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2nd largest Ethereum mining pool in the world shuts down activities under pressure in China

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The second largest Ethereum mining pool (ETH) in the world, the Spark Pool, announced this Monday (27) that it will stop all its services from 30 September.

The announcement comes just days after the pool dropped out of serving Chinese miners in response to the Asian country’s new wave of crackdowns against the cryptocurrency industry. Last Friday (24), China released new plans to combat mining and declared illegal any activity related to trading bitcoin and other cryptocurrencies.

At the time, Spark Pool justified the end of its activities in the Chinese region as an “effort to fully comply with the latest regulatory industry policies”.

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However, this Monday’s decision signaled that the pool would not be able to survive only with miners outside of China, leading the company to close all its activities.

A notice from the official Spark Pool website states that “a complete shutdown of all services and operations for existing users, at home (China) or abroad, has been planned for September 30, 2021 under the premise of ensuring the safety of users. assets of our users”.

The company asks the miners that are part of the pool to plan for the definitive shutdown of operations. The Spark Pool team concluded by thanking the miners for their understanding. “We are extremely grateful to all our users for their long-term support of Spark Pool,” the note says.

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Problems for Ethereum?

With more than five years of operation in the market, Spark Pool was until then one of the most important Ethereum pools, responsible for processing 20% ​​of all blocks in the network, according to Etherscan.

The percentage is slightly lower than Ethermine, the first pool, mining more than 21% of all blocks on the Ethereum network in the last seven days.

Because Spark Pool is based in Zhejiang, a province in eastern China, the company is likely to be directly impacted by the country’s new wave of crackdowns on crypto market participants.

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Last week, China’s state planning body, the NDRC, issued a warning stepping up the fight against mining in the region that began in May.

The new order forced electricity providers to stop serving miners through hotlines. In addition, he suggested that the cost of energy charged to citizens who mine cryptocurrencies should increase to US$0.05 per kilowatt-hour.

The NDRC advised local authorities to increase the search for illegal mining farms and crack down on activities in their territories as a way of phasing out the industry.

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The measure is already having an effect in the Asian country. In Inner Mongolia, local authorities seized more than 10,000 mining machines in a single operation. According to local media, the farm was located in a technology park operated by the government itself.

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Bitcoin Price Flash Crashed 87% to $8200 on Binance US

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Several flash crashes occurred in the crypto markets today, with the most considerable one being BTC dropping to $8,200 on Binance.US.

After yesterday’s new all-time high at $67,000, bitcoin corrected today with a steep decline to below $64,000. On some exchanges, though, the crash was significantly more violent as BTC dropped as low as $54,000 on Kraken and to four digits on Binance.US.

  • October 20th was a historic day for the primary cryptocurrency as it finally skyrocketed above its previous all-time high and peaked at $67,000. It happened on the wings of the recently approved Bitcoin Futures ETF in the US.
  • After a brief correction hours later, BTC was closing down on its new record earlier today, when the situation rapidly changed.
  • In a matter of minutes, bitcoin went from $66,700 to $63,600 on most exchanges (including Bitstamp).
  • On others, though, such as Kraken and FTX, the price decline was significantly more severe.
  • In an apparent flash crash event, meaning the price of the asset dumped by a large percentage and spiked back up immediately, BTC went to a low of $58,500 on FTX.
  • On the veteran US trading venue, Kraken, bitcoin dumped all the way down to $54,100 before recovering to its current level of roughly $65,000.
  • However, none had it worse than Binance.US. The American branch of the largest crypto exchange saw BTC nosediving to $8,200 – a massive 87% drop in a matter of seconds.
BTC/USD on Binance US
BTC/USD on Binance US
  • Overall, the entire market retraced in a matter of minutes. Ethereum was closing down on its own ATH at $4,400 before losing more than $200.
  • Somewhat expectedly, the enhanced volatility in a short period of time caused pain for overleveraged traders. Data from Bybt shows that the liquidations have jumped to $500 million on a 24-hour scale.
  • The largest single BTC liquidation order occurred on Bitmex and was worth $10 million.

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VeChain Price Analysis: VET swiftly moves above the previous high, targets $0.135 next?

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  • VeChain price analysis is bullish today.
  • VET/USD saw further advance today.
  • Closest resistance at $0.135.

VeChain price analysis is bullish today as more upside was seen over the past hours after a slight pause overnight for the rally that started yesterday. Therefore, we expect VET/USD to continue higher and reach the $0.135 mark next.

VeChain Price Analysis: VET swiftly moves above the previous high, targets $0.135 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the past 24 hours, with Bitcoin up by 3.36 percent. Ethereum saw an even better result, with a gain of 11.82 percent, while Solana (SOL) is the top performer, with a 21 percent increase.

VeChain price movement in the last 24 hours: VeChain breaks above the previous high at $0.128
VET/USD traded in a range of $0.1164 – $0.1321, indicating strong volatility over the last 24 hours. Trading volume has increased by 94.63 percent and totals $640.6 million, while the total market cap trades around $8.46 billion, ranking the coin in 23rd place overall.

VET/USD 4-hour chart: VEt targets $0.135 next?
On the 4-hour chart, we can see the VeChain price action still pushing higher, likely leading to a test of $0.135 resistance later today.

VeChain Price Analysis: VET spikes above the previous high, targets $0.135 next?
VET/USD 4-hour chart. Source: TradingView
VeChain price action has slowly moved higher over the past weeks as bearish pressure frequently has returned, preventing clear higher highs set. After an initial rally on the 1st of October, VET/USD reached $0.115.

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From there, a week-long consolidation was seen around $0.11 until a quick spike higher to $0.123 was followed by a sharp retracement of more than 15 percent to the $0.103 mark.

Early last week, VeChain price rallied back to the $0.123 high, with further slight higher highs set over the week. Over the weekend, VET/USD retraced and set a higher low, around $0.115.

Consolidation followed until a rapid push higher began yesterday, resulting in a move towards $0.128. After a slight pause overnight, more upside followed today, quickly pushing VET to a new higher high above $0.128.

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VeChain Price Analysis: Conclusion
VeChain price analysis is bullish today as a strong advance over the last 24 hours pushed VET above $0.128 previous high without much hesitation. Therefore, we expect VET/USD to test the $0.135 next resistance later today.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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Polkadot (DOT) Price Ready To Ignite, Aims 67% Upswing By End Of October 2021

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The crypto space is slowly on the verge to become the fastest growing and flourishing space as the market cap is heading towards $3 trillion at lighting speed. Bitcoin price and Ethereum price are heading towards their respective highs yet again gearing up other altcoins. And hence Polkadot (DOT) price following the trend may also gear up substantially. 

The price since the start of October 2021, maintained a considerable uptrend within a pattern. The asset was maintaining a silent trend with small dumps yet considerable large pumps until huge liquidity propelled the price from $34 to $42 a couple of days before. Since then DOT price repeated the same pattern in order to march towards its ATH.

polkadotchart
Source: Tradingview

As mentioned before, the price repeatedly formed a bull flag a couple of times and successfully ranged high. The asset has formed a similar pattern yet another time and could range above $50 with a successful breakout. Interestingly, the asset discovered a new support zone around $40 and bounced each time it visited these zones. 

However, the Polkadot price is on the verge to form yet another bull flag pattern for the third time in a row. And a breakout from these levels may lead the DOT price to trade within the discovery phase soon. 

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