DIB 11 SEP 2024 - Bitcoin Veterans

BTC Daily Intelligence Bulletin (DIB)
Block: 860,878
DTG/ICOD: 1200Z 11Sep24
Precedence: Routine (RR)
Controls: Public Release
QQQQ

BLUF: Judicial Reform Passes in Mexico, Protests Erupt / Iran Refutes Missile Supply to Russia / Hurricane to Hit Louisiana / Presidential Debate Ignites Rhetoric / Binance Exec Withers in Nigerian Jail / Digital Yuan Making Strides / BTC ETFs Big Hit with Retail and Advisors / CPI Core: 3.2% Indonesian Crypto Exchange Hacked / AI Writes About AI / Solo Miner Hits Jackpot / 5Th Gen Warfare Front and Center This Year

Market Data: Price: 1 BTC= $56,483, 22.54 oz Gold, .13 Median US House
24hr Hi: $58,029 / Lo: $56,111
Vol: $32B (Down 4%)
Mkt Cap: $1.12T (Down 2%)
HashRate: 572 EH/s
Avg Fee Rate: 3 sats/vBtye (Down 40%)
Nodes: 19,321

—Reports—
-International Events-

Protests in Mexico as controversial judicial reform passed: Mexico’s Senate has approved a controversial judicial reform under which judges will be elected by popular vote. Its supporters say the changes will make judges more accountable to the Mexican people but critics argue it undermines the country’s system of checks and balances and will strengthen the power of the governing Morena party. The bill has triggered strikes and protests, with demonstrators earlier breaking into the building where the vote was due to take place. (BBC)
Iran pledges reaction to Western sanctions over Russian missile supply: Iran has condemned allegations by Western countries that it has supplied short-range missiles to Russia for use against Ukraine and pledged to respond to new sanctions imposed by a trio of European states. Ministry of Foreign Affairs spokesman Nasser Kanaani called the sanctions announced by Britain, France and Germany “economic terrorism” against the people of Iran. (AlJazeera)

-US Events-

Hurricane Francine charges toward Louisiana coast: Multiple parishes in Louisiana have issued mandatory evacuation orders as the Category 1 hurricane is set to make landfall Wednesday afternoon. State and local officials are urging residents to prepare for the storm’s wrath, which is also expected to bring widespread power outages, significant flooding and substantial property damage. (Fox)
Harris Baits Trump in Fiery Presidential Debate: The candidates square off in Philadelphia with polls essentially tied eight weeks before Election Day. Her performance Tuesday night quickly earned her one of the most coveted endorsements—that of megastar Taylor Swift, who posted on Instagram that she would be voting for the vice president. (WSJ) (AC-The reports on the debate are wildly partisan with some outlets declaring complete victory for Harris, some for Trump, and a plethora of ‘fact-checking’, the new term for partisan spin. What can be objectively ascertained is that Harris did better than many expected and that neither candidate elaborated on substantive policy discussion, oh yeah, and that legacy media outlets are very pro-Harris.)

-Regulatory and Legal-

Nigeria postpones bail hearing for Binance executive: Tigran Gambaryan, the Binance executive detained in Nigeria on account of the exchange’s alleged crimes, will have to wait another month for a decision on his bail plea. Gambaryan appeared before an Abuja court after his legal team filed a new bail application, citing his failing health. The application claimed that the former IRS officer had developed multiple conditions in the six months he has been in prison, including malaria and pneumonia. (CoinGeek)

-Central Bank Digital Currencies-

China’s Digital Yuan Nears $1 Trillion in Transactions, PBOC Official Reveals: China’s digital yuan initiative has advanced considerably, backed by over a decade of research and four years of pilot experimentation, according to Lu Lei, Deputy Governor of the People’s Bank of China (PBOC). Trials for the Chinese central bank digital currency (CBDC) have been conducted in 17 different areas, accumulating a total transaction value of 7 trillion yuan (close to $1 trillion). In addition, China is working with several nations on a cross-border digital currency project, aiming to enhance global payment systems. (BitcoinCom)

