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Web3 wallets allow users to manage, store and interact with digital assets such as cryptocurrencies. Web3 wallets provide full control of assets and are decentralized, unlike traditional wallets. Web3 wallets have become more popular as cryptocurrencies and other decentralized applications gain in popularity.

There are many options on the market, making it difficult to choose the best web3 wallet. When selecting a web3 Wallet, several factors must be taken into consideration, including security, ease-of-use, supported currencies, and compatibility across various platforms. The web3 wallet must meet the specific needs and preferences of the user.

Types of Web3 wallets

Web3 wallets can be used to interact with decentralized apps, store digital assets, and access decentralized applications. Web3 wallets come in different forms, with their own advantages and disadvantages.

Hot Wallets

Hot wallets, which are usually considered to be the most convenient Web3 wallets, are always connected to the Internet. They are simple to use and provide quick access to digital assets. They are more vulnerable to security breaches and hacks than cold wallets.

Cold Wallets

Cold wallets are offline, and provide a higher degree of security. These wallets are used to store digital assets for a long time and are not as convenient as hot wallets.

Custodial and non-custodial wallets

Custodial wallets, on the other hand, are managed by third-party providers who store your private keys and assets. Non-custodial Wallets give you complete control over your digital assets and private keys. Custodial wallets are convenient, but they also carry the risk that you could lose your digital assets in the event of a service provider's security breach or bankruptcy.

Mobile and Desktop Wallets

Desktop wallets can be used with computers, laptops and mobile devices. Both wallets provide different levels of security and convenience.

Hardware Wallets

Hardware wallets are devices that you can use to store your private keys, digital assets and other information offline. The highest level of security of all Web3 wallets. Hardware wallets like Trezor and Ledger are popular.

Paper Wallets

Paper wallets, also known as cold wallets, are created by printing your private keys out and storing them off-line. Paper wallets are secure, but they're not as convenient as other Web3 wallets.

Popular Web3 Wallets

Web3 wallets are available in many different versions, but there are some that are more popular.

Metamask

Metamask is a Web3 wallet that has become very popular. Metamask is a browser-based extension that gives users access to Ethereum and other Web3 network. Metamask has a simple interface that supports multiple wallets. This makes it easy to manage digital assets.

Trust Wallet

Trust Wallet, a mobile wallet, supports multiple Web3 networks including Ethereum, Binance Smart Chain and others. It is well-known for its security features such as biometric verification and backup options. Trust Wallet supports NFTs, and users can interact with decentralized apps.

Coinbase Wallet

Coinbase Wallet allows users to securely store their digital assets. It supports several Web3 networks including Ethereum and Polygon. Coinbase Wallet has a simple interface that allows users to easily manage their digital assets.

Rainbow

Rainbow is a mobile wallet which supports multiple Web3 networks including Ethereum and Polygon. It is known as a user-friendly wallet with security features such as biometric verification. Rainbow supports NFTs, and users can interact with decentralized apps.

Exodus

Exodus, a desktop wallet and mobile wallet, supports multiple Web3 networks including Ethereum and Polygon. It has a user-friendly interface, and it supports multiple wallets. Exodus offers a range of security features such as biometric verification and wallet recovery.

Security of Web3 wallets

Security is paramount when it comes to web3 wallets. Users must be confident that they can trust their digital assets and information to remain safe from malicious hackers. When choosing a web3 Wallet, there are a number of security features that you should consider.

A good web3 wallet will offer strong password security. Choose a password that's difficult to guess, and don't use the same password on multiple accounts. Two-factor authentication (2FA), which adds an additional layer of security to the wallet, is also a must. 2FA requires that users enter a code they receive via email or phone in addition to their wallet password. This makes it more difficult for hackers.

Private keys and seed phrases are another important security feature. Private keys are the password for a wallet. They should be stored safely and securely. Seed phrases are words or phrases that can be used in order to retrieve a wallet if it is lost or stolen. Users should not share their seed phrases or private keys with anyone. They should keep them safe in a hardware wallet, or password manager.

