DIB 17 APR 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 839,636
DTG/ICOD: 0800EST 17Apr24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Iran Warns Israel / US Navy Flies Through Taiwan Strait / 50K Soldiers Lost to Russia / US Speaker Johnson Pushes Aid for Ukraine, Israel / Biden Wants to Triple Chinese Steel Tariffs / Two US Senators Seek to Clarify Stablecoin Regs / Fed Comments Cool Markets / Bitcoin on Sale Before Halving

Market Data: Price: 1 BTC= $62,704, 26.37 oz Gold, .15 Median US House
24hr Hi: $64,486/ Lo: $61,728
Vol: $36B (Down 20%)
Mkt Cap: $1.24T (Even)
HashRate: 682 EH/s
Avg Fees: 44,695 sats/tx (Up 108%)
Nodes: 18,118

—Reports—
-International Events-
1. Iran’s president vows to completely destroy Israel if it launches ‘tiniest invasion’: President Ebrahim Raisi spoke Wednesday at an annual army parade warning Israel of a “massive and harsh” response, as the country braces for potential Israeli retaliation after Iran’s missile and drone attack over the weekend. (Fox)

2. US navy flies aircraft through the Taiwan Strait a day after US-China defense chiefs hold rare talks: The U.S. 7th Fleet said a Navy P-8A Poseidon flew through the Taiwan Strait on Wednesday, a day after U.S. and Chinese defense chiefs held their first talks since November 2022 in an effort to reduce regional tensions. U.S. Defense Secretary Lloyd Austin spoke with his Chinese counterpart, Adm. Dong Jun, on Tuesday in the latest U.S. effort to improve communications with the Chinese military and reduce the chances of a clash in the region. (AP)

3. Russia’s meat grinder-50,000 confirmed dead: Russia’s military death toll in Ukraine has now passed the 50,000 mark, the BBC can confirm. In the second 12 months on the front line – as Moscow pushed its so-called meat grinder strategy – we found the body count was nearly 25% higher than in the first year. BBC Russian, independent media group Mediazona and volunteers have been counting deaths since February 2022. (BBC)

-US Events-
1. Facing a Republican revolt, House Speaker Johnson’s plan for US aid to Ukraine, allies uncertain: Defiant and determined, House Speaker Mike Johnson pushed back Tuesday against mounting Republican anger over his proposed U.S. aid package for Ukraine, Israel and other allies, and rejected a call to step aside or risk a vote to oust him from office. “I am not resigning,” Johnson said after a testy morning meeting of fellow House Republicans at the Capitol. (AP)

2. House delivers Mayorkas impeachment articles to the Senate to begin a trial: House Republican impeachment managers walked the articles over to the Senate chamber Tuesday ahead of what is expected to be a short-lived trial beginning on Wednesday. (NBC)

3. Joe Biden calls for tripling of tariffs on Chinese steel: In a meeting with United Steelworkers union members in Pittsburgh on Wednesday, Biden will call on trade representative Katherine Tai to triple the tariff on the imports from the current average of 7.5 per cent. Biden’s campaign is trying to shore up support among union workers ahead of November’s US presidential election, in which Pennsylvania could play a decisive role. (FT)

-Regulatory and Legal-
1. U.S. Senators Lummis, Gillibrand Take on Stablecoin Legislation With New Bill: Lummis and Gillibrand unveiled a new bill Wednesday, hoping to move the needle on stablecoin legislation. Under their proposed bill, payment stablecoin issuers would have reserve and operational requirements, including needing to create subsidiaries specifically to issue stablecoins. The bill would also require stablecoin issuers to deal in dollar-backed tokens. (CoinDesk)

-Institutional Concerns-
1. Grayscale spot Bitcoin ETF ‘halves’ before BTC halving: GBTC, the biggest spot Bitcoin ETF, has “halved” since the trading launch in January, but rivals like BlackRock’s IBIT have added more than 10,000%. (CoinTelegraph) (AC-Obviously a play on words, GBTC has lost half its value since January)

-Central Bank Digital Currencies (CBDC)-
1. U.S. Senator expresses CBDC concerns, supports Bitcoin: U.S. Senator Marsha Blackburn highlighted the personal privacy and government surveillance risks of CBDCs while supporting Bitcoin. In recent remarks at the Bitcoin Policy Summit, the Tennessee Republican expressed strong concerns about Central Bank Digital Currencies (CBDCs), labeling them as potential spy tools for government oversight. (CryptoNews)

2. New Zealand launches CBDC consultation: Yesterday the Reserve Bank of New Zealand (RBNZ) launched its second central bank digital currency (CBDC) consultation. Since its first inquiry in 2021, it has put considerable effort into exploring how it plans to position and design the digital currency. The consultation will run until July 26. Based on feedback and the preparation of a business case, a decision will be made on whether to proceed to Stage three, the preparation phase. (LedgerInsights)

-Economic Indicators-
1. Bitcoin Takes A Hit As Fed Puts Rate Cuts On Hold: Bitcoin reacted to Federal Reserve Chairman Jerome Powell’s remarks during a panel discussion on Tuesday. Powell reiterated the central bank’s commitment to maintaining a restrained monetary policy, despite encouraging economic indicators. His remarks, which highlighted the importance of persisting with current interest rates due to limited progress in reaching the Fed’s inflation target, sparked reactions across various financial markets, including Bitcoin. (BItcoinist)

2. US Manufacturing Output Rises for 2nd Month: Manufacturing production in the US rose 0.5% from a month earlier in March, following an upwardly revised 1.2% increase in February. Durable manufacturing and nondurable manufacturing indexes increased by 0.3% and 0.7% respectively, while publishing and logging fell by 0.2%. (TradingEconomics)

3. US Housing Starts at 7-Month Low: Housing starts in the US plunged 14.7% month-over-month to an annualized rate of 1.321 million in March 2024, reversing from an upwardly revised 1.549 million level in February and well below forecasts of 1.48 million.(TradingEconomics)

-Security Incidents and Concerns-
1. Trust Wallet releases advisory on zero-day exploit exposing iOS users: The firm claims that the exploit, which is allegedly being sold on the dark web for $2 million, can infiltrate and take control of iPhone users without the need for them to click on a link. (CryptoBriefing)

-Technology-
1. Crypto-like communication devices could break gov’t surveillance — Telegram founder Durov: Pavel Durov, founder of Telegram Messenger, believes that governments’ decreasing tolerance toward privacy will force innovations around secure communication hardware devices. “The world is becoming less amenable. Governments are becoming less tolerant of privacy. And that’s clearly the trend because they have more technological power.”, he said (CoinTelegraph)

-Bitcoin Community-
NSTR

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 67/100 (Up 2 pts)

Analyst Comments (AC): NSTR

Follow us on NOSTR: @Bitcoin Veterans
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Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report