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Ethereum

Ethereum’s Second-Largest Mining Pool to Shut Down on Sept 30 Amid China Regulatory Pressure

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The Chinese crackdown on the cryptocurrency industry has taken another victim – this time, the Ethereum mining pool Sparkpool.

The second-largest ETH mining pool – Sparkpool – has announced that it has halted access to new users in Mainland China. Furthermore, the organization plans to abandon all of its services as of September 30th.

  • Based in Hangzhou, China, Sparkpool is the second-largest Ethereum mining pool responsible for more than 20% of the total hash rate, as the picture below demonstrates.
Ethereum Hash Rate Distribution. Source: Etherscan
Ethereum Hash Rate Distribution. Source: Etherscan
  • However, the company plans to seize all operations due to the most recent Chinese crackdown. The announcement published earlier this week reads that it has suspended access to new users who are located in Mainland China as of September 24th.
  • This part might be expected to a large extent because of the nation’s openly hostile stance against the cryptocurrency industry. The latest news coming from the country indicated that all digital asset trading is banned.
  • This forced Huobi, one of the largest cryptocurrency exchanges, to stop providing any of its services to Chinese users.
  • However, Sparkpool has decided to take it a step further. The statement reads that a “complete shutdown for all Sparkpool services and operations for the existing users, at home or abroad, has been planned for September 30th, 2021 (UTC +8) at 20:00.”
  • The company argued that this decision comes “under the premise of ensuring the safety of our users’ assets.”
  • Sparkpool promised to provide more specific information on clearing and refunding rules in upcoming announcements through emails and in-site letters.
  • The closure of the second-largest ETH mining pool would most likely lead to damages to Ethereum’s hash rate. The metric, which is crucial for the network’s security, recently reached a new ATH, but it might drop in the following few weeks.

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Solana

Here’s What’s Next for Ethereum, Solana and Elrond, According to Crypto Trader Michaël van de Poppe

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Crypto analyst and trader Michaël van de Poppe is plotting the potential path ahead for smart contract platforms Ethereum and Solana, as well as internet-scale blockchain Elrond.

In a new strategy session, Van de Poppe tells his 135,000 YouTube subscribers that he expects Ethereum (ETH) to respect its immediate resistance at $3,900 one more time before finally breaking out.

“At this stage, we’re facing resistance for the third time assuming that we might be getting a rally like this (move to $4,000) before we correct a little bit and continue running after the corrective move has taken place on Bitcoin and ETH. In that case, probably around $4,000 we can still hit.”

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Source: Van de Poppe/Twitter

Looking at Solana (SOL), the crypto strategist expects the seventh-largest crypto asset to continue its correction before it could restart its uptrend and print a new all-time high at $240.

“At this stage, jumping into Solana is quite tricky, to be honest. If you’re looking at the price action, you want to look at support levels to jump into. So you’re looking at those ranges ($122, $97 and $78) to potentially build your position towards the next run as the assumption is that we most likely are going to get run over it in the next phase of this bull cycle.”

The last coin on the trader’s radar is Elrond against Bitcoin (EGLD/BTC), which he says is poised to print a higher low at its current trading value of 0.0036 BTC, worth $222.87.

“First point of interest hit on EGLD.”

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Source: Van de Poppe/Twitter

According to the trader’s chart, the EGLD/BTC looks ready to ignite a rally to a new all-time at 0.007 BTC ($433.36), marking a potential upside of over 94% from current prices.

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Ethereum

Ethereum Forecast and ETH/USD Analysis October 19, 2021

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Ethereum are trading at 3808 and continue to move as part of the rise and the downtrend channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $ 449,369,451,688. Moving averages indicate a short-term bullish trend for Ethereum. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the asset value from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the coin and a test of the resistance level near the area of ​​3655. Where can we expect a rebound and a continuation of the rise in the Ethereum rate with a potential target above 4505.

Ethereum Forecast and ETH/USD Analysis October 19, 2021

An additional signal in favor of the growth of ETH/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the cryptocurrency will be a fall and a breakdown of the level of 3325. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below 2805. With the breakdown of the resistance area and closing of quotes above the level of 4055, we should expect confirmation of the development of a bullish movement in Ethereum.

Ethereum Forecast and ETH/USD Analysis October 19, 2021

Ethereum Forecast and ETH/USD Analysis October 19, 2021 suggests an attempt to correct and test the support area near the level of 3655. Where can we expect a rebound and the continuation of the rise of the ETH/USD cryptocurrency to the area above the level of 4505. An additional signal in favor of the rise of Ethereum will be a test of the line trend on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 3325 area. This will indicate a continued fall in the digital currency with a potential target below 2805.

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Bitcoin

Billionaire Mark Cuban Says Bitcoin Is the Best Store of Value but Likes Ethereum More – Here’s Why

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Shark Tank star and billionaire Mark Cuban believes Bitcoin is the best store of value in the market but says he likes Ethereum more.

Cuban tells his 8.5 million followers in a tweetstorm that Bitcoin’s (BTC) biggest advantage is that it has “zero competition” as a store of value (SOV).

“BTC is what it is. The best SOV on the market… [In my opinion], it’s not a cure for any financial system. It’s not a hedge to anything. Its utility will be driven more by lightning [network] than anything, and its value will be driven by supply and demand. Nothing wrong with that. Gold folks do the EXACT same thing… [In my opinion], BTC has become like gold, an SOV that is now a religion.”

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Although Cuban believes that Bitcoin is the top store-of-value asset in the market, he highlights that smart contract platform Ethereum (ETH) and layer-2 (L2) solutions have more utility than BTC. Layer-2 solutions are protocols built on top of blockchains like ETH to increase transactional throughput.

“I like Eth/L2s more, and there is no point arguing the trilemma, halving or inflation. I like it more because I can see an unlimited number of applications that will change the biz/consumer world forever. And to use them you need to buy Eth/L2. BTC doesn’t have that demand-pull.

So when I said bananas have more utility than BTC, but BTC was a better gold than gold, I meant it. The BTC play is not utility unless something unexpected happens with Lightning. Bananas vs ETH? ETH has more utility. Want more proof? Jjust look at the transaction fees for BTC.”

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While Cuban is a big fan of smart contract platforms, he says that in the long run, investors might throw their capital into BTC. The billionaire believes that smart contract platforms are in a struggle to attract decentralized applications and users.

“All the smart contract chains, and really ALL the blockchains are in a DEATH war to win those applications. Many will lose.

That will also be a HUGE WIN for BTC. When multi-billion [dollar] blockchains become near inactive, a lot of people will see BTC and ETH as safe-havens, and the more conservative crypto play will be BTC. The SOV play will accelerate its value. It will be the safe haven of crypto.”

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