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Gate.io Blog Daily News | Singapore Establishes A Stablecoin Regulatory Framework, HK Public Chain Is Just Around the Corner; Analysis Shows That A New Bull Market Cycle is About to Begin

Daily News | Singapore Establishes A Stablecoin Regulatory Framework, HK Public Chain Is Just Around the Corner; Analysis Shows That A New Bull Market Cycle is About to Begin

16 August 11:42

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![](https://gimg2.gateimg.com/image/article/16921591850816.jpg)
## Crypto Daily Digest: The Singapore Monetary Authority has established a stablecoin regulatory framework, and Zhengzhou has established a 10 billion RMB metaverse special fund. Analysis indicates that a new round of bull market cycle is about to begin
Singapore, Hong Kong, and Zhengzhou have been taking frequent actions recently, which is worth keeping an eye on.

Firstly, the Monetary Authority of Singapore (MAS) announced on its official website yesterday that the regulatory framework for stablecoins has been finalized. This regulatory framework takes into account feedback received after public consultation in October 2022. MAS states that when well regulated to maintain value stability, stablecoin can serve as a trusted medium of exchange to support innovation, including "on-chain" purchases and sales of digital assets.

The MAS stablecoin regulatory framework will apply to single currency stablecoin (SCS) pegged to the Singapore dollar or any G10 currency. The issuer of such SCS must meet key requirements including value stability, capital, redemption of face value, and disclosure.

Next, let's take a look at Hong Kong.

Terry, Senior Manager of the Hong Kong Investment Promotion Agency, said in an interview with IQ Times yesterday, "the Hong Kong government is considering creating a public chain specifically for Hong Kong. If this plan is implemented, global participants will be able to use this public chain.”

In addition, this week, Hong Kong Cyberport will announce the direction and specific plans of the financial allocation of HKD 50 million. According to Leung Tak ming, Senior Manager of Cyberport Digital Entertainment, there are currently over 170 Web3.0 startups in Cyberport. Previously, the Hong Kong government budget allocated HKD 50 million to accelerate the development of Web3.0 in Cyberport. Cyberport will announce more details on the direction of funding and specific plans within this week.

Then turn our attention to Chinese Mainland.

Zhengzhou has officially introduced several policies for the development of the metaverse industry, which will establish a special fund of 10 billion RMB. On August 14, the General Office of the Zhengzhou Municipal Government issued the "Several Policies for the Development of the Metaverse Industry in Zhengzhou City,” which supported the development of the metaverse industry with "real gold and silver.”

To develop the metaverse industry, Zhengzhou has set a new goal: by 2025, the core industry scale of the metaverse will exceed 50 billion RMB, driving the scale of related industries to exceed 200 billion RMB. Introduce and cultivate 100+ leading metaverse enterprises, cultivate 300+ innovative small and medium-sized enterprises, and create 50+ typical application scenarios. Strive to build Zhengzhou into a national first-class city of metaverse innovation, industry, and integrated application after three years of efforts.

<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s first crypto game is about to be released.

According to The Block, the publisher of the multibillion dollar blockbuster Grand Theft Auto, Take-Two Interactive Software, is about to launch its first Web3 game. Take-Two announced in a statement that the company will launch an Ethereum based Web3 game "Sugartown" through its mobile game distribution subsidiary Zynga, which was acquired for $12.7 billion last year. The two companies also referred to this release as the first instance of "major mobile game developers" building crypto games from scratch.

Two companies have stated that players will use Ethereum (or ERC-721) tokens to enter the game Sugartown, where they will be able to stake to earn energy, allowing them to play the game and receive Oras token rewards. Oras is an accessible in game token that will be minted later this year, and Zynga will release 10,000 access tokens in its initial run.

Another early <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> whale has retrieved the password.

According to one on-chain analyst monitoring, at 15:56 (UTC) on August 14, an address that had been dormant for more than 12 years was transferred from 1,005 BTCs to the address starting with bc1q. At that time, the value of these 1,005 BTCs was approximately $1,316 ($1.31 per coin). Currently, they are worth $29.68 million, with a value increase of 22,560 times.