You should also choose a web3 Wallet that uses public-key cryptography. Public key cryptography encrypts data and allows users to send and receive digital assets securely without having to reveal their private keys. It is much harder for hackers to steal digital assets from a user.

FAQs

What is Web3 wallet and how is it different from traditional wallets

Web3 wallets are digital wallets designed to store, manage, and interact with digital assets and cryptocurrencies. Web3 wallets give users complete control of their assets, unlike traditional wallets.

What type of Web3 wallets are the most secure ones?

Hardware wallets, in general, are considered to be the most secure Web3 wallet type. The private keys are stored offline and reduce the risk of hackers. They may not be as convenient for frequent transactions.

What are the security features I should look for when buying a Web3 wallet

Consider strong passwords, two-factor verification (2FA), private keys and seed phrase (which are kept secure) and public key cryptography for encrypting data.

What should I do when I forget the Web3 wallet password?

Many wallets provide wallet recovery using seed phrases. You can use your seed phrases to gain access if you forgot your password. Keep your seed phrase safe and don't share it.

Renowned crypto analyst Ali noticed a striking trend among Ethereum whales. The whales have been on an accumulation spree for nine days, a milestone that has not been seen in the past nine months. Ali's sharp observation has sparked optimism in the crypto community, as it raises the prospect of bullish movements for Ethereum. On-chain data reveals Ethereum's whale addresses control 30% more ETH today than a year earlier, highlighting the importance of this recent accumulation.

In other news, the Ethereum ecosystem is experiencing a seismic shift as whale addresses continue to accrue at an unprecedented rate. Santiment data shows that the 200 biggest Ethereum wallets collectively own 62.76 millions ETH worth $132.1 billion. This incredible accumulation represents a 30,3% increase in holdings from Nov. 21, 2022. It consolidates the control of these whales on 52% of Ethereum’s circulating stock. A surge of new ETH wallets created on the same date indicates growing interest in cryptocurrency.

Ethereum Whales Accumulate Massive Tokens As Bullish Signals Emerge

This is the first time in nine months that Ethereum whales are on an accumulation spree lasting nine days. Ali, a crypto analyst known for his keen insight into the cryptocurrency markets, identified this trend. He believes that it could indicate a strong bullish move for Ethereum (ETH).

Ali's observations have sparked speculation in the crypto community, as they suggest that large investors are regaining confidence in Ethereum. Data from Santiment, a provider of on-chain analytics, shows that as Ethereum's growth accelerates large whale addresses control 30% more ETH than a year ago.

According to the most recent data, the 200 biggest Ethereum wallets hold a collective 62.76 millions ETH with a value of 132.1 billion dollars. This is a huge increase from the 48.2 millions ETH that these wallets held in November 2022. Since November 21, 2022 these whales have added an additional 30,3% to the total Ethereum supply. They now control 52% of Ethereum tokens in circulation.

The surge in Ethereum wallet activity does not only affect whales. On November 21, 94.700 new Ethereum wallets have been created, the most since July. This new influx of participants in the Ethereum ecosystem is a reflection of the growing interest in cryptocurrency, probably driven by recent price fluctuations and future gains.

Daily chart for ETH/USDT Source: TradingView

In terms of price fluctuations, Ethereum (ETH), at the time this article was written, had seen a 0.23% drop in the last 24 hours. Its price was hovering around $2,076. Just a few weeks ago, on November 24, bulls drove Ethereum's price to a peak of $2,134, before a slight retracement. If this critical resistance level can break, ETH could embark on a upward trajectory towards 2,200 and potentially pave the way for a larger push to $3,400.

This optimistic outlook is not guaranteed as the Ethereum price remains susceptible to market dynamics. The crypto community closely monitors the $1,900 critical support level. If this support level is breached, it could cause the market to lose confidence in the bullish scenario.

