🗞 Daily Crypto News, October 2nd 💰

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Senate 2018 Budget Adds $1.5 tln to National Debt: Bitcoin Bubble?
Dubai Will Issue First Ever State Cryptocurrency
Sea Change? Deloitte Is Tracking Ships' Certificates with Blockchain
Markets Update: Bitcoin Prices See Some Uptrend During the Weekendl
Blockchain Powers Shift To Decentralization In Media
Bitcoin Core Developer Appeals to SEC Regarding BIT
BTC Daily Trading Update by @cryptopassion

Daily Crypto News

🗞 Senate 2018 Budget Adds $1.5 tln to National Debt: Bitcoin Bubble?

The US Senate Budget Committee has released its 2018 proposed budget for approval in the larger congressional body. The proposal will then be matched with the House proposed budget and worked out for final approval, before being sent to the White House.

The Senate proposal contains provisions that will increase federal spending for this year, adding a jaw-dropping $1.5 tln to the national debt over the next year. Committee members have suggested that the tax cuts would produce economic gains, which would offset the total debt spending.

🗞 Dubai Will Issue First Ever State Cryptocurrency

The flexibility and convenience of cryptocurrencies makes the solution a win-win for Dubai. The government is strongly pro-Blockchain and sees it as the next major wave of paradigm changing technologies, and wants to be forward-thinking in adoption. According to Ibrahim:

“The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.”

Blockchain technology, as a system for a number of various services, has been widely embraced in the country. Dubai is seeking to become a fintech hub for the eastern world and has even recently signed deals to allow for property sales entirely in Bitcoin.

The new cryptocurrency will move the country’s adoption paradigm forward.

🗞 Sea Change? Deloitte Is Tracking Ships' Certificates with Blockchain

Deloitte is taking non-financial applications of blockchain technology into uncharted waters.

To record the inspection certificates for ships, oil rigs and the like on a private, shared ledger, the consulting firm's blockchain lab for Europe, the Middle East and Africa recently partnered with DNV GL, one of the world's largest classification societies.

Such companies certify that vessels and offshore structures meet acceptable standards for safety and environmental impact. But, the certificates they issue can be forged, potentially undermining trust in the system. Further, checking that a certificate is real is a slow, cumbersome process.

🗞 Markets Update: Bitcoin Prices See Some Uptrend During the Weekendl

Bitcoin’s price has been ascending higher over the course of the day, reaching a high of $4,340. The price has been meeting some resistance around this range and is being pressed downwards at the time of writing this. Technical indicators show the 100 Simple Moving Average (SMA) is still well above the 200 SMA which means some upside is still in the cards. Order books show deep resistance at the $4400 territory and buyers will have to work a touch harder to move past the sell walls.

The Relative Strength Index (RSI) oscillator is meandering south at the moment, showing buyers are tiring out from the day’s spike. The two-week daily trendline is on the upswing, and we may see some consolidation between the $4150 – $4300 range over the course of the next 48 hours. If the support is broken and the Displaced Moving Average (DMA) breaks between $4150 – $4000, it’s possible markets could get bearish again.

🗞 Blockchain Powers Shift To Decentralization In Media

There are some notable examples of projects that seek to build a working decentralized social environment using Blockchain-powered solution. Some of them are already operational, while others are still under development or seeking funding through ICO’s and token sales. One of the most remarkable examples in this area is Steemit, which has been operational for more than a year. It is a system built around community-driven posting, evaluation, and curation of content, based on the Steem Blockchain.

🗞 Bitcoin Core Developer Appeals to SEC Regarding BIT

Matt Corallo, “a long-time developer of bitcoin”, posted a comment to the United States Securities and Exchange Commission (SEC) regarding a “proposed rule change** relating to the listing and trading shares of the Bitcoin Investment Trust [(BIT)] under NYSE Arca Equities Rule 8.201.” In the post, Corallo expresses “grave concerns” pertaining to “the lack of consumer protection” afforded to investors in the event that the bitcoin network is forked. The comment has generated mixed reactions on social media, with some accusing the developer of appealing to the very institutional apparatus that bitcoin originally sought to circumvent and undermine.**

BTC Trading Update by @cryptopassion

As explained in my previous publication, the head and shoulders pattern is still sending us to the 4500$ target. At the time of this publication, we are at 4.444$ on Bitfinex and we should touch the 4500 level quiet soon.

We are close to reach the target so when it will be done, we could have an acceleration in the up or use that to make a correction. I cannot predict what will happen so stay careful.

Source: @cryptopassion/btc-heading-to-the-4500usd-as-target