BTC Daily Intelligence Bulletin (DIB)
Block: 828,389
DTG/ICOD: 0800EST 01Feb24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: US DOE mandates BTC miners to respond to new survey / Hamas victims sue Binance / US hits UAV targets in Yemen / Navy Veteran charged with Hate Crime for decapitating Satan statue / No FED rate cut soon
Market Data: Price: 1 BTC= $42,085, 20.63oz Gold
24hr Hi: $43,717 / Lo: $41,879
Vol: $24B (Up 11%)
Mkt Cap: $825B (Down 1%)
HashRate: 528 EH/s
Avg Fees: 16,142 sats/tx (Down 48%)
Nodes: 13,457
---Reports---
-International Events-
1. US hits Houthi UAVs, ground control station in Yemen: According to Centcom, the U.S. had identified a UAV ground control station and a number of UAVs in the Houthi-controlled areas of Yemen. The military “determined that they presented an imminent threat to merchant vessels and the U.S. Navy ships in the region.” As a result, Centcom said, U.S. forces hit the UAV station, destroying it. Ten one-way UAVs were struck in self-defense, it said. (ABC)
2. US sees signs Iran is worried about escalating proxy attacks amid heightened tensions : Iran-backed militants have launched over 160 attacks on US forces since October. And while Iran has long funded, equipped, and trained its proxy militias in the region with the goal of attacking Americans, the strike from this past weekend was the first to kill US service members since the near daily assaults began four months ago. The attack caught Tehran by surprise and worried political leadership there, officials told CNN, citing US intelligence. (CNN) (AC-The delay in any response to the killing of US Servicement gives credence that Biden and the Pentagon may be using the Iranian 'Mea Culpa' as an excuse to not retaliate directly. This is indicative of some serious back-channel dealing between the US and Iran at best, and geo-politic influence theater at worst.)
-US Events-
1. Six Pro-Life Activists Found Guilty, Face 11 Years in Prison for Peaceful Protest: Six pro-life activists were found guilty on Tuesday for “conspiracy against rights” and violating the Freedom of Access to Clinic Entrances (FACE) in relation to a peaceful protest outside of a Tennessee abortion facility in 2021. (Breitbart)
2. Hate Crime: Christian Navy Veteran Charged for Tearing Down Satan Statue in Iowa Capitol: Michael Cassidy was initially charged with misdemeanor criminal mischief on December 15, but the Polk County Attorney’s Office indicated that the Mississippi man’s admission that he “destroyed the property because of the victim’s [the Satanic Temple] religion” prompted the charges to be upgraded to “third-degree criminal mischief in violation of individual rights, a class D felony.” (Breitbart)
-Regulatory and Legal-
1. US Energy Data Agency to Track Crypto Mining Power Use: The U.S. Energy Information Administration (EIA) will begin to more closely track electricity consumption by cryptocurrency mining companies operating in the United States, the agency said on Wednesday. The EIA said it plans to launch a survey next week of select bitcoin miners, which will be required to respond with their energy use details, as part of an emergency data collection request authorized by the Office of Management and Budget on Jan. 26. Miners of the digital coins have come under scrutiny in recent years for their electricity-sapping operations, and for the impact their activity has on power grids and carbon emissions. (USNews)
2. Binance Sued by Families of Hamas Victims, Hostages: The plaintiffs, who are also suing Iran and Syria, say the crypto exchange facilitated the financing of Hamas and other terrorist groups between 2017 and 2023. In October, the Wall Street Journal reported that Palestinian Islamic Jihad received $93 million in crypto between August 2021 and June 2023, while Hamas received about $41 million. Those figures are probably “overstated,” Chainalysis said in a blog post. (CoinDesk) (AC-This lawsuit has the potential to give US regulators and anti-Bitcoin advocates like Sen E. Warren more ammunition in thier campaigns to attack digital currencies and thier usage)
-Central Bank Digital Currencies (CBDC)-
1. Indiana introduces bill to prohibit a US CBDC: Last year, Indiana enacted a law that removed a central bank digital currency (CBDC) from the definition of money in the state. On Jan. 9, Sen. Eric Koch introduced Senate Bill 180 (SB180) to expand on that law. The legislation would prohibit state agencies from accepting payments made with a central bank digital currency for any service, tax, license, permit, fee, information, or other amount due the governmental body. It would also bar government agencies from requiring payments to be made with a central bank digital currency. (10thAmendmentCenter)
-Institutional Concerns-
NSTR
-Economic Indicators-
1. Fed Chief Jerome Powell says a March rate cut is not likely: “I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting” to cut rates, Powell said. (CNBC)
-Technological Updates-
NSTR
-Security Incidents and Concerns-
1. SEC, DOJ Charge Individuals in $1.9 Billion Hyperfund Cryptocurrency Fraud: The U.S. SEC and the DOJ have taken major legal action against individuals involved in a massive $1.9 billion cryptocurrency fraud, encompassing a wide-reaching scheme known as Hyperfund, also referred to as Hyperverse, Hypertech, and Hypercapital. Hyperfund reportedly had a fake CEO and amassed nearly $2 billion fraudulently. The SEC alleges that the operation had no legitimate revenue source, using new investor deposits to pay earlier investors, a classic hallmark of a Ponzi scheme. (Bitcoincom)
-Bitcoin Community-
1. El Salvador to Resume Bitcoin City Plans Post-Election, Boosting Crypto Economy: El Salvador will reignite its Bitcoin (BTC) ambitions after citizens go to the poll on Sunday. President Nayib Bukele is expected to secure a landslide victory as the recent appreciation of El Salvador’s Bitcoin holdings guaranteed the much-talked-about Bitcoin City. According to the country’s Vice President, Felix Ulloa, the government will resume plans to construct the tax-free haven and launch Bitcoin bonds after Bukele’s recent gang crackdown all but guaranteed his re-election. (BeInCrypto)
-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 63/100 (Up 3 pts)
Analyst Comments (AC): The US DOE effort to surveil the US crypto mining communnity throught a mandated 'survey' has the potential to become a lightning rod this year. It is not common for the US Governemnt to initiate emergency actions to interfere with electrical usage in the US. This is clearly another front against Bitcoin in general and combined with legal attacks like the new lawsuit against Binance, the USG is ramping up the efforts against all things Bitcoin.
Follow us on NOSTR: @Bitcoin Veterans
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Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report