In terms of data fluctuations, some on chain indicators and chart signals may indicate the beginning of a new bull market cycle for cryptocurrencies.

Kevin Kelly, co-founder of Delphi Digital, stated that the crypto market is cyclical and predictable, which has a significant impact on the future trend of the crypto market. More and more evidence suggests that we are in the early stages of a new cycle. Risk assets such as stocks and cryptocurrencies are sniffing this all year round

Kevin Kelly also shared a chart from Delphi Digital on August 8, emphasizing that Bitcoin follows a four-year cycle and its unique pattern has been repeated in the past three cycles - Bitcoin prices fell 80% in the first year, recovered to their previous highs in over two years, and then rebounded to historical highs in the fourth year.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1692159238BTC.png)
The 4-hour chart once again retraced within the major uptrend. A conservative bullish approach suggests entering long positions above $30,888, or establishing short positions below $28,535. The overall structure is in a bearish trend, and it's important to watch the support trendline marked in purple.

### SEI
![](https://gimg2.gateimg.com/image/article/1692159254SEI.png)
Since the opening last night, it found strong support at $0.1560 and later rose to the resistance level at $0.1970. Despite attempting to break through three times, the trading volume remains weak. In the short term, watch whether the resistance at $0.1970 can be overcome and sustained, which could potentially lead to a swing upward movement. Targets in sequence include $0.2222, $0.2630, $0.3038, and $0.33.

### UNIBOT
![](https://gimg2.gateimg.com/image/article/1692159272JNIBOT.png)
The daily chart continues to achieve historic highs, with the initial target at $213.81 reached. In the short term, adhering to the moving average strategy is advisable, with sequential targets at $234.58, $259.20, $292, and $335. Once the first target is reached, keep an eye on the support holding at $160.
 
## Macro: US retail data is stronger than expected, the interest rate hike process may have ended, and Fitch may continue to downgrade US banks  
On Tuesday, August 15, Eastern Time, the US retail sales data for July released on that day was stronger than expected, exacerbating investors' concerns that interest rates may continue to rise for a longer period of time. Coupled with Fitch Ratings not ruling out a downgrade of the US banking industry, risk appetite was suppressed, and banking stocks collectively fell, with all three major US stock indices plummeting.

According to data from the US Department of Commerce, retail sales increased by 0.7% month on month in July. Although the Federal Reserve has significantly raised interest rates to curb inflation, demand remains resilient due to strong wage increases due to the tight labor market. The retreat of inflation is increasing consumers' purchasing power. Families are also borrowing to consume.

Minneapolis Federal Reserve Chairman Kashkari stated that inflation in the United States is currently decreasing, and the Federal Reserve has made some good progress, but inflation is still too high. Kashkari stated that he is not yet ready to declare that the process of raising interest rates has been completed, and there is still a long way to go before lowering interest rates.

Is the "Black Swan" event action further fermenting? Fitch has issued a warning to the market that it is less than 10 days before Moody's downgrades 10 US banks. Another global credit rating agency, Fitch, has also sounded the alarm for the US banking industry, claiming that dozens of US banks, including JPMorgan Chase, are at risk of downgrades.

Fitch analyst Chris Wolfe stated in an interview that if the Federal Reserve keeps interest rates high for a long time, it will put pressure on the profitability of the banking industry and may downgrade the overall rating of the US banking industry again. Therefore, it will have to re evaluate the ratings of over 70 US banks it covers one by one. Due to the pressure on the US credit rating, the regulatory loopholes exposed by the collapse of Silicon Valley banks in March, and the uncertainty of the Federal Reserve's interest rate hike path, Fitch downgraded the industry rating of the US banking industry from AA to AA - in June.

But if Fitch downgrades the industry rating to A+again, the problem will be that the overall rating of the industry will be lower than some higher rated banks, and the banks' ratings cannot be higher than their industry ratings. Therefore, the ratings of the two largest banks in the United States, JPMorgan Chase and Bank of America, will be forced to be downgraded.

According to a survey conducted by Bank of America in August targeting fund managers, 60% of respondents expect a rate cut next year, which is the highest proportion since November 2008. If the expected rate cut gradually increases next year, it will also be a long-term positive for the market.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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