BTC Daily Intelligence Bulletin (DIB) Block: 820,705 DTG/ICOD: 0800EST 11DEC23 Prcedence: Routine (RR) Controls: Public Release QQQQ __________________________ BLUF: Milei sworn in/US Government drops key AML provisons from the NDAA/Zelenskyy at White House Market Data: Price: 1 BTC= $42,208, 21.16oz Gold 24hr Hi: $44,034/ Lo: $41,329 Vol: $27.785B (up 93%) Mkt Cap: $826,312B (down 3.59%) HashRate: 487.6 EH/s Avg Fees: 14,508 sats/tx Nodes: 17,042 AC: Coindesk and Dr. Jeff Ross, via X post, speculate that the $2K+ decline in BTC price may be due to leveraged longs liquidating on Sunday night. ---Reports--- -International Events- 1. Argentina swears in new President. A self-described libertarian, Javier Milei promises to rebuild Argentina as the country struggles with mounting poverty following years of populist rule.(AP) (*AC-Milei's first order of business seems to be to prepare his country for the key changes ahead he envisions. After his recent trip to the USA, it remains to be seen exactly which economic plans he will pursue.) 2. President Joe Biden and Ukraine’s leader, Volodymyr Zelenskyy, will meet at the White House on Tuesday as the U.S. administration steps up the pressure on Congress to provide billions more in aid to Kyiv in its war with Russia.(AP) 3. Russian President Vladimir Putin stated Thursday that the Western financial system is “clearly becoming obsolete.” Furthermore, he said solutions involving blockchain and central bank digital currencies (CBDCs) “will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly.” “As far as international transactions are concerned, we are increasingly converting to advanced solutions, including those involving blockchain and digital currencies through central banks,”(Russia Calling) -US Events- 1. Penn President, Board Chair Resign After Furor Over Comments on Campus Antisemitism (WSJ) (AC: Harvard and MIT presidents are also under severe pressure to resign following statements made at the US Capital last week) -Regulatory and Legal- 1. The US government has removed two critical provisions related to cryptocurrency anti-money laundering (AML) regulations from the Naional Defense Authorization Act (NDAA). The removal of these provisions has sparked debates and discussions within the industry and regulatory circles. The first provision mandated the US Secretary of the Treasury to collaborate with banking and government regulators to establish an examination and review system for cryptocurrencies within financial institutions. The second provision focused on combating anonymous cryptocurrency transactions, particularly those involving crypto mixers and tumblers. (Cryptopolitan) 2. U.S. Senator Elizabeth Warren (D-Mass.) has called for the country's Bank Secrecy Act to be updated to address the "threat" of crypto. "What we need to do is we need to update it again because there's a new threat out there. It's crypto," Warren told CNBC Squawk Box, claiming that cryptocurrency is used for terrorist financing and drug trafficking.(CNBC) -Technological Updates- 1. Ocean Pool's Transaction Blacklist Sparks Industry Uproar: In recent days, discussions have intensified around the emerging bitcoin mining pool Ocean and its decision to exclude certain transactions, specifically those linked to Ordinal inscriptions and coinjoin activities. Luke Dashjr, a key figure in Ocean’s operations and a prominent Bitcoin Core developer, clarified to the public that the roots of this debate stretch back to 2014. He emphasized that the release of Bitcoin Core 0.90 was a pivotal moment, introducing measures aimed at curbing blockchain data storage to mitigate spam. (bitcoin.com) -Institutional Concerns- 1. VanEck, an ETF and mutual fund manager, on Friday has submitted an updated spot Bitcoin exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC). VanEck spot Bitcoin ETF will be listed for trading on the exchange under the ticker symbol ‘HODL.’ (CoinGape) 2. Largest UK Pension Firm invests in crypto exchange: M&G Investments, the asset management division of Pensions giant M&G, has invested $20 million in Global Futures & Options Holding (GFO-X), a U.K. crypto derivatives exchange, as part of a Series B funding round, the company said in a statement Monday. (BLoomberg) -Economic Indicators- 1. When to lower rates?: Reserve Chair Jerome Powell, after aggressively raising interest rates to combat high inflation, now faces the challenge of determining when to lower them. With inflation declining more rapidly than anticipated, the central question revolves around timing rate cuts to balance economic growth and prevent a recession, without reigniting inflation. Amidst mixed economic signals, the Fed, cautious of cutting rates too soon or too late, aims to maintain a stable economy without compromising its inflation goals. (WSJ) 2. Recession incoming, says bankers: Citigroup CEO Jane Fraser anticipates a recession driven by persistent inflation and global conflicts, although not a drastic downturn. She highlights reduced consumer spending and rising debts among low credit score customers. Bank of America CEO Brian Moynihan notes stable consumer spending, while JPMorgan Chase CEO Jamie Dimon warns of possible recession due to inflation and rising interest rates.(CNN) -Security Incidents and Concerns- NSTR* -Bitcoin Community- 1. Nigerians using crypto: A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. (Coin Journal) 2. Binance ending P2P in Rubles: Binance on Monday said it will end support for the Russian Ruble (RUB) P2P trading pairs in January-end including Bitcoin and Ethereum. The move comes after Binance entered into an agreement to sell the entirety of its newly established Russia business to CommEx amid rising regulatory pressure. (*AC:Folllowing capitulation to US regulators, Binance will be obligated to carry out US demands globally and in this case, keeping the pressure on the Russian Ruble and Pres. Putin.) 3. Citizens of the Swiss city of Lugano can now settle their tax bills and other community fees with bitcoin and the stablecoin tether. By adding crypto to payment options, Lugano joins three other Swiss cities and cantons which already accept crypto payments.(bitcoin.com) -Bitcoin Sentiment- 1. Greed/Fear Index: 74/100 -Analyst Comments (AC): It's worth noting that Pres Zelenskyy visited Argentina for Milei's inauguration before coming to the US. The reasons are unclear ATT, but warrant continued observation. ____________________ Analyst: BV2A END REPORT NNNN *NSTR-Nothing Significant To Report