Subnostr

Bitcoin Veterans 2y ago

BTC Daily Intelligence Bulletin (DIB)

Block: 826,128

DTG/ICOD: 0800EST 17Jan24

Precedence: Routine (RR)

Controls: Public Release

QQQQ

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BLUF: Iran is on the Warpath, Missiles Strike Pakistan / US in Deep Freeze / US Lawmakes Introduce Anti-CBDC Bills in Four States / GBTC bleeds over $1.1B in 3 days

Market Data: Price: 1 BTC= $42,735, 21.02oz Gold

24hr Hi: $43,566 / Lo: $42,086

Vol: $24.4B (Up 16%)

Mkt Cap: $840B (Down 1%)

HashRate: 389 EH/s

Avg Fees: 17,353 sats/tx (Down 35%)

Nodes: 15,830

---Reports---

-International Events-

1. Iran says strikes targeted militant group in Pakistan: Iran says it has hit a militant group in western Pakistan in a missile attack, its third air strike on another country this week after earlier attacks on targets in Iraq and Syria. Iranian state TV said the operation hit two sites in Balochistan linked to the militant group Jaish al-Adl. Pakistani officials said two children were killed and three others injured. Pakistan has since expelled the Iranian Ambassador.(BBC) (AC-Iran is sensing an opportunity to strike its enemies unchecked in the region. Through its proxies in Yemen (Houthis), Gaza (Hamas) and Lebanon (Hezbollah) or through direct fire into Syria, Iraq and now Pakistan, Iran is acting out aggressively against all enemies all at once. Speculative reasoning could include Israel's return to Netenyahu leadership and a possible win for Trump, bringing together two powers united against Iran in the near future. Whatever the reason, Iran is certainly on the warpath)

2. U.S., South Korea and Japan conduct naval drills as tensions deepen with North Korea: The training in waters off South Korea’s Jeju island came as North Korean leader Kim Jong Un continues a provocative run in weapons testing and threats that has raised regional tensions to their highest point in years.(AsahiShimbun)

-US Events-

1. Deadly arctic blast grips more than 80% of the country: An arctic blast is gripping more than 80% of the country, killing at least seven nationwide. Some regions feel like minus 50 degrees.(NBC)

-Regulatory and Legal-

1. IRS Postpones Reporting Requirements, Simplifying Taxes: The pivotal aspect of the 2021 Act was the redefinition of digital assets as “cash equivalents” for reporting purposes, compelling businesses to disclose any receipts surpassing $10,000. Despite this significant shift, businesses can breathe a sigh of relief for the time being, as they are not obligated to adhere to this cash-like reporting requirement until specific regulations are formalized.(Bitcoinist)

-Central Bank Digital Currencies (CBDC)-

1. United States Lawmakers Introduce Bills to Exclude CBDCs from the Definition of Money: The bills were introduced in South Carolina, South Dakota, Tennessee, and Utah as anti-CBDC legislators seek to prevent the use of CBDC tokens in those states as the wider industry debate with digital currencies continues.(CryptoNews)

-Institutional Concerns-

1. Estimated $1.1B flees GBTC in 3 days as ARK begins buying own Bitcoin ETF: An estimated $594 million of outflows alone came from the third day of trading on Jan. 16, according to an X post by Bloomberg ETF analyst James Seyffart. Seyffart observed inflows from other recently launched Bitcoin ETFs but wasn’t sure whether those inflows outpaced the Grayscale Bitcoin Trust’s (GBTC) outflows on Jan. 16.(CoinTelegraph)

2. Bitcoin ETFs surpass triple the combined daily volume of 500 ETFs launched in 2023: On Jan. 16, the total volume generated by 10 spot Bitcoin ETFs surpassed the cumulative volume of all 500 ETFs launched in 2023, exceeding it by more than three times.(CryptoNews)

3. ProShares seeks to add more Bitcoin ETPs with five leveraged and short ETF filings: Asset manager ProShares submitted applications for five new leveraged and inverse Bitcoin exchange-traded funds (ETF) with the U.S. Securities and Exchange Commission on Jan. 16.(CryptoSlate)

-Economic Indicators-

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-Technological Updates-

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-Security Incidents and Concerns-

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-Bitcoin Community-

1. Bitcoin Miner Core Scientific to Emerge From Bankruptcy, Re-List Shares This Month:

The company expects to see nearly $600 million in revenue this year. The miner continues to expect to keep its pole position among peers when it emerges from its bankruptcy, according to a recent presentation, anticipating 182,000 mining rigs for its own operation this year, and ramping those up to almost 1.1 million in 2027.(CoinDesk)

-Bitcoin Sentiment-

1. Fear(0)/Greed(100) Index: 60/100 (Down 4 pts)

Analyst Comments (AC): As stated in comments above, Iran in acting out agressively through proxies and directly against all its enemies. While North Korea's Kim is sabre-rattling and the Ukraine war continues to slog on, Israel is decimating the Gaza region in its effort to destory Hamas. It seems war is breaking out all over. It is certain that Russia, China, Iran and North Korea are allied against the US and Western partners. Yet the interconnectedness of the world economy may be keeping the conflicts from getting too far out of hand, for now.

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