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China to Pilot Registration System on Start-up Board ChiNext for Capital Market Restructuring

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China Securities Regulatory Commission (CSRC) announced the launch of a pilot registration system for ChiNext, the NASDAQ-style growth enterprises board at the Shenzhen Stock Exchange, outlining the pilot adoption of a registration-based IPO system. 

SEE ALSO: Chinese EdTech Startup Yuanfudao To Close New Fundraising At $7.8 Billion Valuation

CSRC will stop accepting applications for IPOs on ChiNext under the new listing mechanism. Companies seeking an IPO on ChiNext no longer require approval from the CSRC. SZSE will review company filings and decide whether they are qualified to list. The market will decide on the pricing and timing of new share sales. 

The scheme was approved during a meeting overseen by President Xi Jinping, who stressed the need to deepen the reform of the capital market and enhance its functions with structural reforms, state media CCTV said Monday night.

The registration-based system will improve the market’s transparency and authenticity, and allow investors to make their own judgments, said CSRC in an announcement on Monday. However, it did not give a timeline for when the new regime would be adopted. 

The daily price limit for share movements is adjusted to 20% from the current 10% in either direction. Trading can be suspended for 10 minutes under extreme movements of 30% and 60%. There will be no price limits in the first five trading days. 

Investors who have applied for trading permissions on ChiNext should have assets in both securities and capital accounts no less than RMB 100,000 within 20 trading days, and have been participating in trading for more than 24 months.

The new listing process will make the mainland’s IPO market more attractive to tech start-ups as the country battles an economic slump, providing much-needed capital to virus-hit companies amid the outbreak.

Shenzhen-based ChiNext is home to 807 companies with a total market value of 6.75 trillion yuan.

Source: https://pandaily.com/china-to-pilot-registration-system-on-start-up-board-chinext-for-capital-market-restructuring/

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Weekly Market Roundup: A Look into the Altcoins that Saw the Biggest Gains?

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The digital currency industry in the past week came off with impressive price actions across the board. With Bitcoin (BTC) notably steering in the direction of the majority of the crypto ecosystem with its trading range of $43,591.32, and $48,791.78. The limited price surge of the premier cryptocurrency was perhaps stumped due to the protests in El Salvador, a trend that showed an internal rebuff for Bitcoin as a legal tender bill in the country.

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Amidst the broad swing in the price-performance in the industry, many altcoins came off with good price marks, with Cosmos (ATOM), Audius (AUDIO), and Curve DAO Token (CRV) coming off printing the biggest gains in the trailing 7-day period. 

Here is a brief overview of how they all performed;

Cosmos (ATOM)

The Cosmos (ATOM) is currently up by 27.86% in the past week, after recording its All-Time High (ATH) price of $44.11 today. 

Cosmos to USD Chart. Source: CoinMarketCap

The Cosmos 7-day price chart as seen on CoinMarketCap shows a steady uptrend, sandwiched by a few lows at the beginning and middle of the week respectively. For the week, ATOM recorded as much as a $30.38 low, fueled by price consolidations amidst intermittent bullish buyups.

The ATOM accumulation is sustained as the Cosmos ecosystem is growing at a tremendous rate. Amongst the solutions it brings to the table is by connecting the fragmented blockchain protocols around today. This is one solution that is sure to push the growth of the fast-evolving digital currency ecosystem.

Audius (AUDIO)

Audius has also had an impressive week with a total price gain of 20.05% for the past 7 days. Despite starting the week in red, it has notably attempted to retry the bullish surge which led to its bullish push toward its ATH of $4.99 back in May. At present, the coin is changing hands at $2.85, and the current growth being seen in its ecosystem is a sign that more bullish paths are ahead of the 

Audius to USD Chart. Source: CoinMarketCap

Curve DAO Token (CRV)

The Curve DAO token surmounted a major price pitfall

Curve DAO Token to USD Chart. Source: CoinMarketCap

for the week, stretching from September 13 to September 14. In that short time frame, the digital token recorded its lowest price of $2.06 for the week. 

The token, riding on the strength of its DeFi offering has bounced back from this price slump and is currently trading at a price of $2.90. The coin is up 27.84% in the past week. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/91032-2/

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Blockchain

U.S. Treasury Targets Stablecoins in Latest Regulatory Risk Assessment

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As regulatory pressure mounts in the U.S., policymakers are putting stablecoins at the top of their agendas.

Citing “people familiar with the matter,” Bloomberg has reported that officials are crafting a policy framework set to be released in the coming weeks. Their primary concern is ensuring that investors can reliably move money in and out of tokens, it added.

