BTC Daily Intelligence Bulletin (DIB)
Block: 848,751
DTG/ICOD: 0800EST 20Jun24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Top Israeli Military Leader Says Hamas Cannot Be Defeated / Putin Continues Asia Tour in Vietnam / Texas Prepares for Tropical Storm Alberto / Louisiana Mandates Ten Commandments Display / Bitcoin Holdings Raise Questions / US Economy Showing More Weakness / BoE Claims 2% Inflation Victory / Bitcoin On Horizon for Major Wirehouses and Banks /
Market Data: Price: 1 BTC= $66,128, 28.32 oz Gold, .15 Median US House
24hr Hi: $66,451 / Lo: $64,693
Vol: $18.8B (Down 42%)
Mkt Cap: $1.292T (Up 2.92%)
HashRate: 513 EH/s
Avg Fees: 14 Sats/vByte (Down 52%)
Nodes: 19,492
---Reports---
-International Events-
1. Top Israeli Military Leader Says Hamas Cannot Be Defeated: The Israel Defense Forces' top spokesman, Rear Adm. Daniel Hagari, stated that eliminating Hamas, which he described as "an idea," is not possible and suggesting otherwise misleads the public. This perspective highlights a rift with Israeli Prime Minister Benjamin Netanyahu, who remains committed to the war in Gaza with the stated goal of destroying Hamas' capabilities. This discord follows Netanyahu's dissolution of his war Cabinet after Benny Gantz's resignation and underscores the lack of a clear postwar plan for Gaza, a point of criticism from both domestic and international observers. The conflict, ongoing for 257 days, has seen significant casualties and global criticism, with the United States expressing skepticism about the feasibility of fully eliminating Hamas. (NBC News)
2. Putin Continues Asia Tour in Vietnam: Russian President Vladimir Putin has arrived in Hanoi, Vietnam, marking the second stop of his East Asian tour, following a visit to North Korea which saw the two nations sign a defensive pact. The visit underscores Russia's ongoing diplomatic support in the region, despite criticism from the United States, which views it as an opportunity for Putin to promote his war in Ukraine. Vietnam values its historic ties with Russia and maintains a complex diplomatic stance by abstaining from UN resolutions condemning Russia while fostering relationships with both Ukraine and Western nations. As Vietnam continues its "bamboo diplomacy," balancing relationships without formal alliances, it remains to be seen how long it will maintain its camaraderie with Putin, given its gradual shift away from reliance on Russian military equipment and internal political shifts. (BBC)
-US Events-
1. Texas Prepares for Tropical Storm Alberto: Texas Governor Greg Abbott issued a disaster declaration for 51 counties in anticipation of Tropical Storm Alberto, expected to bring heavy rains and coastal flooding through Thursday. The National Weather Service forecasts the storm to make landfall in Mexico, with significant impacts extending into southern Texas. Tropical-storm-force winds, storm surge, and flooding are already affecting the Texas and Louisiana coastlines, rendering many roadways impassable. Forecasters predict an aggressive Atlantic hurricane season influenced by a record-warm North Atlantic Ocean Basin and La Niña, potentially resulting in numerous powerful storms. (Axios)
2. Louisiana Mandates Ten Commandments Display: Louisiana has become the first state to mandate the display of the Ten Commandments in every public school classroom, from kindergarten to state-funded universities, under a new law signed by Republican Gov. Jeff Landry. The legislation, part of a conservative agenda pushed by the GOP-dominated Legislature, requires posters with the Ten Commandments in "large, easily readable font" and a context statement detailing their historical significance, to be in place by the start of 2025, funded through donations. Opponents argue the law is unconstitutional and violates the separation of church and state, setting up a likely challenge in court. Proponents claim the measure has historical importance and serves as a moral foundation, reflecting broader conservative efforts within the state. (AP)
-Regulatory and Legal-
NSTR
-Institutional Concerns-
1. Bitcoin Holdings Raise Questions: The increasing bitcoin holdings by major institutions like BlackRock and Fidelity, nearing 500,000 bitcoins, have stirred concerns within the crypto community. In a discussion on "The Wolf of All Streets" podcast, Austin Arnold from Altcoin Daily highlighted the inevitability of institutional involvement for mass adoption, noting that bitcoin's current price around $65,000 is seen as de-risked due to regulatory clarity and the approval of bitcoin ETFs by the U.S. SEC. Arnold emphasized the global reach of these ETFs and their political significance, suggesting they reflect growing international and political interest in bitcoin. While concerns about market manipulation persist, Arnold reassured that the bitcoins held by these ETFs are custodied for clients, not directly controlled by the institutions, underscoring the need for retail investor education. (The Street)
-Central Bank Digital Currencies (CBDC)-
NSTR
-Economic Indicators-
1.: US Economy Showing More Weakness: The U.S. economy is showing signs of weakness as consumer spending, a crucial driver of growth, begins to slow amid persistent inflation and a softening job market. Retail sales saw only a modest gain in May, with downward revisions for March and April, raising concerns about a potential slowdown. Inflation continues to pressure spending despite high interest rates, and declining sales in key sectors like gasoline and home furnishings indicate consumer belt-tightening. Additionally, signs of a weakening labor market, with reduced wage premiums and potential declines in hiring, suggest challenges ahead for maintaining economic momentum. (The Street)
2. BoE Claims 2% Inflation Victory: UK inflation reached the Bank of England's 2% target in May for the first time since 2021, though underlying price pressures remain strong, potentially delaying any pre-election interest rate cuts. Services price inflation, a key indicator for the BoE, was at 5.7%, higher than expected, suggesting ongoing inflationary risks. The drop in headline inflation from 2.3% in April was significant but came too late to influence upcoming elections or prompt a rate cut. Despite the inflation drop, driven by lower energy bills and food prices, the BoE is cautious about cutting rates due to persistent domestic price pressures and elevated pay growth. (Reuters)
-Security Incidents and Concerns-
NSTR
-Bitcoin Community-
1. Bitcoin On Horizon for Major Wirehouses and Banks: Bernstein analysts predict that spot Bitcoin ETFs are close to approval at major wirehouses and private banks, which they believe will significantly boost adoption. They maintain a $200,000 price target for Bitcoin by the end of 2025, citing the institutional basis trade as a key driver for future net long positions. Despite some bearish arguments, analysts point to the increasing comfort with ETF liquidity and the potential for substantial advisor-driven demand. Additionally, new FASB guidelines are expected to encourage corporate treasury adoption, adding to the incremental demand for Bitcoin ETFs in 2024. (The Block)
-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 60/100 (Down 4 pts)
Analyst Comments (AC): Study bitcoin.
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Analyst: BV2B
END REPORT
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*NSTR-Nothing Significant To Report
