CoinLoan Weekly: China’s Crypto Ban and ETH 2.0 Upgrade

WeeklyOct 5, 2021
CoinLoan Weekly: China’s Crypto Ban and ETH 2.0 Upgrade

Price Dynamics

Bitcoin Price

BTC began last week at $43,520 fluctuating between $42,000 and $43,000. Bitcoin's all-week low ($40,851) was reached on September 29, and later that day, the first cryptocurrency experienced another low point ($40,991). After that, BTC price was mostly recovering till the end of the week.

BTC price chart. Source: TradingView
BTC price chart. Source: TradingView

Bitcoin's all-week high ($48,394) happened on October 2. As of October 5, BTC is trading at $49,649 — asset gained 18.71% in 7 days and 4.22% in 24 hours.

Starting from October 1, the BTC price remains stable, fluctuating between $47,565 and $49,649.

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Ethereum Price

ETH price at the beginning of last week was $3,067. On September 27, Ethereum experienced one of the week's highs, reaching $3,161. However, its price fluctuated between $3,022 and $2,798, surpassing its all-week low ($2,793) on September 30. The second part of the week was more optimistic, as ETH began to rise slowly.

ETH price chart. Source: TradingView
ETH price chart. Source: TradingView

Ethereum max price of the week ($3,477) was reached on October 3. The asset's price change is +16.91% in 7 days and +1.81% in 24 hours. On October 4, ETH is trading at $3,398.

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XRP Price

Ripple had a more stable week than BTC or ETH, staying under the $1 level till October 1 and fluctuating between $0.89, an all-week low, and $0.97. From October 1, Ripple was only rising, reaching last week's max price ($1.08) on October 3.

XRP price chart. Source: TradingView
XRP price chart. Source: TradingView

As of October 4, Ripple is trading at $1.05, equal to +13.78% in 7 days and +2.13% in 24 hours. Start buying, selling, and swapping XRP coins on CoinLoan Instant Crypto Exchange. We offer good exchange rates and convenient ways to deposit your funds on the platform through SEPA and SWIFT.

Cryptocurrency News

China

Starting on October 8, the Chinese e-commerce platform will stop selling cryptocurrency mining machines due to China's strict policy about cryptocurrencies. Alibaba’s decision came after the People Bank of China’s additional notice regarding crypto.

Bitmain, a leading crypto mining machine maker based in Beijing, decided to move most of its production out of southern China (Shenzhen), according to CoinDesk’s sources. Kevin Zhang, a mining pool VP, said in his Twitter that Bitmain considers Malaysia and Indonesia as possible relocation countries. Bitmain will also stop selling its production to China residents.

The biggest Ethereum mining pool SparkPool stopped providing services in China on September 30. The same thing happened with another ETH pool — BeePool. As you may have guessed already, the suspension of the pools services in China was caused by the same reason: China’s ongoing crackdown on crypto.

In addition: China banned CoinGecko and CoinMarketCap, F2Pool stopped providing services for Chinese residents, and BitMart, Biki & Feixiaohao imposed restrictions in China.

The first ETH 2.0 Upgrade to Happen on October 27

Ethereum 2.0 developers announced that the first Beacon Chain mainnet upgrade codenamed Altair is scheduled for October 27, 10:56:23 AM UTC. Danny Ryan, who posted detailed info about the upgrade, added that one of the great advantages of PoS is the precise time upgrades.

The Altair upgrade will bring "light-client support to the core consensus, clean up beacon state incentive accounting, fix some issues with validator incentives, and step up the punitive params as per EIP-2982".

All mainnet releases will be posted soon.

Previously we talked about ETH 2.0 in our CoinLoan Weekly posts (check this and this one) and explained EIP-1559, the most anticipated London Hard Fork EIP.

Stay tuned for the upcoming news and updates, CoinLoaners!


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Disclaimer:
The information provided by CoinLoan ("we,” “us” or “our”) in this report is for general informational purposes only. All investment/financial opinions expressed by CoinLoan in this report are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in this report.

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