Ethereum investors and enthusiasts are also eagerly awaiting the Ethereum Dencun upgrade. Tim Beiko, an Ethereum developer, recently shared his insights from the ACDE call (All Core Developers' Ethereum), held earlier this week. The development teams reached a consensus that Devnet 12 will be launched in the next week following the stability and success of Devnet 11. There is only a minor issue with peering between ETHJS & Lodestar.

Moreover, EF DevOps and all client teams will stop using their validators once Dencun goes live on Goerli. This decision will take effect 3 months after Goerli is live or 1 month after mainnet upgrade. It reflects ongoing efforts to improve the Ethereum network's reliability and security.

Anyone can run a validator in Goerli. However, the fact that the network cannot be "sunset", highlights the importance of validators. They collectively represent a significant portion of stakes and have historically been a reliable backbone for the Ethereum ecosystem.

The future of Ethereum is a topic of intense speculation and interest among crypto enthusiasts. Ethereum whales are continuing to accumulate tokens, and the network continues to undergo upgrades to improve performance and security. In the coming weeks, we will know whether or not the bullish momentum that Ali observed will continue to push Ethereum's value to new heights.

Charles Hoskinson takes a sarcastic swipe at Vitalik Buterin’s Ethereum Staking Ideas

In the cryptocurrency world, two prominent figures exchanged insults and compliments. Charles Hoskinson is the co-founder and founder of IOG and Cardano. Vitalik Buterin is also a co-founder and founding member of Ethereum. Hoskinson's response to Buterin's recent comments about Ethereum's centralized staking was sarcastic.

Vitalik Buterin recently conducted an interview in Turkey with the local cryptocurrency communities and discussed Ethereum’s roadmap. Buterin addressed a number of topics, including Ethereum's stake mechanisms. He expressed his concern about the increasing centralization in this area.

Buterin outlined the current challenges of Ethereum's staking environment, such as the presence of multiple staking pool and the perceived difficulty of solo staking. He stressed that these issues were detrimental to the health of the entire network. Buterin plans to redesign the Ethereum staking system in order to address these concerns.

Buterin is exploring the Unspent Transaction Output approach (UTxO), a concept based on the idea of tracking undespent transactions. This approach has been popularized by its implementation in blockchains like Cardano.

Charles Hoskinson - known for his role in the creation and development of Ethereum with Buterin, Joe Lubin and others - responded to Buterin’s remarks by using a little sarcasm. Hoskinson replied, "No worries. Ethereum 3 will sort it out." This dry retort highlights ongoing rivalry between Ethereum, Cardano and their platforms.

Buterin has not raised this topic before. He acknowledged earlier this year the limitations of Ethereum’s staking system, which drew criticism from Hoskinson, and the Cardano Community. They took the opportunity to highlight that Cardano already had features in place to simplify staking and that Ethereum was still catching up.

This exchange between the blockchain pioneers highlights the competitive nature of cryptocurrency, where projects compete for dominance and adoption. Ethereum and Cardano are both pioneering platforms in their respective fields. They continue to shape the future for decentralized finance and intelligent contracts with different ideologies and approaches.

The crypto community is watching these developments closely, and the rivalry between Ethereum Cardano continues to be a compelling feature of the blockchain landscape. Time will reveal the direction that these two blockchain projects will take, whether Buterin's plans to revamp Ethereum's stake system are realized or if Cardano maintains an advantage in this area.

An influential figure within the XRP Community has revealed the secret to how the XRP Price can reach $10,000. According to him, XRP's global utility will help users achieve this massive milestone. This is similar to the view of Ripple CEO Brad Garlinghouse.

The XRP price will hit $10,000

Edward Farina, in a recent post on the X platform (formerly Twitter), suggested that XRP could reach such highs if RippleNet replaces the SWIFT system. He pointed out that financial institutions such as SWIFT are responsible for moving "hundreds and trillions" of dollars around the world. As a result, he thinks XRP could reach "unprecedented heights" if they can capture a small portion of the market.

