BTC Daily Intelligence Bulletin (DIB)
Block: 856,456
DTG/ICOD: 1200Z 12Aug24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
BLUF: US Buildup Continues in Mideast / Russians Evacuate Kursk Areas / US SOF Busy in Syria Against ISIS / Trump Campaign Hacked / Musk and Trump on X Tonight / NYC Overflows With Migrants / Venezuelans Use VPNs to Access Binance / Turkey Opens Up To Digital Assets / IRS Changes Crypto Form / Canada Politicians Spar on CBDC / Four Years of MSTR BTC Strategy / Quantum Computers Pick Up Steam / Bitcoin Miners Scraping By
Market Data: Price: 1 BTC= $59,806, 24.51 oz Gold, .14 Median US House
24hr Hi: $60,739 / Lo: $57,688
Vol: $29B (Up 86%)
Mkt Cap: $1.18T (Down 2%)
HashRate: 724 EH/s
Avg Fee Rate: 7 sats/vBtye (Up 75%)
Nodes: 19,685
—Reports—
-International Events-
- US is ‘strengthening’ military force in Middle East: The U.S. is “strengthening” its capabilities in the Middle East by sending an additional guided missile submarine to the region “in light of escalating regional tensions,” according to a statement from Pentagon Press Secretary Maj. Gen. Pat Ryder issued on Sunday. Secretary Austin ordered the USS Abraham Lincoln Carrier Strike Group, equipped with F-35C fighters, to accelerate its transit to the Middle East, which was previously expected to get there by the end of the month. Additionally, Austin has ordered the USS Georgia guided missile submarine to the Middle East. (ABC)
- Russia orders more evacuations as Ukraine’s incursion into its territory enters its seventh day: Russian authorities were on Monday evacuating civilians from more areas along the Ukrainian border, a week into Kyiv’s surprise cross-border incursion into Russian territory. The incursion, which is now affecting two Russian regions, is seen as something of a game-changer in the conflict. (CNN)
- In Syria’s Hinterlands, the U.S. Wages a Hidden Campaign Against a Resurgent Islamic State: American commandos are scrambling to contain a resurgence of Islamic State where the militant group once imposed its violent religious fervor on vast territories and millions of people. Militant fighters have doubled their pace of attacks in Syria and Iraq this year. They have targeted security checkpoints, detonated car bombs and plotted to free thousands of comrades jailed since the SDF and a U.S.-headed Western coalition recaptured the last Islamic State-held town. (WSJ)
-US Events-
- Trump campaign says it has been hacked: Politico reported earlier Saturday that it had received emails from an anonymous account with documents from inside Trump’s campaign operation. “These documents were obtained illegally from foreign sources hostile to the United States, intended to interfere with the 2024 election and sow chaos throughout our Democratic process,” a Trump campaign spokesperson said. Spokesman Cheung pointed to a recent report published by Microsoft that said Iranian operatives had ramped up their attempts to influence and monitor the US presidential election. (CNN)
- Elon Musk to interview Trump on X social media network: The interview, scheduled for 8 p.m. Eastern Time (0000 Tuesday GMT), could provide the former president an opportunity to seize the limelight. Trump’s access to his account, @realDonaldTrump, was restored a month into Musk’s ownership of X after being suspended by the platform’s previous owners following the Jan. 6, 2021, attack on Congress by his supporters. Trump frequently posts on his Truth Social social media platform, which was launched in February 2022.(Reuters)
- Migrants Camp in City Streets as Biden’s Shelters Overflow and Gang Violence Grows: As the number of migrants continues to grow in the Big Apple, authorities are beginning to become concerned over the number of border crossers who are choosing to live outside in tents instead of going into the city’s shelter system. With the city already struggling to house some 65,000 migrants, a major factor spurring migrants to camp outside in tents is that they feel unsafe in the massive shelters arranged by city officials. (Breitbart)
-Regulatory and Legal-
- Venezuelans turn to VPNs as government restricts Binance access: Binance has confirmed that the Venezuelan government has restricted access to its website amid turmoil following controversial presidential election results. Local group VE sin Filtro advised Venezuelans to use a virtual private network (VPN) to bypass the crypto platform’s blockade. (CryptoSlate)
- 47 Companies Apply to Operate in Turkey Under New Crypto Regulations: Turkey’s Capital Markets Board has issued an update on crypto asset service providers following new regulations. The provisional lists include 47 operational companies and three that are planning to liquidate. Current crypto service providers are required to apply for permits or proceed with liquidation by specified deadlines, with legal repercussions for noncompliance. (BitcoinCom)
- IRS Updates Crypto Tax Form, But Could Still Bring ‘Unintended Consequences’, Expert Says: The IRS has released a revised draft of the 1099-DA form for crypto investors, aiming to simplify tax reporting for digital asset holders. The new form eliminates intrusive questions about wallet addresses, transaction IDs, and specific broker types. (Decrypt)
-Central Bank Digital Currencies-
- Trudeau’s rival pushes to ban CBDC in Canada, preserves cash use: Canadian Conservative Leader Pierre Poilievre voiced strong opposition to the development of a central bank digital currency in Canada in a recent X post, pledging to protect cash usage and resist the government’s push toward economic digitization. (CryptoNews)
-Institutional Concerns-
- Saylor’s Big Bitcoin Gamble Turns 4. Here’s How MicroStrategy Stock Has Performed: After languishing for nearly two decades, the stock ended up recovering following Saylor’s Bitcoin gamble. In fact, MicroStrategy has managed to outperform 499 out of 500 stocks in the S&P 500. As reported, MicroStrategy (MSTR) stock was added to the much-coveted the MSCI World Index earlier this year after outperforming Bitcoin. (UToday)
-Economic Indicators-
- Bank of Japan Rules Out Interest Rate Hikes Until 2025: A former Bank of Japan (BOJ) official stated that the central bank will delay any further interest rate hikes until next year, prioritizing market stability in the near term. The BOJ recently raised its key interest rate for the first time in over a decade but has now signaled a pause in additional rate hikes. The shift in policy caused the Japanese yen to strengthen and led to a decline in risk assets, including Bitcoin. (Decrypt)
- Dollar Stabilizes Ahead of Inflation Data: The dollar index steadied around 103.1 on Monday as investors look ahead to key inflation data this week for confirmation that price growth has continued to stabilize. (TradingEconomics)
- Week Ahead: The focus in the United States will be on the CPI and PPI reports, and speeches by Federal Reserve officials. Additionally, key data releases will include retail sales, Michigan consumer confidence, export and import prices, housing starts, building permits, and industrial production. (TradingEconomics)
-Security Incidents and Concerns-
NSTR
-Technology and Science-
- Quantum computers are advancing much faster than scientists expected: Most people working in the field believe that quantum computers will be able to solve problems that classical computers can’t solve within the next 10 years. This is according to a recent survey of 927 people with associations to the field of quantum computing (researchers, executives, press, enthusiasts, etc.) conducted by QuEra. Of those surveyed, 74.9% “expect quantum to be a superior alternative to classical computing for certain workloads” within the next 10 years. (CoinTelegraph)
-Bitcoin Community-
- Bitcoin miners record lowest daily revenue of 2024: Revenue earned by Bitcoin miners, primarily through block rewards and transaction fees, declined consistently over two weeks to record a new yearly low on Aug. 11. On Aug. 11, daily earnings of the Bitcoin mining community dipped to a new yearly low of $2.54 million, a number last seen in October 2023. (CoinTelegraph)
-Bitcoin Sentiment-
- Fear(0)/Greed(100) Index: 25/100 (Down 23 pts)
Analyst Comments (AC): NSTR
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Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report