DIB 12 DEC 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 874,396
DTG/ICOD: 1200Z 12Dec24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: South Korea President Faces Impeachment / New Syrian PM Seeks Religious Peace / Biden Commutes 1,500, Pardons 39 / Drones in NJ / NDAA Passes House / Trump Invites Xi to Inauguration / Argentina Learns From El Salvador / Vancouver Explores Bitcoin / Australian Wealth Fund Buys Bitcoin / Dalio Advocates Gold and Bitcoin / World Liberty Buys More Alts / Highest US Budget Deficit Ever / WA Pastor Bilks Congregation With Crypto / Seeks Oils Suck, Study Says / Bitcoin Leaving Exchanges in Big Bundles

Market Data: Price: 1 BTC= $101,343, 37.31 oz Gold, .23 Median US House
24hr Hi: $101,913 / Lo: $98,138
Vol: $80B (Down 15%)
Mkt Cap: $2T (Up 3%)
HashRate: 756 EH/s
Avg Fee Rate: 14 sats/vBtye (Down 12%)
Nodes: 19,559

—Reports—
-International Events-
1. South Korea opposition parties submit new motion to impeach President Yoon: The National Assembly said the main liberal opposition Democratic Party and five smaller opposition parties submitted the impeachment motion on Thursday afternoon. The impeachment vote will take place on Saturday at about 5pm (08:00 GMT), the parties said. The motion needs to win support from eight members of the ruling People Power Party (PPP) to secure the necessary two-thirds majority. South Korea’s capital, Seoul, has been rocked by daily protests since December 3, when Yoon stunned the nation by declaring emergency martial law, saying he was acting to protect the country from “threats” posed by North Korea and accused the opposition of being “antistate forces”. (AlJazeera)

2. Syria’s new PM al-Jolani says rights guaranteed for all religious groups: Syria’s new prime minister said the Islamist-led alliance that ousted president Bashar al-Assad will guarantee the rights of all religious groups and called on the millions who fled the war to return home. Sunni Muslim HTS is rooted in Syria’s branch of Al-Qaeda and is proscribed as a terrorist organisation by many Western governments, though it has sought to moderate its rhetoric. (Hindustantimes)

-US Events-
1. Biden commutes roughly 1,500 sentences and pardons 39 people in biggest single-day act of clemency: The commutations announced Thursday are for people who have served out home confinement sentences for at least one year after they were released. Prisons were uniquely bad for spreading the virus and some inmates were released in part to stop the spread. Biden said he would be taking more steps in the weeks ahead and would continue to review clemency petitions. The second largest single-day act of clemency was by Barack Obama, with 330, shortly before leaving office in 2017. (AP)

2. Homeland Security shares new details of mysterious drone flights over New Jersey: The large mysterious drones reported flying over parts of New Jersey in recent weeks appear to avoid detection by traditional methods such as helicopter and radio, according to a state lawmaker. Assemblywoman Dawn Fantasia described the drones as up to 6 feet in diameter and sometimes traveling with their lights switched off. (AP)

3. US House passes massive defense policy bill, despite transgender provision: The U.S. House of Representatives passed a defense policy bill on Wednesday, governing a record $895 billion in annual military spending, despite inclusion of a controversial policy targeting gender-affirming care for transgender children. The tally was 281-140 in favor of the National Defense Authorization Act, or NDAA, sending it for consideration by the Democratic-led U.S. Senate. The bill bans the military health program, TRICARE, from covering gender-affirming care for the transgender children of service members if it could risk sterilization. (Reuters) (AC-This article highlights the media tactic of a misleading headline, where it implies one fact when the opposite is true.)

4. Trump Invites China’s Xi Jinping to Attend Presidential Inauguration: Trump extended an unprecedented invitation to Chinese President Xi Jinping to attend his January 20 inauguration, marking what could be the first foreign leader attendance at a US presidential inauguration since 1874. (GroundNews)

-Regulatory and Legal-
1. Argentina Partners With El Salvador on Digital Asset Regulation Issues: The CNV, the current VASP regulatory institution in Argentina, has signed a collaboration agreement with the Digital Asset National Commission (CNAD) of El Salvador to exchange information, supervise, and regulate cryptocurrency exchange operations. “El Salvador has shown leadership, not only in the use of bitcoin, but also in the world of digital assets and their service providers. from the CNV, we want to work with them for their valuable experience.”, CNV President said. (BitcoinCom)

2. Vancouver City Council Approves Bitcoin Integration Study for 2025: Vancouver City Council has approved a proposal to study Bitcoin integration into municipal operations by Q1 2025, despite regulatory challenges and opposition from some officials. Mayor Ken Sim pledged a personal donation of $10,000 in Bitcoin to the city. (Blockonomi)

