DIB 19 JUN 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 848,628
DTG/ICOD: 0800EST 19Jun24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Israel Approves Plans for Lebanese Offense / Putin Receives Warm Reception in North Korea / Israeli Intelligence Faces Internal Scrutiny / Biden Pushes Path to Citizenship Plans / New Mexico Declares State of Emergency / SEC Ends ETH 2.0 Investigation / Bank of Thailand Considers CBDC / US Budget Deficit Continues to Rise / Business Bankruptcies and Closures Increase / Summer Temps to Impact Bitcoin Hashrate /

Market Data: Price: 1 BTC= $65,114, 28.13 oz Gold, .15 Median US House
24hr Hi: $65,786 / Lo: $64,066
Vol: $34.5B (Down 4%)
Mkt Cap: $1.292T (Up 2.92%)
HashRate: 640 EH/s
Avg Fees: 29 Sats/vByte (Up 21%)
Nodes: 19,503

—Reports—
-International Events-
1. Israel Approves Plans for Lebanese Offensive: The Israeli military has approved plans for an offensive in Lebanon amid escalating daily clashes with Hezbollah, which have displaced tens of thousands and caused casualties on both sides. The conflict intensified following Hezbollah’s rocket attacks in response to Israel’s killing of a group commander. Despite ongoing diplomatic efforts led by the US to de-escalate the situation, Israeli officials have expressed readiness for military action. Hezbollah’s recent release of surveillance footage of Israeli sites has further heightened tensions, with Israeli leaders warning of severe consequences if conflict erupts. (Financial Times)

2. Putin Receives Warm Reception in North Korea: As reported yesterday, Russian President Vladimir Putin received a warm welcome in Pyongyang where he met with North Korean leader Kim Jong Un to strengthen their partnership in the face of U.S. pressure. The lavish reception included an honor guard, cheering crowds, and adorned streets. During the summit, both leaders praised each other’s resistance to U.S. policies, with Putin highlighting North Korea’s support for Russia amid the Ukraine conflict. The visit underscores the deepening ties between the two nations, with discussions on economic cooperation and a potential strategic partnership treaty, signaling strengthening regional alliances. (Reuters)

3. Israeli Intelligence Faces Internal Scrutiny: The IDF and Unit 8200 are facing internal investigations over the mishandling of an intelligence document detailing Hamas’s raid plans, leading to significant embarrassment and an investigation into security lapses. The document, distributed by Unit 8200 on September 19, 2023, outlined Hamas’s exercises for raiding Israeli military posts and kidnapping civilians but was not properly processed or escalated to senior officials. This oversight became evident when the document was discovered by a Gaza Division intelligence officer on October 1, who failed to inform senior commanders. The mishandling of this critical information, despite its importance being known to top intelligence leadership, is being investigated, with initial findings expected to be presented to the Chief of Staff soon. (The Jerusalem Post)

-US Events-
1. Biden Pushes Path to Citizenship Plans: President Joe Biden has unveiled a sweeping new plan to offer potential citizenship to almost half a million “immigrants without legal status” in the U.S., focusing on spouses of U.S. citizens who have lived in the country for over ten years. This plan would provide protection and work permits to eligible individuals. The plan, announced during an event marking the 12th anniversary of the DACA program, looks to rouse support for the President in an election year which sees Hispanic support moving towards the GOP. Republicans have criticized the plan as a “mass amnesty,” while advocates believe it will energize support for Biden’s reelection. (AP)

2. New Mexico Declares State of Emergency: Following up on yesterday’s reporting, a wildfire in southern New Mexico has killed at least one person and forced thousands to flee from the village of Ruidoso, prompting Governor Michelle Lujan Grisham to declare a state of emergency. The fire has destroyed or damaged over 500 structures, and strong winds continue to challenge firefighting efforts. Many evacuees have fled to nearby Roswell. The governor has deployed National Guard troops and a top-level fire management team to the area, emphasizing the ongoing danger as the fires, which have burned over 31 square miles, remain uncontained. (AP)

-Regulatory and Legal-
1. SEC Ends ETH 2.0 Investigation: Ethereum’s price surged following Consensys’ announcement that the U.S. Securities and Exchange Commission (SEC) has dropped its investigation into whether ETH is a security. The news led to a price increase, with ETH reaching $3,541 shortly after the announcement. This development reduces concerns among some investors over potential securities law violations. This follows the SEC’s recent approval of spot Ether exchange-traded funds (ETFs) in the U.S., further highlighting a shift in regulatory attitudes towards the crypto space. (Cointelegraph)

-Institutional Concerns-
NSTR

-Central Bank Digital Currencies (CBDC)-
1. Bank of Thailand Pushes CBDC: The Bank of Thailand is reportedly increasing its gold reserves to support a de-dollarized trading system powered by a central bank digital currency (CBDC), according to gold market analyst Jan Nieuwenhuijs. Nieuwenhuijs suggests that the Bank’s persistent gold purchases are aimed at addressing trade imbalances through the Mbridge project, a CBDC-driven cross-border settlement system. Thailand has been a net importer of gold since October 2023, with purchases continuing despite varying gold prices. This move aligns with the recent bilateral currency agreement with China and aims to stabilize the new trading system by recycling surpluses into gold, promoting de-dollarization. (BitcoinCom)

-Economic Indicators-
1. US Budget Deficit Continues to Rise: The U.S. budget deficit for fiscal 2024 is projected to rise to $1.915 trillion, primarily due to increased spending on student loan relief, Medicaid, bank failure resolutions, and aid to Ukraine and Israel. This marks a 27% increase over previous estimates and follows a significant deficit from the previous year. The Congressional Budget Office also predicts the deficit will further increase to $1.938 trillion in fiscal 2025. Contributing factors include legislative changes and rising interest and healthcare costs, despite a stronger economic outlook and reduced long-term deficits from increased immigration. (Reuters)

2. Business Bankruptcies and Closures Increase: Amid rising inflation, an increasing number of companies are declaring bankruptcy and closing operations, leading to nearly 3,200 store closures in 2024, according to CoreSight Research. This represents a 24% increase from the previous year, with notable closures from retailers such as Family Dollar, Tupperware, Rue21, and 99 Cents Only. The economic strain is compounded by retail theft, higher operating costs, and a surge in consumer debt, with credit card delinquencies on the rise. A poll by The Center Square Voters’ Voice indicates that inflation and the economy are top concerns for voters across political affiliations. (New York Post)

-Security Incidents and Concerns-
NSTR

-Bitcoin Community-
1. Summer Temps to Impact Bitcoin Hashrate: Bitcoin’s hashrate may decline during the North American summer as miners reduce operations due to extreme heatwaves. The reduced competition could provide some relief to miners already facing profit squeezes since the halving. The seasonal slowdown, driven by the need for cooling and increased residential energy consumption, has historically resulted in lower hashrate and mining difficulty. This trend, particularly affecting miners in the U.S., could lead to a decrease in hashrate growth, offering some miners a temporary respite from intense competition. (CoinDesk)

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 64/100 (Down 10 pts)

Analyst Comments (AC): Study bitcoin.

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Analyst: BV2B
END REPORT
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*NSTR-Nothing Significant To Report