The anonymous insiders are worried that a “fire-sale run on crypto assets could threaten financial stability and that certain stablecoins could scale up dangerously fast.”

Strengthening Regulatory Efforts

The Financial Stability Oversight Council is also preparing a formal review into whether stablecoins pose an economic threat.

The officials are focusing on how stablecoin transactions are processed and settled and whether market conditions have an impact, it added. Tomicah Tillemann, global head of policy at a crypto fund run by venture capital giant Andreessen Horowitz, commented:


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“It is significant and very consequential that we are witnessing early steps to create a regulatory framework around digital assets. That’s a big deal.”

The report, when released, will go to the President’s Working Group on Financial Markets. The body includes key agency heads such as Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Securities and Exchange Commissioner Chair Gary Gensler.

In late July, Yellen called for urgency in regulating stablecoins after stating that they are not adequately supervised. Gary Gensler echoed the sentiment in early August, stating that regulators must act to protect investors from fraud.

Also, in late July, Acting Comptroller of the Currency, Michael Hsu, said regulators are looking into Tether’s commercial papers to see whether each USDT token was really backed by the equivalent of one U.S. dollar.

Tether has repeatedly issued assurances that its reserves are fully backed but has yet to produce a full independent audit.

Stablecoin Ecosystem Update

Tether remains the market leader with a current supply of 69.4 billion, according to the Tether Transparency report. This is close to the all-time high for USDT, which tapped 70 billion earlier this week.

Of that total, 36 billion or 51.8% is based on the Tron network, with 33.8 billion or 48.7% running on Ethereum. USDT supply has grown by 232% since the beginning of the year.

Rival stablecoin, USDC, from Circle currently has 29.3 billion in circulation after gaining 651% in terms of supply growth so far in 2021.

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Source: https://cryptopotato.com/u-s-treasury-targets-stablecoins-in-latest-regulatory-risk-assessment/

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Blockchain

Cardano, Chainlink, MATIC Price Analysis: 19 September

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Most altcoins in the market have been consolidating or recording losses over the last 24 hours. Cardano fell by 3% and inched closer to the support line of $2.20. Chainlink also depreciated by 5% and was trading closer to its three-week low price. Lastly, MATIC was seen moving closer to its one-week low price of $1.29 after registering a loss of 5% over the past day.

Cardano (ADA)

Cardano, Chainlink and MATIC Price Analysis: 19 September

ADA/USD, TradingView

Cardano lost 3% of its valuation over the last 24 hours. The altcoin was priced at $2.33. Over the last few days, ADA has been consolidating. The nearest support line for the coin stood at $2.20 and then at $1.72. 

On the four-hour 20-SMA the alt’s price was seen below it, indicating that the momentum belonged to the sellers. The Relative Strength Index was below the 50-mark. The Chaikin Money Flow also was seen below the half-line as capital inflows were low.

MACD witnessed a bearish crossover and flashed red bars on its histogram. If ADA moved on the upside, the first resistance mark stood at $2.49, toppling which it could retest $2.79. The other price ceiling stood at the multi-month high of $3.04. 

Chainlink (LINK)

Cardano, Chainlink and MATIC Price Analysis: 19 September

LINK/USD, TradingView

Chainlink was priced at $27.80 after it recorded a loss of 5% over the last 24 hours. LINK’s nearest price floor was at $27.78. Falling below which the coin could trade near its three-week low of $24.45. 

Parameters pointed towards negative price action. On the four-hour chart, LINK’s price was below the 20-SMA. This reading suggested price momentum was inclined towards the sellers. The Relative Strength Index was below the half-line.

Awesome Oscillator flashed red signal bars. MACD also displayed red bars on its histogram. On the flipside, once buying pressure revives, the altcoin could attempt to retest the $32.37 resistance mark and then revisit $35.83. 

Polygon (MATIC)

Cardano, Chainlink and MATIC Price Analysis: 19 September

MATIC/USD, TradingView

MATIC depreciated by 5% and was trading at $1.39. The altcoin’s immediate support line was at $1.29 which also is the one-week low price level. The other price floor was at its over a month-long low price point of $1.07. 

Bollinger Bands converged, indicating that price volatility would remain low over the upcoming trading sessions. MACD was bearish with red bars on its histogram. The Relative Strength Index was also seen below the half-line. 

MATIC’s movement on the upside could mean that the coin would meet with its first resistance at $1.42 and then at $1.54. Toppling over these levels, the coin could revisit its multi-month high of $1.76.

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Source: https://ambcrypto.com/cardano-chainlink-matic-price-analysis-19-september

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