DIB 15 AUG 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 856,888
DTG/ICOD: 1200Z 15Aug24
Precedence: Routine (RR)
Controls: Public Release
QQQQ

BLUF: Ukraine Kursk Incursion Confounds / A Rouge Ukrainian Allegedly Sabotaged Nord Stream / Taliban Parades Through Bagram / Hurricane Ernesto Hits Puerto Rico / VP Harris Wants to Control Grocery Prices / Tax Relief Bill on Crypto Transactions Introduced / China, Russia Using Crypto for Cross-Border Payments / USG Moves 10K BTC To Coinbase / Mt Gox Moves 46K BTC For Clients / Norway Wealth Fund Invests in Bitcoin / CPI Show Inflation Drop / SSNs of All Americans on Dark Web / Water Found on Mars / MARA Buys More BTC / BTC Mining Difficulty Drops 4%

Market Data: Price: 1 BTC= $58,790, 24.81 oz Gold, .14 Median US House
24hr Hi: $61,687 / Lo: $57,733
Vol: $32B (Up 13%)
Mkt Cap: $1.16T (Down 4%)
HashRate: 633 EH/s
Avg Fee Rate: 6 sats/vBtye (Even)
Nodes: 19,551

—Reports—
-International Events-

Ukraine gambled on an incursion deep into Russian territory. The bold move changed the battlefield: Ukraine’s stunning incursion into Russia’s Kursk border region was a bold gamble for the country’s military commanders, who committed their limited resources to a risky assault on a nuclear-armed enemy with no assurance of success. The shock of Ukraine’s thunder run revealed chinks in the armor of its powerful adversary. The attack also risked aggravating Ukraine’s own weaknesses by extending the front line and committing new troops at a time when military leaders are short on manpower. (AP)
A Drunken Evening, a Rented Yacht: The Real Story of the Nord Stream Pipeline Sabotage: The Ukrainian operation cost around $300,000, according to people who participated in it. It involved a small rented yacht with a six-member crew, including trained civilian divers. “The whole thing was born out of a night of heavy boozing and the iron determination of a handful of people who had the guts to risk their lives for their country.” Ukrainian President Volodymyr Zelensky initially approved the plan, according to one officer who participated and three people familiar with it. (WSJ) (AC- This is a very interesting read in the WSJ. While both Russia and Ukraine deny Ukrainian involvement in the sabotage, this story puts the blame on a rogue Ukrainian general, and takes the pressure off of possible US or Israeli involvement. If any possibility of the latter is true, it’s consistent with the maxim of “always have a patsy”.)
Taliban celebrates three years of return to power in Afghanistan: Afghanistan’s Taliban has celebrated three years in power with a military parade, paying homage to its homemade bombs, fighter aircraft and goose-stepping security forces. The Taliban’s armed forces towed Soviet-era tanks, American vehicles and artillery pieces through Bagram, the former United States airbase, where Chinese and Iranian diplomats were among hundreds who gathered for the parade and speeches on Wednesday. (AlJazeera)

-US Events-

Hurricane Warning issued for Bermuda as Ernesto continues to gain strength: Hurricane Ernesto brought damaging wind gusts and flooding rain to Puerto Rico and the U.S. Virgin Islands on Tuesday and Wednesday, knocking out power to hundreds of thousands of utility customers and leading to reports of water rescues due to flash flooding. (FoxWeather)
Harris to propose federal ban on ‘corporate price-gouging’ in food and groceries: Vice President Kamala Harris plans to propose the first-ever federal ban on “corporate price-gouging in the food and grocery industries,” her campaign announced late Wednesday. “There’s a big difference between fair pricing in competitive markets, and excessive prices unrelated to the costs of doing business,” the Harris campaign said in a statement. (CNBC) (AC- Consistent with all authoritarian regimes, price controls are about control disguised at helping the people.)

