Bitcoin (BTC) has been showing some price action coming into Q4 as price holds above the 10 EMA and is leaning toward the 10,900 - 11,000 resistance area in the daily. A sustained break above the 50 MA in the daily could give BTC a chance to revisit key levels around 11,500 - 12,000, while a break below immediate support around 10,500 could invalidate this scenario. Key support sits around 10,100 - 9,800.
Global market cap is at $351B, while BTC's market cap is at $202B.
The Australian government unveiled its $574 million Digital Business Plan this week, which includes $4.95 million in support for "two blockchain pilots directed at reducing business compliance costs." Prime Minister Scott Morrison said that the plan "supports Australia's economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses, and backs the uptake of technology across the board." The whole plan will allocate $480 million for various technological initiatives that could intersect distributed ledger technologies, including $183 million for a new digital identity system, and $301 million for developing a single business register.
Australia has also been working on implementing its National Blockchain Roadmap, where the two blockchain pilots will complement the roadmap, which is "driving working groups on regulatory technology (RegTech), supply chains, cybersecurity, and credentialing."
Crypto exchange Bitfinex is offering interest earnings for holders of 3 major cryptos. According to an announcement on Sept. 30, holders of Bitcoin (BTC) and Ether (ETH) are eligible to earn up to 6.2% Annual Percentage Yied (APY), while holders of XRP can earn up to 4.91% APY. The product has been delayed til October 15 and is made possible through partnership of Bitfinex and lending platform Celsius Network.
U.S. Securities and Exchange Commission has won its complaint against messaging platform Kik as U.S. District Judge Alvin Kellerstein ruled that Kik's $100 million initial coin offering (ICO) violated federal securities laws. Judge Kellerstein responded to a summary judgment requested by both parties on Sept. 30, concluding that the token sale of KIN (Kik's supposed ICO) is defined under securities issuance according to the Howey test as the ICO participants' expectation of profit was deemed reasonable.
The SEC filed its complaint against Kik in June 2019, stating that the firm had violated securities laws through its $55 million worth token sale of KIN tokens to U.S. investors in 2017 and overseas investors.
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