Ethereum
Gamestop Launches Web3 Ethereum wallet That Leverages Loopring’s ZK-Rollup Tech
This week, the consumer electronics and gaming software retailer, Gamestop, has officially revealed the company’s self-custodial, Web3 ethereum wallet. It is currently available in beta and can be accessed via the firm’s web portal. The wallet stores crypto assets as well as non-fungible tokens. Furthermore, the wallet utilizes Loopring’s layer two (L2) ZK-rollup technology to provide users with “fast [and] fairly priced transactions.”
Gamestop Wants to Bring Power to Players via the Company’s Self-Custodial Ethereum Wallet
For quite some time now, it’s been well known that Gamestop was getting into the NFT space and that the gaming software retailer planned on releasing an NFT marketplace. At the end of March 2022, Gamestop explained it had partnered with the Ethereum L2 scaling project Loopring, and noted the company would leverage Loopring’s ZK-rollups.
Now Gamestop has unveiled its non-custodial, Web3 ethereum wallet that uses the ZK-rollup tech for cheaper transactions. It will let gamers store their in-game NFTs but also hold Ethereum-based crypto assets. Gamestop will launch its NFT marketplace in July. It aims to give power to the .”
players.
“Gamestop wallet is a secure and easy way to start with Web3. Your GameStop Wallet can be used to purchase, hold, swap or display Ethereum-based assets,” according to the wallet’s description. Gamestop Wallet can be used to buy, hold, swap, display and use Ethereum-based assets.” The wallet’s description also states that it is a self-custodial ethereum vault.
Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to lower gas fees and network congestion while still maintaining control over your funds.
Gamestop’s digital wallet is very similar to Metamask. It also offers a desktop version. The wallet technology was developed by Loopring, but the NFT marketplace will be using Immutable X technology. Gamestop partnered with Immutable X on February 3, 2021, and launched a $100 million NFT fund.
Additionally, the wallet’s privacy policy explains that the software does monitor the user’s data. According to the website, data collected includes “contact information and profile information”, display names, email addresses, profile biography, Ethereum public adres details and Twitter and Reddit usernames.” A iOS version of Gamestop’s wallet will be available soon.
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Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Ethereum
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Ethereum
Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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Cryptocurrency charts by TradingView.
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