Market Overview: Asian Market Update – Monday: Coin prices up, shrugging off more reported regulatory changes out of

The Big Question: Are cryptocurrency prices really unaffected by Chinese regulations?

Prices of cryptocurrencies were up overnight during the Asian trading session, even as news of more regulatory tightening came out of China.

At midday in Asia, the bitcoin price was up 2.83 percent to $3,767. Though the virtual currency has been posing an overall uptrend since a ban on ICOs from China pushed the bitcoin price to near the $3,000 mark on September 15, it has seen some turbulence along the road.

The price of bitcoin price has now remained below $4,000 level for five straight days.

The price of ethereum was also pointing higher overnight, having gained 1.35 percent, to change hands at $287 around midday in Asia. Ethereum has closely tracked the trend of bitcoin and has been trading under the $300 level since September 18.

Following the ban on ICOs in mid-September and closure of several bitcoin exchanges, Chinese regulators are reportedly taking an aim at miners mostly based in Southwest China’s Sichuan Province as they continue to crack down on what they consider to be a risky sector.

As of Monday, there has been no official comments on the latest move to target miners, who has enjoyed big support from government policies, categorizing employees in the sector as high-tech workers.

While some, including bitcoin pioneer Carlie Shrem, has argued that China would not have a real effect on the future of bitcoin, as we have seen in mid-September, at least short-term price changes are very likely.

Main Stock Market Movers – Midday Asian Trading Session

Indexes	Value at Midday	Daily Change
Japan-Nikkei 225	20,414.93	0.58%
China-Shanghai Composite Index	3,340.67	-0.35%
Hong Kong –Hang Seng	27,591.71	-1.04%
South Korea-KOSPI	2,375.71	-0. 54%
Australia-ASX 200	5,691.10	0.16%

Major Asian indexes were mixed on Monday as investors still digest election results out of Germany and New Zealand.

In Japan, the Nikkei 225 tacked on 0.58 percent to 20,414 at midday.

In Greater China, stocks were pointing lower. The Shanghai Composite Index slid 0.35 percent to 3,340.67 at midday. In Hong Kong, the Hang Seng Index slipped 1.04 percent to 27,591.

Share prices of real estate developers both in Hong Kong and on the Mainland bourses saw heavy losses, following fresh measures from some Chinese cities to rein property prices on over the weekend.

In South Korea, the KOSPI index slipped 0.54 percent to 2,375.

Down under, the ASX 200 was up a slight 0.16 percent to 5,691 at midday. The gain came as the head of Reserve Bank of Australia signaled that Australia doesn’t necessary follow other countries in raising interest rates.

Asian investors are still digesting the elections results from Germany and New Zealand. In Germany, voters put the most powerful women in politics, Angela Merkel, up for a fourth term as Chancellor, though a far-right party is set to become the first such party to enter the Bundestag since World War II.

In New Zealand, Prime Minister Bill English’ National Party is reported to win the most votes, though he was unable to secure a majority in the parliament.

Currencies

The Japanese yen lost 0.21 percent against the US dollar at midday Monday to 112.23 per dollar. Big news in politics and the economy is also expected out of Japan today, as Prime Minister Shinzo Abe is set to hold a press conference on the election and a stimulus package.

The Chinese yuan lost 0.18 percent against the US dollar to 6.6019.

The Australian dollar also lost 0.23 percent on the dollar, changing hands at 1.2565 per dollar at midday.

Commodities

WTI Oil was down 0.24 percent to $50.51 per barrel.

Brent Crude was up 0.02 percent to $56.77 per barrel.

Gold lost 0.24 percent to $1,293 an ounce.

Business News across Asia

In China, talks of the government mulling to open up its massive financial market to foreign investors has been emerging, with some top ex policy makers quoted as saying the financial market is lagging behind in terms of opening up to foreign investors.

Take away: Sources say regulators are now drafting guidelines to ease restrictions on some areas for foreign investors. Other sources also indicate that some foreign fund managers have already acquired licenses, though they were required to form a joint venture with local Chinese firms.

In Japan, Prime Minister Shinzo Abe is set to announce a new economic stimulus package of about 2 trillion yen (about 17.8 US dollars) this year, according to local media reports in Japan. Much of the spending will be on child care and education, reports say.

Take Away: Abe has been under heavy pressure for the worse-than-expected performance of the so-called Abeconomics. The Prime Minister is also planning to announce a plan to dissolve the Japanese parliament for a general election late next month.