BTC Daily Intelligence Bulletin (DIB)
Block: 821,928
DTG/ICOD: 0800EST 19DEC23
Prcedence: Routine (RR)
Controls: Public Release
QQQQ
__________________________
BLUF: Volcano erupts in Iceland / US DOD announces new operation against Houthis / US, Brasil and South Korea target cryptocurrenices
Market Data: Price: 1 BTC= $42,907, 21.19oz Gold
24hr Hi: $43,354/ Lo: $40,879
Vol: $23.891B (up 9.04%)
Mkt Cap: $840.552B (up 4.85%)
HashRate: 514 EH/s
Avg Fees: 98,810 sats/tx (almost double yesterday's data)
Nodes: 17,232
---Reports---
-International Events-
1. Volcano Near Iceland’s Grindavik Erupts After Series of Earthquakes: Thousands of nearby residents were evacuated in November over activity. Lava appears to be spewing hundreds of feet in the air and can be seen on nearby web cameras, but experts said no residents are in immediate danger.(WSJ)
2. The U.S. is establishing a multinational maritime task force—"Operation Prosperity Guardian"—to address attacks from Houthis in Yemen on commercial ships and other targets as the conflict in the Middle East widens and risks upending global trade, Secretary of Defense Lloyd J. Austin III announced Dec. 18. The Pentagon Dec. 19 that the Houthis have conducted over 100 drone and ballistic missile attacks, targeting 10 merchant vessels involving more than 35 different nations.(A&SForcesMag)
-US Events-
1. Texas Govenor Abbott Signs Law Allowing Texas to Arrest Migrants, Setting Up Federal Showdown: The new law, which takes effect in March, could bring in mass arrests and a court fight between Texas and the federal government over immigration powers.(NYT)
2, Illegal crossings surge in remote areas as Congress, White House weigh major asylum limits: The number of daily arrivals is “unprecedented,” CBP Commisioner Miller said, with illegal crossings topping 10,000 some days across the border in December. On Monday, CBP suspended cross-border rail traffic in the Texas cities of Eagle Pass and El Paso in response to migrants riding freight trains through Mexico, hopping off just before entering the U.S. The Lukeville border crossing is closed, as is a pedestrian entry in San Diego, so that more officials can be assigned to the migrant influx. (AP)
-Regulatory and Legal-
1. Elizabeth Warren Pushes Back at Blockchain Lobbying Efforts: In a letter to the Blockchain Association, the U.S. senator accuses the group of undermining Congress. The Blockchain Association's efforts to lobby the U.S. Congress is an affront to efforts to stop Hamas and other terror groups using crypto to finance themselves, Sen. Elizabeth Warren said in a letter to the group's chief executive, Kristin Smith. (CoinDesk)
2.Central Bank of Brazil Seeks Input on VASP Regulation: The Central Bank of Brazil is preparing to finally issue rules for Virtual Assets Service Providers (VASPs) operating in the country. The institution opened a public consultation seeking input to prepare the rules VASPs would have to follow, according to the faculties it received since the approval and sanction of the cryptocurrency assets law in December 2023.(bitcoin.com)
3. Bank of Korea Governor Sees CBDC Introduction as Case for 'Urgency:' Stablecoins' widespread usage and frequent instability could reduce the effectiveness of central bank monetary policies, Rhee Chang-yong said. The bank has already said it plans a retail pilot CBDC scheme involving 100,000 people next year.(CoinDesk)
-Technological Updates-
NSTR*
-Institutional Concerns-
1. 7RCC Files First ESG-Focused Spot Bitcoin ETF With Gemini As Custodian: 7RCC Global, a firm providing ESG investors with access to blockchain and digital asset investments through ETFs, has filed a spot Bitcoin ETF application with carbon credits with the U.S. Securities and Exchange Commission (SEC). It will hold 80% Bitcoin and 20% carbon credits futures, becoming the first with environmental-focused offering.(coingape.com)
-Economic Indicators-
1. Japan's central bank keeps its negative interest rate unchanged: The Bank of Japan has kept its longstanding easy credit policies unchanged, saying it will watch price and wage trends before raising its negative benchmark interest rate(ABC)
-Security Incidents and Concerns-
NSTR*
-Bitcoin Community-
1. Bitcoin Transaction Fees Surge, Sparking Debate on Future Solutions: The spike in fees is attributed to the recent wave of Bitcoin Ordinals inscriptions, resulting in elevated costs for all network users.(Crypto Intelligence)
2.Bitcoin leverage drops to historical lows: the Estimated Leverage Ratio (ELR), offers a glimpse into the market’s leverage and is noteworthy. Currently, the ELR is nearing historical lows—an occurrence witnessed only twice prior. This indicates a significant reduction in market leverage, implying a conservative approach from traders in the futures market.(cryptoslate)
-Bitcoin Sentiment-
1. Greed/Fear Index: 73/100 (Up 8 pts)
Analyst Comments (AC)- With multiple politicians responding vigorously against Bitcoin and Crypto around the world recently, it appears governments are beginning to understand the threat to economic power through central banking and currencies. The battle for economic control is ramping up through decentralyzed versus centralized currenncies. The South Korean Bank Governor is very clear in his understanding of the threat to his control, hence the "urgent" need for CBDCs.
____________________
Analyst: BV2A
END REPORT
NNNN