Subnostr

Bitcoin Veterans 1y ago

BTC Daily Intelligence Bulletin (DIB)

Block: 829,516

DTG/ICOD: 0800EST 08Feb24

Precedence: Routine (RR)

Controls: Public Release

QQQQ

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BLUF: Israeli War in Gaza Continues / SCOTUS to Hear Trump's Eligibility Case / US Lawmakers Seeks Yellen's Insight on Crypto / Binance Delists Monero

Market Data: Price: 1 BTC= $44,710 USD, 22.07 oz Gold, .10 Median US House

24hr Hi: $44,862 / Lo: $42,941

Vol: $25B (Up 60%)

Mkt Cap: $877B (Up 4%)

HashRate: 539 EH/s

Avg Fees: 16,195 sats/tx (Down 2%)

Nodes: 17,713

---Reports---

-International Events-

1. Israeli strikes kill 13 in a southern Gaza town that could be the next target in the war: Israeli airstrikes killed over a dozen people overnight and into Thursday in Rafah in the Gaza Strip, hours after Prime Minister Benjamin Netanyahu rejected Hamas’ cease-fire terms and vowed to expand the offensive into the southern Gaza town. (AP)

2. Ukraine needs more troops fighting Russia. Hardened professionals from Colombia are helping: Ukraine’s ranks are depleted by two years of war. As it battles the Russian war machine, Ukraine is welcoming hardened fighters from one of the world’s longest-running conflicts. Professional soldiers from Colombia bolster the ranks of volunteers from around the world who have answered Ukrainian President Volodymyr Zelenskyy’s call for foreign fighters to join his nation’s war with Russia. (AP)

-US Events-

1. US supreme court hearing focuses on Trump’s eligibility for 2024 election: The US supreme court will hear oral arguments on Thursday morning after the Colorado supreme court ruled the ex-president ineligible to run for office for inciting insurrection under the 14th amendment last year. (Guardian)

-Regulatory and Legal-

1. US Lawmakers Press Treasury Secretary Janet Yellen on Crypto Oversight Gaps: Representatives Patrick McHenry, Glenn Thompson, French Hill, and Dusty Johnson sent a letter to Treasury Secretary Janet Yellen concerning crypto regulation on Tuesday following her testimony before the House Committee on Financial Services. The Financial Stability Oversight Council (FSOC), which Yellen chairs, has issued “repeated warnings about the lack of oversight of the digital asset markets,” the lawmakers detailed, questioning Yellen how the council believes existing laws should apply bitcoin, ether, and non-security crypto assets. (Bitcoincom)

2. US lawmakers get ‘very, very close’ to agreement on stablecoin bill: Rep. Maxine Waters said U.S. lawmakers are inching closer to reaching an agreement on stablecoin legislation. “That’s what’s important to me: Our central bank should have the power of oversight and the ability to be at the head of this.”, she said Wednesday. (CryptoNews)

-Institutional Concerns-

1. Bitcoin ETF Landscape: Record Volume, BlackRock Dominance: Fueled by a staggering $1 billion in daily volume and nearly $2 billion in inflows on February 7th, the spot Bitcoin ETF landscape is brimming with activity. At the heart of this frenzy lies BlackRock’s IBIT, boasting a record-breaking $341.2 million in traded volume. This decisive move dethroned Grayscale’s GBTC, which previously held the crown with $296.5 million, marking a significant shift in the power dynamics. (Bitcoinist)

-Central Bank Digital Currencies (CBDC)-

1. India to look at offline solutions to aid CBDC adoption in rural areas: Several offline solutions, including proximity and non-proximity-based solutions, will be evaluated in hilly, rural and urban environments to achieve this aim, according to the Press Trust of India. (CoinTelegraph)

-Economic Indicators-

1. Americans largely stopped piling debt onto household balance sheets in December, data from the Federal Reserve showed Wednesday. Total consumer credit inched up just $1.5 billion in December, on a seasonally adjusted basis. Economists had expected ten times as much growth in consumer debt. In November, for example, consumer credit climbed by $23.4 billion. (Breitbart)

-Technological Updates-

NSTR

-Security Incidents and Concerns-

1. Binance Delists Monero Questioning the Balance of Privacy for Good with Anonymous Cryptos: As governments worldwide tighten their grip on the financial sector, the very essence of anonymous cryptos is currently frowned upon by many authorities. The announced removal of Monero (XMR) from Binance could signal increased regulatory scrutiny on cryptocurrencies that prioritize anonymity. It also may lead to other exchanges following suit, due to concerns about compliance with law. (CCN)

-Bitcoin Community-

1. Ethiopia Emerges As New Safe Haven for Chinese Bitcoin Miners: According to the most recent report, Chinese Bitcoin miners are relocating their operations to Ethiopia due to the country’s exceptionally low electricity costs and the favorable attitude towards cryptocurrencies adopted by the local government. Chinese companies, instrumental in the construction of the $4.8 billion Grand Ethiopian Renaissance Dam, will provide electricity to these miners. (CoinGape)

-Bitcoin Sentiment-

1. Fear(0)/Greed(100) Index: 66/100 (Up 4 pts)

Analyst Comments (AC): Reading through the reports today may give a sense that Bitcoin is in a war with exisiting powers throughout the world. As Bitcoin adoption grows, both as a store of value and a medium of exchange, existing centers of control are fighting these advances through regulation and force. As in any war, daily reports will speak of wins and losses on both sides of the conflict, but a larger, more strategic perspective will begin to take shape. In this case, Bitcoin can objectively be said to be 'gaining ground' as those economic use cases above. War, history teaches us however, is never certain in any aspect.

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