DIB 22 MAR 2024

Daily Intelligence Bulletin (DIB)

Block: 835,775

DTG/ICOD: 0800EST 22Mar24

Precedence: Routine (RR)

Controls: Public Release

QQQQ

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BLUF: US/EU Ratchet Up Pressure on Israel / Haiti Chaos Continues / Aussies Buying Nuke Subs / US Omnibus Spending Bill Going Through / Mexico Say No / Central Banks Worldwide Pause Before Acting

Market Data: Price: 1 BTC= $64,373, 29.66 oz Gold, .15 Median US House

24hr Hi: $67,686/ Lo: $64,093

Vol: $41B (Down 28%)

Mkt Cap: $1.27T (Down 4%)

HashRate: 527 EH/s

Avg Fees: 8,565 sats/tx (Down 8%)

Nodes: 18,471

—Reports—

-International Events-

1. US, EU ratchet up pressure on Israel over Gaza ceasefire; UN vote planned: Security Council expected to vote on Friday on US-drafted ceasefire resolution with talks to continue in Qatar. (AlJazerra)

2. Carnage on the streets of Port-au-Prince as world stalls on a promised intervention for Haiti: For three weeks, Haiti’s capital has been trapped in a gory cycle that far exceeds the kidnapping and gang violence for which it was already known. An insurgent league of heavily armed gangs is waging war on the city itself, seeking new territory and targeting police and state institutions. Scared and angry, vigilante groups are blocking off their neighborhoods with felled trees and chains, killing and burning outsiders suspected of gang membership. It’s the only way, they say, to defend themselves. (CNN)

3. $3 billion deal with the UK gets Australia closer to having a fleet of nuclear-powered submarines: Australia is set to provide 4.6 billion Australian dollars ($3 billion) to British industry to support the construction of nuclear-powered submarines and ensure its new fleet arrives on time. (AP)

-US Events-

1. Congress rushes to approve final package of spending bills before shutdown deadline: With spending set to expire for several key federal agencies at midnight Friday, the House and Senate are expected to take up to spare a $1.2 trillion measure that combines six annual spending bills into one package. More than 70% of the money would go to defense. (AP)

2. Mexico, a key U.S. ally on migration, pushes back hard on Texas law: President Andrés Manuel López Obrador has denounced the measure as “draconian.” He says his government will reject any attempt by Texas officials to send migrants back to Mexico. (WashPo)

-Regulatory and Legal-

1. Crypto Exchange Okx Shuts Down Services in India Due to Regulations — Advises Users to Withdraw All Funds: Cryptocurrency exchange Okx has notified its users in India that the platform is shutting down services in the country “due to local regulations.” (bitcoincom)

-Institutional Concerns-

1. Over $2.5 Billion in Bitcoin and Ethereum Options Expire Amid Market Pullback: In a significant turn of events, the cryptocurrency market has experienced a considerable pullback, with over $2.5 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expiring today. (blockchainreporter)

-Central Bank Digital Currencies (CBDC)-

1. UAE Central Bank piloting CBDC with UAE Commercial Banks and payment processors: UAE Central Bank is encouraging all UAE Commercial banks and payment processors to participate in pilot integration for CBDC digital dirham. All UAE licensed financial institutions will adopt digital dirham by 2026. (cryptopolitan)

-Economic Indicators-

1. Bank of England Holds Rates as Switzerland Is First Rich Economy to Cut: In Switzerland, with inflation now well within the SNB’s target range, the bank cut its key rate to 1.5% from 1.75%, where it had been since June. Inflation is now expected below 2% over the next few years, having come in at 1.2% in February, the SNB said. (WSJ)

-Security Incidents and Concerns-

NSTR

-Bitcoin Community-

1. Drop in Bitcoin Wallet Activity Raises Concerns Among Traders: Bitcoin wallet activity has dropped in the last 10 days. The number of Bitcoin non-zero coin wallets has dropped by 311,000, according to Santiment data. This drop means fewer people are trading Bitcoin. History shows that wallet activity drops during market FUD (fear, uncertainty, and doubt). (blockchainreporter)

-Bitcoin Sentiment-

1. Fear(0)/Greed(100) Index: 75/100 (Down 4 pts)

Analyst Comments (AC): Central banks worldwide are mostly holding interest rates steady, but signs of easing rates are beginning to appear. With the Swiss bank’s drop in rates, among others, bankers are looking to stimulate economies again. The Keynesian game continues as it has for over 100 years, namely, controlling economies as desired by governments and debasing the savings of workers. From an economic standpoint, it seems that humanity is on the brink of paradigm shift as the new “digital property” of Bitcoin begins to offer savers a new option other than hard assets. The shift will take time and pain to accelerate it, and economic education will be necessary to help savers understand how to preserve the efforts of their work.