-Institutional Concerns-

Standard Chartered Now Offers Bitcoin and Ethereum Custody Services in UAE: Standard Chartered has launched a digital asset custody service in the UAE, licensed by the Dubai Financial Services Authority. The service aims to provide secure storage for digital assets, starting with bitcoin and ethereum. Brevan Howard Digital is the first client, and the bank plans to expand into more digital assets. (Decrypt)
US spot bitcoin ETFs rebound with $117 million in daily inflows led by Fidelity’s FBTC: Spot bitcoin exchange-traded funds in the U.S. posted total daily net inflows worth $116.96 million on Tuesday. The funds shifted to net inflows on Monday, ending their eight-day streak of negative flows. (TheBlock)
Investment Advisors Adopting Bitcoin ETFs Faster That Any Exchange-Traded Fund in History, Says Bitwise CIO: Posted on X, “The truth is that investment advisors are adopting Bitcoin ETFs faster than any other ETF in history. It is just that their historic flows are overshadowed by the even-more-historic purchases of other investors. It is accurate to say that investment managers represent a small fraction of buyers of Bitcoin ETFs. But it is not accurate to say that investment manager purchases of Bitcoin ETFs are ‘small.’” (DailyHODL)

-Economic Indicators-

Bitcoin’s correlation with Nasdaq rises to 0.39, diverges from gold at -0.40: Julio Moreno from CryptoQuant shared data showing that Bitcoin currently indicates a positive correlation of +0.39 with the Nasdaq index while displaying a negative correlation of -0.40 with gold over 30 days. This data showcases Bitcoin’s increasing ties to risk assets like tech stocks rather than behaving as a safe-haven asset like gold. (CryptoSlate) (AC-To be taken in context, correlation studies like this are subject to many changing variables and ultimately reflect a statement on human psychology, which can be fickle.)
CPI 0.2% MoM, Exp. 0.2%, CPI Core 0.3% MoM, Exp. 0.2%
CPI 2.5% YoY, Exp. 2.5%, CPI Core 3.2% YoY, Exp. 3.2%
(ZeroHedge)

-Security Incidents and Concerns-

Indonesian crypto exchange Indodax goes offline after suspected $22M hack: The breach compromised hot wallets on Indodax, resulting in the loss of Bitcoin, Ether, Tron, Polygon, and Optimism. Indodax has temporarily suspended operations. (CoinTelegraph)

-Technology and Science-

AI, Robotics Advances Will Bring ‘Crisis of Meaning’, Elon Musk Says: Tesla CEO Elon Musk said he sees a future where humans will have to figure out new ways to give their lives purpose, thanks to advancements in artificial intelligence and robotics. (Decrypt) (AC-Notice this is an AI-generated article about the future of AI.)

-Bitcoin Community-

Another Solo Bitcoin Miner Wins Block, Nabs $180,000 Reward: According to MempoolSpace, block 860749 was mined by Solo CK—a unique mining pool that doesn’t split mining rewards between its participants. That means one miner won a full 3.169 BTC (worth about $181,000 as of writing) for their efforts, inclusive of Bitcoin’s full block subsidy and the block’s transaction fees. (Decrypt)

-Bitcoin Sentiment-

Fear(0)/Greed(100) Index: 37/100 (Up 4 pts)

Analyst Comments (AC): In the era of 5th generation warfare (5GW), where the mind of the populace is the battlefield, media reporting is a large conduit for manipulation. For centuries this has taken the form of propaganda, but increases in technology and leverage have given the participants in the battle of ‘hearts and minds’ an advantage. The structure of world geopolitics, resting upon the hegemony of the US empire, is wholly fascinated and focused on the US Presidential election for future direction. This year, being an election year, is the climax of a 5GW cycle that begins with narratives, channels for those narratives, and amplification in other domains of warfare (economic, political, kinetic, subversive, etc.). The legacy and new media is in full-on war mode in affecting this change and reporting is far from objective. In other words, the current news cycle is one of manipulation and fabrication for your ‘heart and mind’.

Analyst: BV2A
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*NSTR-Nothing Significant To Report