DIB 10 JUN 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 847,347
DTG/ICOD: 0800EST 10Jun24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Macron Calls Snap Election in France / EU Has Major Electoral Shift to the Right / Israel Rescues 4 Hostages in Gaza / Teton Pass Road Collapses / US Offering Defense Pact to Saudi Arabia / Ripple Meeting With Georgia Gov. Officials / Paraguay Making Moves into Bitcoin Mining

Market Data: Price: 1 BTC= $69,369, 30.15 oz Gold, .16 Median US House
24hr Hi: $69,817 / Lo: $68,190
Vol: $16B (Up 40%)
Mkt Cap: $1.36T (Flat)
HashRate: 652 EH/s
Avg Fee Rate: 55 sats/vBtye (Down 31%)
Nodes: 18,803

—Reports—
-International Events-
1. Macron takes huge risk with surprise election: President Emmanuel Macron has called snap parliamentary elections later this month in the wake of a big victory for his rival Marine Le Pen’s National Rally in the European Parliament vote. The far-right party is on course to win 32% of the vote, exit polls say, more than twice that of the president’s Renaissance party. Announcing the dissolution of parliament, he said the two rounds of voting would take place on 30 June and 7 July, a few weeks before the Paris Olympics. (BBC)

2. Far right surges in European Parliament elections but center still holds: After three days of voting across the European Union’s 27 member states, an exit poll showed that far-right parties were set to win around 150 of the parliament’s 720 seats, which will likely make it harder for mainstream parties to form majorities needed to pass laws. Most of the far-right gains were concentrated in countries that elect large numbers of seats: France, Italy and Germany. (CNN)

3. Israel Rescues 4 Hostages Kidnapped in Hamas Attack on Oct. 7: Heavy fighting raged in central Gaza, where the hostages were rescued, and at least 55 people, including children, were killed in multiple attacks Saturday as people fled for safety, according to Gaza’s Health Ministry. The army said it rescued Noa Argamani, 25; Almog Meir Jan, 21; Andrey Kozlov, 27; and Shlomi Ziv, 40, in two separate locations in a complex special daytime operation in the heart of Nuseirat in central Gaza. (Breitbart) (AC- The 4 hostages were held in central Gaza at a refugee camp and heavily defended by Hamas soldiers.)

-US Events-
1. Wyoming’s Teton Pass road collapses in landslide: ‘Catastrophic failure’: A mountain pass road near the popular tourist destination of Jackson, Wyoming, collapsed Saturday after a landslide, adding at least an hour of travel time for those who drive on the roadway. An alternate route between Jackson and the area of Victor, Idaho, goes more than 60 miles out of the way and adds “quite a bit to any commute.” (Fox)

2. U.S. to Offer Landmark Defense Treaty to Saudi Arabia in Effort to Spur Israel Normalization Deal: The Biden administration is close to finalizing a treaty with Saudi Arabia that would commit the U.S. to help defend the Gulf nation as part of a long-shot deal to encourage diplomatic ties between Riyadh and Israel, U.S. and Saudi officials said. “It would be the first time the U.S. concluded a mutual defense pact that would carry the force of law since the 1960 revision of the U.S.-Japan treaty, and the first time it concluded such an agreement with an authoritarian country,” The diplomatic push for a defense pact with Riyadh marks a remarkable turnaround for President Biden, who as a candidate vowed to treat Saudi Arabia as a pariah and make it pay a price for the assassination of journalist Jamal Khashoggi, a U.S. resident. (WSJ) (AC- Interesting timing as the 50 year agreement with Saudi Arabia comes to a close this month that ensures Saudi use of the US dollar in global oil transactions (AKA Petrodollar) and the US defense of Saudi lands via the US military.)

-Regulatory and Legal-
NSTR

-Institutional Concerns-
1. Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June: With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin in the trading week between June 3 and 7 — around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital. (CoinTelegraph)

-Central Bank Digital Currencies (CBDC)-
1. Ripple partners with National Bank of Georgia to digitize economy: The new collaboration builds on the previous partnership between the NBG and Ripple, where the latter serves as the technological partner for the NBG’s pilot CBDC project called the digital lari. (CoinTelegraph) (AC-Ripple is the leading ‘crypto’ company dedicated to promoting and building a slew of nation-state and global CBDCs)

2. BRICS Considers XRP: A Potential Leap for Cross-Border Payments: The Bank of Russia previously proposed a project on cross-border transfer execution. There was a rumor that this project took the Ripple payment system into account. Given its reputation for speed and economy of transactions, XRP was seen as a great starting point for creating a group cross-border settlements system. (CryptoNews) (AC-A possible ‘hope’ article, not confirmed through other sources)

-Economic Indicators-
1. 10-Year Treasury Yield Edges Up, FOMC and CPI Awaited: The yield on the US 10-year Treasury note was around one-week highs of 4.45% as traders gear up for a significant week ahead. (TradingEconomics)

-Security Incidents and Concerns-
1. Singapore alerts businesses to Bitcoin ransomware risk: Akira, the ransomware that stole $42 million from over 250 organizations across North America, Europe and Australia within a year, is now actively targeting businesses in Singapore. The alert comes after agencies, including the Cyber Security Agency of Singapore, the Singapore Police Force and the Personal Data Protection Commission, recently received several complaints from victims of the cyberattack. (CoinTelegraph)

2. Fake X Accounts Used by Scammers to Impersonate Airlines: According to consumer advocate “Which?”, every major airline in the UK has fake profiles on X, formerly known as Twitter, which are regularly used to trick consumers into providing personal information. It was also mentioned that X takes too long to remove problematic accounts. (TechTimes)

-Technology-
1. NASA Says Extremely Rare Nova Explosion Will Be Visible on Earth, Can Be Seen With Naked Eyes: NASA and astronomers worldwide are eagerly awaiting a rare celestial event this summer as a nova explosion in the constellation Corona Borealis is expected to be visible from Earth. (TechTimes)

-Bitcoin Community-
1. Paraguayan Minister Unveils Future Economic Strategy Centered on Bitcoin Mining for Industrial Transition: Javier Gimenez, from the Paraguayan Ministry of Industry and Commerce, revealed that the government plans to take advantage of the energy sold to legal bitcoin mining operations. Gimenez stated that selling Paraguay’s energy to bitcoin mining companies is part of the government’s strategy, which seeks to rebuild its industry in three years as part of a transitional phase. (BitcoinCom)

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 77/100 (Down 1 pts)

Analyst Comments (AC): It seems the CBDC race is beginning to heat up. With the BRICS coalition and efforts by the BIS, combined with aggressive marketing by Ripple (XRP), CBDCs are taking a turn toward international or at least cross-border trade focuses rather than nation-state efforts that could conceivably compete with national currencies. This is significant in that it is global efforts like this that would capture economic power at a higher level than nation-states. Instead of a truly decentralized, individual P2P system like Bitcoin, a global CBDC system would put economic powers of inflation and digital permissions inherent in CBDCs into the hands of unelected bureaucrats at a global level.

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