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Bitcoin Veterans 1y ago

BTC Daily Intelligence Bulletin (DIB)

Block: 830,714

DTG/ICOD: 0800EST 16Feb24

Precedence: Routine (RR)

Controls: Public Release

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BLUF: UK, Japan Slip Into Recession / Putin Opponent Navalny Dies in Prison / Kraken Requires KYC on Self-Custody in UK / US Retail Slips More Than Expected /

Market Data: Price: 1 BTC= $52,365, 26.06 oz Gold, .12 Median US House

24hr Hi: $52,820 / Lo: $51,371

Vol: $35B (Down 4%)

Mkt Cap: $1.03T (Even)

HashRate: 541 EH/s

Avg Fees: 10,545 sats/tx (Even)

Nodes: 17,620

---Reports---

-International Events-

1. Japan unexpectedly slips into recession, Germany now world's third-biggest economy: Japan unexpectedly slipped into a recession at the end of last year, losing its title as the world's third-biggest economy to Germany and raising doubts about when the central bank would begin to exit its decade-long ultra-loose monetary policy. (Reuters)

2. Britain falls into recession, with worst GDP performance in 2023 in years: Gross domestic product fell 0.3% in the final three months of 2023, following a 0.1% contraction in the July-to-September period, the Office for National Statistics said. (CNN)

3. Russian activist and Putin critic Alexei Navalny dies in prison: Navalny, 47, one of Putin’s most visible and persistent critics, was being held in a jail about 40 miles north of the Arctic Circle where he had been sentenced to 19 years under a “special regime” (Guardian)

-US Events-

1. Kansas City shooting latest: Police reveal dispute led up to shooting as two juvenile subjects questioned: So far, police have detained three individuals, two of whom are juveniles, but have not released any further details about the subjects or weapons used. Kansas City Police Chief, Stacey Graves, said that the shooting appeared to have stemmed from a dispute between people and was not terrorism-related. President Biden condemned the shooting, calling on stricter gun control measures that Republicans have rejected. (Independent)

-Regulatory and Legal-

1. U.S. Federal Reserve Gov. Waller Says DeFi Could Boost Dollar's Global Strength: Despite some fears in government circles that crypto could undermine the dollar, the Fed governor said that the use of dollar-dependent stablecoins can boost the dollar's reach. (CoinDesk)

2. Kraken Starts Requiring Info on Self-Custody Crypto Wallet Ownership in the UK: Kraken, a U.S.-based cryptocurrency exchange, has started requiring additional information in the U.K. regarding transactions of self-custody wallets made to and from its accounts. Kraken sent an email to some of its U.K. customers, stating that if the information required was not provided, it could result in an account lock until the required data is delivered. (Bitcoincom)

3, Big banks are nudging the SEC for a slice of sweet Bitcoin ETF action: Major banks and financial institutions in the United States are pushing the US SEC to re-adjust its definition of crypto assets, which could allow them to play a larger role in crypto, such as acting as custodians to the recently approved spot Bitcoin exchange-traded funds. On Feb. 14, a trade group coalition comprising the Bank Policy Institute, American Bankers Association, Financial Services Forum and Securities Industry and Financial Markets Association pled their case in a letter to SEC Chair Gary Gensler. (CoinTelegraph)

-Institutional Concerns-

1. MicroStrategy listing in the S&P 500 index could expose millions to Bitcoin: MicroStrategy’s market cap would need to rise another $3.7 billion and meet other eligibility criteria to have a chance of making it on the popular index. (CoinTelegraph)

2. VanEck slashes spot Bitcoin ETF fee to 0.20%; Fidelity cuts EU ETP fee to 0.35% (CryptoSlate)

-Central Bank Digital Currencies (CBDC)-

1. Fed Chair Powell Briefs Lawmakers on US Central Bank Digital Currency Progress: Federal Reserve Chairman Jerome Powell has provided an update to Congress members regarding the Fed’s central bank digital currency (CBDC) work. “If we’re going to have a CBDC, Congress needs to authorize it,” he stressed. Moreover, the Fed chair reportedly said that a framework for stablecoins is needed. (Bitcoincom)

-Economic Indicators-

1. US Retail sales fell 0.8% in January from December, the Commerce Department said Thursday—much worse than expectations for a 0.3% decline. Also Thursday, Federal Reserve data showed January industrial production edging down 0.1% compared with expectations for a 0.2% increase. (WSJ)

2. The U.S. Government Will Soon Spend More on Interest Payments Than Defense: Treasury yields have sprung to multiyear highs, forcing the U.S. government to pay a lot more in interest and putting pressure on the budget. Interest costs are on pace to surpass defense this year as one of the largest government expenses in the budget. Only Social Security and Medicare are forecast to be bigger burdens in the coming years. (WSJ)

-Technological Updates-'

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-Security Incidents and Concerns-

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-Bitcoin Community-

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-Bitcoin Sentiment-

1. Fear(0)/Greed(100) Index: 72/100 (Down 3 pts)

Analyst Comments (AC): Kraken is now requiring KYC data on self-custody wallets in the UK or they will freeze assests. This tactic is a relatively easy method for governments to pressure the exchanges and can be expected worldwide at some point.

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