-Central Bank Digital Currencies/World Currencies-
NSTR

-Institutional Concerns-
1. Australian wealth manager AMP invests $27m in Bitcoin as first major superannuation fund to embrace crypto: AMP Wealth Management, one of Australia‘s largest wealth managers with billions in assets under management, has invested $27 million in Bitcoin, becoming the first major superannuation fund in the country to do so, the Australian Financial Review has learned. AMP chief investment officer Anna Shelley explained that the allocation, representing 0.05% of the firm’s $57 billion in assets, was part of a broader diversification strategy. (CryptoNews) (AC-Only .05%, much more room to grow!)

2. Ray Dalio advocates for Bitcoin as protective asset amid global debt concerns: Ray Dalio, founder of Bridgewater Associates, endorsed gold and Bitcoin as preferable to debt assets in a speech at the Abu Dhabi Finance Week. Dalio highlighted the rising levels of indebtedness in major economies and the potential for future financial crises that could devalue conventional money. Despite his skepticism, Dalio admitted to owning bitcoin in 2021. (CryptoBriefing)

3. Donald Trump linked World Liberty Financial purchases $12 million Ethereum, Chainlink, and Aave: According to Arkham Intelligence data, these purchases have boosted the project’s crypto holdings to a value exceeding $74.7 million. WLFI now holds approximately 14,576 ETH (worth over $57 million), 102.9 cbBTC (valued at $10.3 million), and other assets like USDC alongside its newly acquired LINK and AAVE. (CryptoSlate) (AC-This in an indicator of possible direction the new administration could take. Altcoins and DeFi could take center stage over Bitcoin maximalism for the next year or two. Other uses for ‘crypto’ may be heavily explored too, while nation-states and institutions look past it to Bitcoin only.)

-Economic Indicators-
1. Government Spending Shock: US Budget Deficit Soars In Worst Start To Year On Record: According to the latest Treasury data released today, in November – the second month of fiscal 2025 – the US spent a massive $584.2 billion, a 14% increase from the prior year, and a record for the month of November. the US deficit exploded to a staggering $624.2 billion, and even though this included several calendar adjustments – which explains the freak September surplus which as we said was due to calendar effects – the November deficit of $367 billion was $14 billion more than consensus estimates of $353 billion. (ZeroHedge)

2. US Inflation Rate Rises to 2.7% As Expected: The annual inflation rate in the US rose for a 2nd consecutive month to 2.7% in November 2024 from 2.6% in October, in line with expectations. The annual core consumer price inflation rate in the United States, which excludes items such as food and energy, stood at a three-month high of 3.3% in November 2024, unchanged from October and September. (TradingEconomics)

3. Nasdaq Marks Another Closing Record: The S&P 500 gained 0.9% on Wednesday, moving closer to its all-time highs, while the Nasdaq 100 surged 1.7%, reaching a new record. This rally followed November’s inflation report, which aligned with economists’ expectations and bolstered hopes for a likely Federal Reserve rate cut at its upcoming meeting. (TradingEconomics)

-Security Incidents and Concerns-
1. Pastor Allegedly Bilked Church Members in $6 Million Crypto Fraud Scheme: The Commodity Futures Trading Commission accused Francier Obando Pinillo of running a fraudulent scheme that took at least $5.9 million from investors by promising high returns through a fake platform. Pinillo allegedly targeted unsophisticated investors, including church members, and sent funds to private wallets in Colombia. (Decrypt)

-Technology and Science-
1. Study Suggests Seed Oils Linked to Colon Cancer Rise: A recent study, partly funded by the US government, has suggested a link between the consumption of seed oils such as sunflower, canola, and corn oil, and an increase in colon cancer rates among young Americans. This research highlights the inflammatory properties of these oils when used in large quantities, pointing to a potential health concern. However, there is debate within the scientific community about the extent to which these oils impact health, with some experts emphasizing the benefits of seed oils for heart health. (X, DailyMail)

-Bitcoin Community-
1. Bitcoin Is Leaving Exchanges in Batches of $10M or More: Van Straten: Glassnode data shows that transactions worth more than $10 million of bitcoin have been leaving exchanges at a rapid rate which signals aggressive buying from an institutional level. Many of these transactions appear to be coming from the exchange Coinbase, which is why we have noticed a Coinbase premium in recent weeks. As of yesterday, almost 12,500 BTC ($1.3 billion) left exchanges, with roughly half of this amount leaving Coinbase, according to Glassnode data. (CoinDesk)

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 83/100 (Up 5 pts)

Analyst Comments (AC): NSTR

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