DIB 5 APR 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 837,807
DTG/ICOD: 0800EST 05Apr24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Iranian Media Issues Warning, Israel Responds / Biden Seeks Gaza Cease-Fire / Port of Baltimore to Reopen in May / Australia to Launch Nation’s First Bitcoin ETF / Paraguay Proposes Bitcoin Mining Ban / Philadelphia Fed Claims Consumers Warming to CBDC / Hawkish Fed Commentary Questions Rate Cuts / US Gas Prices Rise /

Market Data: Price: 1 BTC= $66,702, 29.14 oz Gold, .15 Median US House
24hr Hi: $69,291 / Lo: $66,323
Vol: $38B (Up 31%)
Mkt Cap: $1.3T (Even)
HashRate: 572 EH/s
Avg Fees: 10,383 sats/tx (Up 117%)
Nodes: 17,991

—Reports—
-International Events-
1. Iranian Media Issues Warning, Israel Responds: An Iranian response to Monday’s attack on an Iranian embassy is imminent and could come as soon as Friday, according to Israeli authorities. This comes as the Tehran Times vows a “Storm Is Coming” as Israel moves closer to “extinction.” Today is Quds Day (or Jerusalem Day), the last Friday in the Muslim holy month of Ramadan. It is a day on which pro-Palestinian and anti-Israeli protests often take place. The IDF has canceled all leave for all combat units and GPS was being disrupted across Israel as a defensive tactic used to interfere with weapons that may utilize GPS targeting. Israel has not officially commented on the embassy attack but has been blamed for the incident by Iranian leadership. Israel has responded by warning Iran of a massive regional war if directly attacked. (BBC)

2. Biden Seeks Gaza Cease-Fire: President Biden has warned Israeli PM Netanyahu that steps must be taken to protect civilians in Gaza following an Israeli strike that killed seven aid workers. Biden’s support for Israel’s military action in Gaza has grown increasingly strained, though the White House has not commented on what changes it could make in policy toward Israel. Biden further stated that achieving a cease-fire was essential to return Israeli hostages bring the conflict to a close. (AP)

-US Events-
1. Port of Baltimore to Reopen In May: The U.S. Army Corps of Engineers announced they will open additional limited access channels to the Port of Baltimore within the next 4 weeks, with plans to restore the port to normal operations by the end of May. Salvage and recovery efforts continue at the site of the Key Bridge collapse, with crews working to lift massive steel sections. Recovery efforts are vital as the port is a crucial economic hub, with 75 containers already rerouted to provide work for longshoremen. (CBS News)

-Regulatory and Legal-
1. Australia to Launch Nation’s First Bitcoin ETF: Australian asset manager Monochrome plans to launch the country’s first spot Bitcoin ETF that will hold physical Bitcoin, similar to U.S.-based products. The firm has already received approval from the Australian Securities Exchange and expects Cboe Australia to clear its application by June. Unlike existing ETPs in Australia that give exposure to spot crypto assets, the Monochrome Bitcoin ETF will provide investors with a straightforward, transparent pathway to exposure. The successful launch of spot Bitcoin ETFs in the U.S. has prompted other countries to consider introducing similar products. (Cointelegraph)

2. Paraguay Proposes Bitcoin Mining Ban: Lawmakers in Paraguay have proposed a bill to temporarily ban Bitcoin and other crypto mining activities for 180 days, citing illegal mines stealing power and interrupting electricity supply. The ban also aims to regulate crypto staking, wallets, and mining until the National Electricity Administration says it can guarantee enough energy supply without affecting other users. The Alto Paraná region, home to the Itaipu hydroelectric dam, has seen a significant boom in crypto miners attracted to its abundant hydroelectric energy. The government claims there have been 50 cases of interrupted power supply linked to illegal crypto mining since February. The draft claims regulations would allow Paraguay to better supervise the industry and address issues such as lack of consumer protections and potential use in money laundering and tax evasion. (Cointelegraph)

-Institutional Concerns-
NSTR

-Central Bank Digital Currencies (CBDC)-
1. Philadelphia Fed Claims Consumers Warming to CBDC: The Federal Reserve Bank of Philadelphia has released the results of a survey conducted a survey in late 2022 to understand consumer attitudes toward adoption of a central bank digital currency (CBDC) in the United States. According to the Fed, slightly more than half of the respondents were open to the idea of a CBDC. Respondents indicated that they would likely substitute a CBDC for their existing payment methods, such as cash, debit cards, and credit cards, in proportion to their current usage. While a small portion of respondents were resistant to the idea of a CBDC, the survey suggests there is an opportunity to increase interest and adoption if the final product is well-designed and effectively communicated to address consumer concerns. (Philadelphia Federal Reserve)

-Economic Indicators-
1. Hawkish Fed Commentary Questions Rate Cuts: While Federal Reserve officials had previously pointed to as many as three rate cuts this year, Minneapolis Fed President Kashkari questioned whether rate cuts would be appropriate in 2024 if inflation continues sideways. Richmond Fed President Barkin also noted it would be “smart” for the Fed to take more time to assess inflation metrics and economic conditions before committing to any rate cuts. Markets moved lower on the news. (Nasdaq)

2. US Gas Prices Rise: The US national average for gas prices has reached $3.57 per gallon, $0.06 higher than the same time last year, with prices in California already exceeding $5 per gallon. Gasoline supplies are tight in California and on the East Coast, with stockpiles falling significantly. The increase in gas prices is driven by rising oil prices and the tense geopolitical situation the Middle East, with WTI surging above $86 a barrel and Brent crude closing above $90 per barrel for the first time since October. (Yahoo Finance)

-Security Incidents and Concerns-
NSTR

-Bitcoin Community-
NSTR

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 79/100 (Up 9 pts)

Analyst Comments (AC): “People who think they know everything are a great annoyance to those of us who do.” – Issac Asimov. It can be easy to get frustrated with people stuck in fiat programming. But show them some grace, and it just might change their lives.

Follow us on NOSTR: @Bitcoin Veterans
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Analyst: BV2B
END REPORT
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*NSTR-Nothing Significant To Report