LINK) and Tezos (XTZ) presentation.

Both coins have had some of the most volatile and massive flows in the last twelve months. After the Black Thursday collapse on March 12, Chainlink jumped 156% and Tezos made a recovery of 152%. In the last 24 hours, Tezos has also managed to grow the most among the top 15 cryptocurrencies.

 

The question now is, will XTZ be able to lead the other Altcoins upside?

On the 4-hour chart, XTZ/USD has been moving in the upside price channel since March 13. It seems that the $ 2.00 psychological level is proving to be a tough nut for the bears and the price has risen again. The 55-day SMA is also located in that area, where Tezos found support in the latest downturn.

Looking at the technical indicators, the RSI went back above the midline 50 with bullish momentum. But at the moment, the upside channel with an upper border at $ 2,532 and a bottom line localized at $ 1,991 is the key. A clear break in either direction can give us clues about the future price action of the pair. Falling below the channel could take the bears to test $ 1,834 (low of April 16). On the other hand, a break above the upper limit can push the bulls towards the important resistance of $ 3.

 

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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Pre-Christmas sales surge for BTC, ETH and XRP

Pre-Christmas slaughter and sales continue to wreak havoc on the cryptocurrency market at a time when investors are expecting significant upturns. For the last few years, cryptocurrencies have begun to search for “bottoms” in November and use the momentum generated in December to rebound to higher levels.

This month, however, the entire crypto market is bloody, driven by the main cryptocurrency. Bitcoin led the market in another round of downturns, testing support at $ 6,500. Ethereum plunged below $ 130 to test the decisive $ 120 support. Ripple is attempting to make a reversal after falling to a 2-year low at $ 0.1790.

In the last 24 hours, the entire cryptocurrency market is saying goodbye to $ 10 billion, wiped off. And the market capitalization is $ 177 billion, compared to from 187 billion a day earlier. On the other hand, the volume of trade increased significantly from $ 69 to $ 82 billion, reflecting the extreme activity of sales.

 

Bitcoin technical analysis

Despite sales and declines, the market price of BTC in December 2019 is still over 100% higher than the bottom reached in December 2018. The ratio of BTC is still upward in the long run.

But now the asset is in the phase of highly active speculative trading. The Bitcoin Index of Fear and Greed still indicates exceptional levels of fear at 24 points. In the short term, bearish attitudes seem to prevail. So, I expect the decline to likely continue as long as the RSI indicator remains within the oversold area. In addition, the price moves below the 50-, 100- and 200-day SMAs.

While 50 SMA remains below 100 SMA on the 4-hour chart, the chances of recovery may take some time. Therefore, Bitcoin will be at risk of possible further losses. The bears’ next goal is to support $ 6,400, followed by a psychological level of $ 6,000.

In order to regain control, the bulls will have to break the resistance provided by the downtrend line on the daily chart, which is in the region of the important resistance and the round number $ 7,000.

 

Where is the next support for Ethereum?

The downside movement approached the next support at $ 120, though it then adjusted slightly upside. Obviously, it is still possible to see a further decline due to the oversold value of RSI. A clear break below 120 will direct the bears to the next important support at $ 116.00 – 115.85. A persuaclearsive breakthrough (in case of increased sales throughout the market) below this area will bring the $ 112.60 level to focus.

The second-largest cryptocurrency should enter an uptrend if it manages to recover above the two key resistances at $ 130 and $ 140. Only then will the risk of testing the psychological $ 100 level will be completely prevented.

 

XRP/USD hit a 52-week low

The XRP is currently trading above $ 0.018 after falling below $ 0.20 for the first time since October 2017. Ripple is definitely an example of the worst performing digital assets in 2019. On a daily chart, RSI has changed its slump from the oversold zone and trying to have an uptrend. If the indicator continues, XRP may recover its lost position above $ 0.20 in next sessions.

On the other hand, we do not have too many levels of support here as XRP/USD reaches its lowest level since September 25, 2017. The $ 0.1500/1485 area was the main support when the price was so low the last time in 2017. In case of a convincing break below it, we can expect a test of $ 0.1350.

 

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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