RippleNet is a technology that has the potential to disrupt the financial industry. RippleNet uses blockchain technology to allow financial institutions instantaneous processing of cross-border transactions. The utility token XRP is used to process these transactions, helping bridge the gap between sending and receiving currencies.

Farina has also emphasized that XRP is in a league of its own. He explained how XRP settles values in real-time with certainty. He compared this to Bitcoin, Ethereum and SWIFT which, he said, lack these capabilities.

So Many Hopes on XRP

Brad Garlinghouse, the CEO of Ripple, had previously spoken about XRP becoming the next Bitcoin. He shares the same sentiment as Farina when he said that his company could use the XRP to solve a major financial problem.

The belief that XRP could reach a high price is based on the fact so much liquidity can flow into the XRP eco-system as more and more institutions adopt RippleNet. These institutions process many high-value low-value transactions every day. XRP may be a big beneficiary of Ripple's growth.

Farina made reference to Garlinghouse's interview with Bloomberg in his post. Ripple's CEO was very positive about Ripple's future, stating that the company is making progress every day. He said that they had onboarded more than 100 banks, some of which were SWIFT enabled banks.

As Ripple makes such great progress, many are placing big bets on the XRP. Linda Jones, a pro-XRP Wall Street analyst, once said that the crypto token might be the next big thing on the financial market. She even compared XRP with Apple Stock and Microsoft Stock to suggest that XRP investors could expect high returns in the future.

 Source: XRPUSD on Tradingview.com 

Chart from Tradingview.com, Xcoins image.

Jim Cramer is a CNBC host and a market commentator. He has once again made headlines by admitting that he was wrong about Bitcoin. Cramer has been known for his controversial views and fluctuating relationship to cryptocurrencies. He tacitly admitted that he had made a mistake about the world's most popular digital asset.

Robin Brooks, the chief economist of the Institute of International Finance, has also ignited controversy by describing Bitcoin as "a pointless asset." His provocative statement attributes Bitcoin’s market behavior to Federal Reserve policies rather than its intrinsic value.

Jim Cramer admits to making a mistake in calling for a bearish Bitcoin forecast too early.

Cramer made the revelation during a segment of his CNBC Mad Money Show on November 22 when he answered a caller’s question about investing in CleanSpark - a Bitcoin mining firm. Cramer's surprising change of heart was revealed when he said, "Look, I think you should buy Bitcoin if Bitcoin is your thing." This has always been the case. "I liked it for a time, and thought that money was made. But I was too early."

Cramer’s change of heart on Bitcoin was a major departure from the advice he gave a year ago. Cramer encouraged investors to sell all of their cryptocurrency holdings on Dec. 5 when Bitcoin traded at $17,150. Cramer stated emphatically that "it's never too late to get out of a bad position." Since that call, Bitcoin has seen a stunning resurgence. Its price is up 118%.

Cramer admitted that his judgment of Bitcoin was premature, but he noted that, despite his past mistakes, he has managed to make a significant profit from his investments in cryptocurrency. Cramer's ability to profit off the volatile cryptocurrency market and the juxtaposition of his contradictory statements has made him a lightning rod of criticism and entertainment in the investing community.

Market participants have taken note of Cramer’s inconsistent and unpredictable views on cryptocurrency. In the last few years, Cramer's comments have been the subject of many online memes. Many traders and investors are jokingly highlighting the fact that he is prone to making wrong calls at critical moments.

In August 2022, a crypto-trader claimed that he had doubled his portfolio by doing the exact opposite of what Cramer suggested. This sarcastic strategy was highly profitable during the subsequent Bitcoin bull run. The trader earned a windfall.

