Subnostr

Bitcoin Veterans 2y ago

BTC Daily Intelligence Bulletin (DIB)

Block: 821,159

DTG/ICOD: 0800EST 14DEC23

Prcedence: Routine (RR)

Controls: Public Release

QQQQ

__________________________

BLUF: US House starts impeachment probe into President Biden / FASB gives guidance on Fair-Value reporting / IMF begins to soften on digital assets

Market Data: Price: 1 BTC= $43,144, 21.20oz Gold

24hr Hi: $43,429/ Lo: $40,951

Vol: $25.838B (up 9.5%)

Mkt Cap: $843.808B (up 4.7%)

HashRate: 526 EH/s

Avg Fees: 55,623 sats/tx

Nodes: 16,599

---Reports---

-International Events-

1. Russia Has Lost Almost 90% of Its Prewar Army, U.S. Intelligence Says: The declassified estimate says 315,000 personnel have been killed or injured in Ukraine. Russia also has lost nearly two-thirds of its tank force, or 2,200 out of its 3,500 preinvasion stock, the congressional source said.(WSJ)

-US Events-

1. House Votes to Back Opening of GOP Impeachment Probe of Biden: The House voted 221-212 along party lines to formally authorize Republicans’ impeachment probe, hoping to add legal and political muscle to the investigation into whether the president had ties to his son’s overseas business dealings.(WSJ)

-Regulatory and Legal-

1. Bitcoin And Crypto To Be Measured At Fair Value Under New FASB Rules: The new rules are set to go into effect in December 2024, but companies will be able to apply them earlier than that. Under the new guidelines, businesses will need to disclose the value of cryptocurrencies based on their market prices at the end of each reporting period. (AP)

2. IMF seems to be softening on crypto: Indian Minister of State in the Ministry of Finance explained: “On the crypto asset agenda, the New Delhi Leaders’ Declaration welcomed the International Monetary Fund (IMF) – Financial Stability Board (FSB) synthesis paper, including a roadmap that supports a coordinated and comprehensive policy and regulatory framework on crypto assets, taking into account the full range of risks and risks specific to the emerging market and developing economies (EMDEs).”(Bitcoin.com) (AC-It is worth noting that the IMF has taken a very strong stand against Bitcoin and crypto, but with the latest study from the FSB delivered to Indian lawmakers, it gives a roadmap to include digital assets "even though they carry significant risk".

3.The Basel Committee for Banking Supervision wants to tighten requirements that allow stablecoins to qualify as less risky than unbacked cryptocurrencies like bitcoin. Cryptos with "effective stabilization mechanisms" qualify for "preferential Group 1b regulatory treatment." This means stablecoins can be subject to "capital requirements based on the risk weights of underlying exposures as set out in the existing Basel Framework," instead of the tougher requirements set for bitcoin. (CoinDesk)

-Technological Updates-

NSTR*

-Institutional Concerns-

1. SEC insists on cash redemption model for Bitcoin ETFs: The SEC is maintaining its stance on requiring Bitcoin exchange-traded fund (ETF) issuers to use a “cash” redemption model for their creations and redemptions. This decision comes despite alternative proposals, including one from BlackRock, that suggest an “in-kind” model.(Cryptopolitan)

2. Bitwise spot Bitcoin exchange-traded fund (ETF) has now appeared on the active and pre-launch list of Depository Trust & Clearing Corporation (DTCC). The Bitwise spot Bitcoin ETF is listed under the ticker — BITB.

-Economic Indicators-

1. 10-year Treasury yield drops below 4% after Fed signals rate cuts are ahead: The yield on the 10-year Treasury was down by 8 basis points at 3.951%, breaking below the 4% mark for the first time since August. The 2-year Treasury yield was last more than 16 basis points lower at 4.317%. It had fallen by as many as 25 basis points on Wednesday. (WSJ)

-Security Incidents and Concerns-

NSTR*

-Bitcoin Community-

1. Binance faces potential exit in the Philippines as SEC sets ban timeline, emphasizing accountability and consumer protection. Notably, Commissioner Lee stressed the importance of investing in registered entities, and promoting consumer protection, and urged collaboration with the growing number of virtual asset service providers (VASPs) in the country. (Coingape)

2. Rulematch, spearheaded by former Credit Suisse executive David Riegelnig, has unveiled a crypto trading platform tailored exclusively for banks and securities firms. Meanwhile, the platform has commenced Bitcoin (BTC) and Ethereum (ETH) spot trading against USD, aiming to capitalize on the growing interest of traditional financial institutions in the digital asset arena. (Coingape)

-Bitcoin Sentiment-

1. Greed/Fear Index: 72/100 (Up 7pts)

-Analyst Comments (AC): With the FED signaling possible interest rate drops ahead, all markets are higher today, indicating invester optimissm.

Reply to this note

Discussion