-Regulatory and Legal-

Senate proposal for crypto tax exemption is long overdue: Lummis and Senators Ted Budd (R-NC), Kyrsten Sinema (I-AZ) and Kirsten Gillibrand (D-NY) introduced their proposal, the Virtual Currency Tax Fairness Act, to the 118th Congress in July. if a person uses cryptocurrency to buy something that costs less than $200, then only the sales tax would apply. Zinda further pointed out that the proposal mirrors existing rules where US law provides a similar exemption for foreign currency. Capital gains would still apply if someone were simply cashing out their holdings. (CoinTelegraph)
China-Russia International Trade Payments Situation Worsens: Crypto and Barter Rise as Alternatives: Chinese regional banks, which were once used as bridges to process payments from Russia to China, have begun rejecting these payments for fear of secondary sanctions. To facilitate these transactions, cryptocurrency and even barter schemes have emerged as options to continue trading outside the dollar-dominated financial system. (BitcoinCom)

-Central Bank Digital Currencies-
NSTR

-Institutional Concerns-

US Government Transfers $600 Million in Silk Road Bitcoin to Coinbase: The United States government has transferred nearly $600 million worth of seized Bitcoin from the Silk Road dark web marketplace to a Coinbase wallet. The transaction involved 10,000 Bitcoin and it is unclear whether the government plans to sell or hold the assets. (Decrypt)
Norway’s Wealth Fund Bets On Bitcoin: Analyst Discloses Over 100% Increase In BTC Holdings: According to a recent analysis NBIM, which manages the Norwegian Government Pension Fund Global, now indirectly owns 2,446 Bitcoin (BTC), representing a significant increase of 938 BTC from the end of 2023. (Bitcoinist)
Mt. Gox Moves Another $2 Billion In Bitcoin: The defunct crypto exchange Mt. Gox isn’t done with its Bitcoin repayments to creditors, as on-chain data shows that the exchange recently moved a significant amount of BTC. The defunct crypto exchange still holds 46,164 BTC ($2.81 billion), which could still significantly impact the market depending on whether other creditors choose to hold. (Bitcoinist)

-Economic Indicators-

US Inflation Rate Slows to 2021-Lows: The annual inflation rate in the US slowed for a fourth consecutive month to 2.9% in July 2024, the lowest since March 2021, compared to 3% in June and below forecasts of 3%. (TradingEconomics)

-Security Incidents and Concerns-

The Social Security number of every American may have been stolen in Florida company data breach: It was stolen from a company called “National Public Data” out of Coral Springs, Florida. The L.A. Times reported a hacking group said it stole the data and put nearly three billion individual records for sale on the dark web. Those records are from the U.S., U.K., and Canada. It includes a person’s full name, address, date of birth, phone numbers, and for U.S. citizens, your Social Security number. (ActionNewsJax) (AC-Reporting on this incident is strange. Most media sources are not reporting this breach and is not restricted to US citizens, but does include SSNs of Americans. Why the reporting would be throttled is unclear. It is, of course, being reported and trending on X. )

-Technology and Science-

Scientists find oceans of water on Mars. It’s just too deep to tap: Using seismic activity to probe the interior of Mars, geophysicists have found evidence for a large underground reservoir of liquid water — enough to fill oceans on the planet’s surface. (UCBerkeley)

-Bitcoin Community-

Marathon Digital Acquires 4,144 Bitcoins With $300M Convertible Note Offering: Bitcoin Miner Marathon Digital said that recent Bitcoin acquisition is part of its long term strategy to reduce debt on its balance sheet. (CoinGape)
Bitcoin mining difficulty drops by over 4%: On Aug. 14, Bitcoin mining difficulty decreased significantly by over 4%, according to Glassnode, marking the seventh negative adjustment in 2024. The hash rate, measured on a seven-day moving average, has dropped to approximately 622 exahashes per second (EH/s), down from its all-time high (ATH) of 670 EH/s. (CryptoSlate)

-Bitcoin Sentiment-

Fear(0)/Greed(100) Index: 29/100 (Down 1 pts)

Analyst Comments (AC): NSTR

Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report