Block: 841,907
DTG/ICOD: 0800EST 03May24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Turkey Halts All Trade With Israel / Russian Troops Enter Niger / Ceasefire Talks in Egypt / Over 2000 Arrested at US Colleges, Many Not Students / Arizona Repeals Abortion Ban / Another Boeing Wishblower Dies / Coinbase Had Big 1st Quarter / Block Begins DCA into BTC, Gives Away Blueprint / US Jobs Data Today
Market Data: Price: 1 BTC= $59,237, 25.75 oz Gold, .14 Median US House
24hr Hi: $60,004 / Lo: $58,238
Vol: $29B (Down 28%)
Mkt Cap: $1.16T (Up 2%)
HashRate: 558 EH/s
Avg Fee Rate: 31 sats/vBtye (Up 35%)
Nodes: 19,146
---Reports---
-International Events-
1. Turkey halts trade with Israel over 'humanitarian tragedy' in Gaza: Turkey has suspended all trade with Israel over its offensive in Gaza, citing the "worsening humanitarian tragedy" in the strip. The Turkish trade ministry said the measures would be in place until Israel allowed an "uninterrupted and sufficient flow" of aid into Gaza. Trade between the two countries was worth almost $7bn (£5.6bn) last year. (BBC)
2. Russian troops enter base housing US military in Niger, US official says: Russian military personnel have entered an air base in Niger that is hosting U.S. troops, a senior U.S. defense official told Reuters, a move that follows a decision by Niger's junta to expel U.S. forces. The military officers ruling the West African nation have told the U.S. to withdraw its nearly 1,000 military personnel from the country, which until a coup last year had been a key partner for Washington's fight against insurgents who have killed thousands of people and displaced millions more. (Reuters)
3. Hamas is sending a delegation to Egypt for further cease-fire talks in the latest sign of progress: After months of stop-and-start negotiations, the cease-fire efforts appear to have reached a critical stage, with Egyptian and American mediators reporting signs of compromise in recent days. But chances for the deal remain entangled with the key question of whether Israel will accept an end to the war without reaching its stated goal of destroying Hamas. (AP)
-US Events-
1. Over 2,000 people arrested at protests disrupting colleges across the US: At Portland State University, police arrested at least 30 people on Thursday night as they worked to disperse pro-Palestinian protesters from a library that had been occupied this week. President Joe Biden has delivered his most extensive remarks on the protests, drawing a line between what he called peaceful and violent protests, repeating his support for Israel, and dismissing calls for the National Guard to intervene. Meanwhile, almost half of the more than 280 pro-Palestinian protesters arrested at Columbia University and City College this week weren’t students or faculty at the schools, according to data released by Mayor Adams’ administration Thursday. (CNN, NYPost, DailyNews)
2. Arizona Gov. Katie Hobbs signs abortion ban repeal bill: The ban, which dates to early territorial days in 1864, forbids doctors from providing abortions except when necessary to save the life of the mother. Voters are expected to weigh in on the Arizona Abortion Access Act this November, which would permit abortions up to the point of fetal viability, around 24 weeks of pregnancy. (Axios)
3. Second Boeing whistleblower dies following a brief illness, weeks after the suicide of another: Joshua Dean, 45, a former quality auditor at Boeing supplier Spirit AeroSystems, alleged that managers failed to act on manufacturing defects on the 737 Max, attorneys who represented both men said Thursday. "He was a healthy individual who ate well and exercised," Turkewitz told NBC News. "So it just seems odd that he went so fast." (NBC) (AC- Correlation does not mean causation, but cooincidence rightly causes suspicion.)
-Regulatory and Legal-
1. Crypto Mining Restrictions: Arkansas lawmakers approved two bills to address criticism over previous regulations on mining operations. The two Senate-backed bills, SB78 and SB79, were among the few non-budget subjects on the legislative session’s agenda and were “overwhelmingly approved” by the majority Republican House. They are on their way to Republican Governor Sarah Huckabee Sanders’s desk. These bills tackle the backlash from local officials and residents who live near the operations, who complained about the noise impact on the community. As a result, the lawmakers added the requirement for noise-reduction techniques and a state permit to operate. (Bitcoinist)
-Institutional Concerns-
1. Crypto Exchange Coinbase Had a Blowout First Quarter: The business has a number of positive catalysts including its smart wallet, Coinbase Prime, layer-2 network Base and its growing international offering, the analysts said. The crypto exchange reported first-quarter net income of $1.2 billion and diluted earnings per share (EPS) of $4.40. (CoinDesk)
2. Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others: Payments firm Block (SQ) has begun a dollar cost averaging (DCA) program to add to its already sizable bitcoin (BTC) stack. Led by CEO Jack Dorsey, the company in April began using 10% of its monthly bitcoin-related gross profit to buy additional bitcoin, with plans to do this each month for the remainder of 2024. Alongside that news, the company also released its Bitcoin Blueprint For Corporate Balance Sheets, in which it describes the process through which it is able to acquire large amounts of the crypto without unduly moving the market, and how it custodies, insures and accounts for the holdings. (CoinDesk)
-Central Bank Digital Currencies (CBDC)-
1. Saudi, Bahrain eye cross border CBDC, IMF financial inclusion: Last week the World Economic Forum held a Middle East Special Meeting, during which a CBDC was discussed. A cross border CBDC is a priority for both the Saudi and Bahraini central banks. In contrast, the International Monetary Fund (IMF) sees potential for a retail CBDC to improve financial inclusion. The Governor of the Bank of Bahrain also hypothesized about the attractions of an interest bearing retail CBDC. (LedgerInsights) (AC- WEF, IMF, CBDCs mean control at higher and higher levels but without adequate technology it's simply posturing)
-Economic Indicators-
1. US Job Growth Likely Remained Strong in April: The US economy likely added 243,000 jobs in April 2024, a slight deceleration compared to the 303,000 jobs added in March, with many economists expecting continued job growth in sectors such as construction and leisure, partially fueled by a recent surge in immigration. The full report is due today. (TradingEconomics) (
2. US 10-Year Treasury Yield Falls Further: The yield on the US 10-year Treasury yield pared its mid-session rebound and fell to 4.6% on Thursday, extending the drop from the prior session as markets continued to assess the outlook of the Federal Reserve’s monetary policy. (TradingEconomics)
-Security Incidents and Concerns-
1. Sen. Lindsey Graham's phone being investigated for potential hack: Sen. Lindsey Graham said Wednesday that the FBI was in possession of his phone after he received a message from someone impersonating Senate Majority Leader Chuck Schumer. "I get a message, I think, from Schumer," Graham, R-S.C., said during a panel discussion about artificial intelligence regulations at The Hill and Valley Forum. "It ain't from Schumer." (NBC)
-Technology-
NSTR
-Bitcoin Community-
NSTR
-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 48/100 (Up 5 pts)
Analyst Comments (AC): With Block's announcement of their new DCA program into Bitcoin, visibiliy is rising on the corporate practice pioneered to by Microstrategy. The nugget, however, is the free blueprint they shared that allows other companies to replicate the strategy successfully. The document can be downloaded by anyone, and of course it is self-serving for block, whose business it is to buy and sell bitcoin. There will be adherents to the practice, and soon the government will come for thier due. At some point, this is the type of event that will eventually lead to a bitcoin standard.
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Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report
