Bybit: Major Crypto Erase Gains; Robinhood Debuts Web3 Wallet Beta With Polygon

Chart of the Day 

The broader crypto market tumbled despite a promising outlook at the start of the week. BTC erased its Tuesday gains in the early hours of Wednesday (Asian trading hours). As of the time of writing, the largest cryptocurrency by market cap is consolidating losses below the $19k level after shedding 4.1% of its market value in the last 24 hours. On the upside, BTC is facing resistance near the 100-hour simple moving average and the $19k to $19.2k zone. A close above this zone will likely relieve bearish pressure and kickstart a decent increase. However, there is still a chance that BTC will move down to revisit the support level near the $18.2k region. The overall performance of safe-haven and risk assets has been abysmal in the face of hawkish rate hikes to combat scorching inflation. However, the CryptoCompare 100 Index, a gauge of the performance of the 100 largest digital assets, is among the few that show positive figures since the end of June, according to Bloomberg. Bybit blog reports.

Similarly, ETH is back to trading in the lower bound of the $1,300 region after plummeting by 4.3% in the same period. The second-largest cryptocurrency by market cap will likely extend its decline towards support levels near the $1,200 to $1,220 zone, should it fail to establish a firm foothold above the $1,325 level. Mid-to-large-cap altcoins are submerged in a sea of red, with the exception of UNI and LINK, which defied the broad-based bearish pressure with a 3% increase in a similar time frame.

Talk of the Town 

Popular trading platform, Robinhood, has launched the beta for its web3 wallet for 10,000 iOS users who have signed up for the waitlist. The web3 wallet stands out from the crowd by offering seamless access to the decentralized web, and letting users trade cryptocurrencies without any fees. The latest version works exclusively with the Polygon blockchain instead of Ethereum. Users can purchase MATIC tokens on Robinhood’s main exchange app, and will also be able to access dApps directly on the Polygon network. This includes DeFi apps such as Uniswap and Balancer, as well as metaverse games such as Decentraland. Over time, the Robinhood team will roll out a multichain support for the wallet beyond the Polygon ecosystem.

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