BTC Daily Intelligence Bulletin (DIB)
Block: 825,308
DTG/ICOD: 0800EST 11Jan24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: 11 Bitcoin ETFs approved, start trading today / UN Opens Court against Israel for genocide charges / Oil tanker diverted to Iran
Market Data: Price: 1 BTC= $47,420, 23.28oz Gold
24hr Hi: $47,647 / Lo: $44,483
Vol: $51.6B (Up 30%)
Mkt Cap: $927B (Up 5%)
HashRate: 644 EH/s
Avg Fees: 68,343 sats/tx (Up 220%)
Nodes: 17,683
---Reports---
-International Events-
1. Israel faces genocide charges at World Court: Israel faced accusations at the World Court(UN) on Thursday of genocide in its war in Gaza, as the first residents returned to northern areas where Israeli forces have begun withdrawing, leaving behind scenes of total devastation. The case, brought by South Africa at the International Court of Justice in the Hague, accuses Israel of violating the 1948 genocide convention, enacted in the wake of the mass murder of Jews in the Holocaust, which mandates all countries to ensure such crimes are never repeated.(Reuters)
2. Armed, Uniformed Men Divert Oil Tanker to Iranian Waters: The UK said at least four men wearing black military uniforms and black masks boarded the ship early Thursday in waters between the coasts of Oman and Iran. UKMTO said the seized ship was being diverted to Iranian waters.(WSJ)
3. IMF unlocks $4.7bn for Argentina amid economic crisis, Milei austerity cuts: âUnderstandings were reached on a strengthened set of policies to restore macroeconomic stability and bring the current program back on track,â the IMF said in a statement on Wednesday. With this deal, Argentinaâs new President Javier Milei, who took power in December and inherited a deep social, economic and financial crisis, puts back on track a $44bn bailout package with the IMF that dates back to 2018. (AlJazeera) (AC-IMF deals are often heavy-handed and have historically been negative for Bitcoin accomodation within host countries. With IMF debt loads in Argentina, Milei may not have much room for his libertarian objectives)
-US Events-
1. Republican debate: Five takeaways as Haley and DeSantis face off: 1) Neither candidate held back 2) They went after Trump's record 3) They clashed on immigration 4) Ukraine was a flashpoint 5) DeSantis got more cheers, but Haley claimed victory (BBC)
2. Republican Chris Christie suspends presidential bid: The former New Jersey governor Chris Christie has suspended his campaign for the Republican presidential nomination, he announced on Wednesday evening. âIt is clear to me tonight that there is not a path to win the nomination,â he said at a town hall in Windham, New Hampshire.(Guardian)
-Regulatory and Legal-
1. Blockchain Association letter to Elizabeth Warren: Crypto Can Potentially Disrupt or Compete With âToo Big to Failâ Banks: The Blockchain Association has rejected U.S. Massachusetts Senator Elizabeth Warrenâs claims that former security officials collaborating with it seek to weaken the countryâs âability to catch and prosecute Americaâs enemies.â According to the nonprofit organization, ex-U.S. security officials chose to join the Blockchain Association because they âvalue freedom and creativity, sovereignty of the individual, and permissionless innovation.â The letter also read, âFor this reason, it is far better to build the next generation of financial technology on public blockchains than it is to continue patching opaque legacy systems that have already proven wholly insufficient at combating money laundering and terrorist financing.â(Bitcoincom)
-Central Bank Digital Currencies (CBDC)-
1. European Central Bank allocates over $700m to propel offline digital euro development: The ECB is allocating over $700 million from its $1.3 billion contract budget for contractors to develop offline payment capabilities for a retail digital euro. In its search for providers offering various services such as risk management, information security, and user application, the ECB disclosed its intention to assign up to 1.2 billion euros ($1.3 billion) to eligible contractors.
As approximately 100 global economies contemplate launching a central bank digital currency (CBDC) to transition into the digital era and rival private cryptocurrencies, the European Union, encompassing 27 nations, is notably keen on developing its own CBDC.(Cyrptonews)
-Institutional Concerns-
1. Bitcoin ETFs Secure Approval Exactly 15 Years After Hal Finneyâs Iconic âRunning Bitcoinâ Tweet: "Running bitcoin,â were the words of legendary cypherpunk Hal Finney on Jan. 11, 2009, shortly before becoming the first person to download and receive bitcoin (BTC) two days later. On Wednesday, exactly 15 years after Finneyâs tweet, bitcoin got its first spot exchange-traded fund (ETF) approved by the U.S. SEC. Approved ETF providers include financial giants BlackRock (BLK) and Fidelity, while crypto native fund Grayscaleâs popular Bitcoin Trust (GBTC) has been uplisted as an ETF as well. Fees on these products range from zero for the first few months (at ARK, Bitwise and Invesco) to as much as 1.5% (at Grayscale).(CoinDesk)
-Economic Indicators-
1. The US CPI report is due to be released at 0830EST today.
-Technological Updates-
1. Elon Musk weighs the pros and cons of Bitcoin on Mars: In a conversation with the CEO of ARK Invest, Cathie Wood, Musk initially expressed skepticism due to the extended settlement time required for Bitcoin transactions. âIt would make sense to use some kind of cryptocurrency on Mars; you couldnât use Bitcoin because the reconciliation is too long,â Musk remarked.(Cryptopolitan)
-Security Incidents and Concerns-
1. SEC greenlights bitcoin ETFs even as hack sets off Washington alarms: The 'hack' on Tuesday faked out cryptocurrency investors with an errant post on the SECâs X account, saying that the agency had approved about a dozen ETF applications. The SEC later rebutted the postâs authenticity and is investigating along with the FBI and an internal watchdog, according to a spokesperson for the regulator.(politico)
-Bitcoin Community-
NSTR
-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 76/100 (Up 3 pts)
Analyst Comments (AC): Following the SEC's approval of 11 BTC ETFs yesterday, trading in those ETFs will start today. Bloomberg estimates as much as $4B may flow into these ETFs on day 1, but nobody really knows what to expect since this is the first ETF not front-run by Wall Street insiders and Bitcoin is transparent compared to other assets. We can certainly expect manuever and manipulation to engineer large trading returns, so market caution is warranted and accountability sought daily.
Follow us on NOSTR:
@Bitcoin Veterans
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Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report