Cramer has influenced the market again in October 2022, when an investment fund applied for an "inverse Cramer ETF". This unique financial product was designed to produce returns that were the opposite, before fees or expenses, of the results of the investments recommended by TV personality Jim Cramer. The filing attracted a lot of attention because it reflected the fact that Cramer's advice on investing is controversial.

Economist Robin Brooks Labels Bitcoin as a "Pointless Amount," Citing Federal Reserve Influence

Robin Brooks (chief economist of the Institute of International Finance, IIF) has ignited debate with a stunning critique of Bitcoin. He called the world's most popular cryptocurrency "a pointless asset". Brooks attributes Bitcoin’s market fluctuations primarily to Federal Reserve policy, rather than its intrinsic worth. This controversial statement was made as Bitcoin surged to a new record high of $38,437 at the Bitstamp Exchange, its highest level since may 2022. The rally was fueled by Binance's legal settlement and the anticipation of "spot Bitcoin" exchange-traded fund (ETF) ETFs.

Bitcoin: A Speculative Asset or a Currency?

Brooks' claim that Bitcoin behaves "like just another futures contract with the Fed" suggests that the cryptocurrency’s value and market behaviour are largely influenced by Federal Reserve monetary policy, as opposed to being a result of its intrinsic merits. This perspective challenges the widely-held view that Bitcoin is a decentralized, independent digital asset operating outside of the realm of traditional institutions.

The economist believes that investors would be better off betting on Federal Reserve's monetary policies directly through futures contracts. Brooks believes that Bitcoin's price fluctuation is a reflection of economic sentiments and policies, not indicative of its value.

Brooks' past criticisms of Bitcoin

Robin Brooks, a frequent critic of Bitcoin's perceived independency on social media, has often highlighted its correlation to the Federal Reserve's rate policies. This view is supported by historical data that shows the price of Bitcoin usually responds negatively when the Fed adopts a hawkish outlook while it rises in response to an optimistic outlook.

Brooks also dismissed Bitcoin's potential as a store of value and a way to diversify investment portfolios. He publicly labeled Bitcoin as a "bubble" asset, suggesting that it is highly susceptible to changes in macroeconomic factors and monetary policy.

Although Brooks' criticism has caused controversy in the cryptocurrency community it is important to acknowledge that Bitcoin has always been at the center of debate regarding its relationship with government policies and broader financial markets. Some people believe that Bitcoin is a valuable asset because of its resilience and ability to act as a hedge for traditional financial systems. Others, however, share Brooks' concerns about the vulnerability of Bitcoin to external influences.

Bitcoin will continue to evolve, and opinions about its true value and nature will be diverse as it integrates into global financial systems. The discussion that has been sparked by Robin Brooks’ assertion is a reminder of the fact that the cryptocurrency market landscape continues to evolve, and perspectives on the role it plays in the financial ecosystem continue to shape its narrative.

Price Overview

Chart for BTC/USDT daily (Source: TradingView).

BTC broke above the $38K key mark in yesterday's session. But bears quickly seized on this strong movement. The market leader had to close its daily candle at $37.713.57. TradingView data shows that the value of the cryptocurrency has increased by 0.25% in the last 24 hours. It was $37,806.99 as at the time of press.

BTC's chart shows that buyers are growing more powerful. This could be the catalyst for BTC to surpass the $38K barrier again in the next 48-hours. The Relative Strength Index indicator (RSI), which is a measure of relative strength, indicated this. As of the time of publication, the RSI was moving towards the RSI Simple Moving Average line. Traders usually identify the narrowing of the gap between the RSI SMA and RSI SMA as bullish if the RSI SMA is below the RSI SMA.

If these lines cross, this could indicate that buyers are back on BTC charts and may be trying to push the price of the top cryptocurrency up. If this bullish hypothesis is confirmed, BTC may surpass the $38K mark and continue climbing to the next level at $40K over the course of a few days.

A slight pullback may occur if BTC fails to close its daily candle at or above $38K in the next 48-hours. The cryptocurrency value may drop to $36,880, which is the immediate support.