DIB 12 JUL 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 851,831
DTG/ICOD: 1200Z 12Jul24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: US To Shut Down Gaza Pier / US, Germany Foil CEO ‘Assassination Plot’ By Russia / Canada to Buy 12 New Subs for Arctic / Orban Visits Trump at Mar-a-Lago / Democrats Continue to Turn on Biden / Biden Misspeaks / US Congressmen Intros Bill to Release Binance Exec / CFTC Wants Oversight on Bitcoin and Crypto / Germany Down to 18% of BTC Stash / Lowest US Inflation Data in Year / How to Launder Crypto / New Bill to Stop AI Deepfakes / Big BTC Mining Difficulty Drop

Market Data: Price: 1 BTC= $57,124, 23.83 oz Gold, .13 Median US House
24hr Hi: $59,387 / Lo: $56,561
Vol: $28B (Up 12%)
Mkt Cap: $1.13T (Down 3%)
HashRate: 626 EH/s
Avg Fee Rate: 7 sats/vBtye (Down 21%)
Nodes: 14,202

—Reports—
-International Events-
1. US military to shut down embattled Gaza aid pier: The U.S. plans to shut down the controversial Gaza humanitarian pier “in relatively short order,” ending a three-month saga that saw the U.S. military struggle to deliver vital aid to the enclave. The Pentagon later said in a statement that troops had failed to successfully re-anchor the pier onto the shore of the Gaza Strip due to “technical and weather-related issues.” (Politico)

2. US and Germany foiled Russian plot to assassinate CEO of arms manufacturer sending weapons to Ukraine: US intelligence discovered earlier this year that the Russian government planned to assassinate the chief executive of a powerful German arms manufacturer that has been producing artillery shells and military vehicles for Ukraine, according to five US and western officials familiar with the episode. The plot was one of a series of Russian plans to assassinate defense industry executives across Europe who were supporting Ukraine’s war effort, these sources said. The plan to kill Armin Papperger, a white-haired goliath who has led the German manufacturing charge in support of Kyiv, was the most mature. (CNN) (AC-This report would need to be more thoroughly vetted to not be seen as highly suspect.)

3. Canada takes step to acquire up to 12 submarines to guard Arctic: Canada updated its defense policy this year with a focus on protecting the Arctic and dealing with challenges from Russia and China. Citing global warming, Canada says the Arctic Ocean could become the most efficient shipping route between Europe and East Asia By 2050, thus raising the need to bolster maritime security. Canada currently has a fleet of four submarines that the ministry said was growing more obsolete and expensive to maintain. The new fleet of submarines will be conventionally powered and capable of operating under ice. (Reuters)

-US Events-
1. Hungary’s nationalist leader visits Trump at Mar-a-Lago following NATO summit: Hungary’s nationalist prime minister, Viktor Orbán, traveled to Florida on Thursday and met with former President Donald Trump following a NATO summit in Washington, a move likely to aggravate frustrations among Western allies over similar secretive trips he made to Russia and China in recent days. The Mar-a-Lago meeting — Orbán’s second since March — came as the latest stop on what he calls a “peace mission” aimed at finding a path toward ending Russia’s war in Ukraine. (AP)

2. More Democrats Call on Joe Biden to Exit Race: ‘Crisis of Confidence’: Rep. Marie Gluesenkamp Perez (D-WA) stepped into new territory on Thursday by not only calling for Biden to step down but also calling for him to resign. Later in the day, Rep. Jim Himes (D-CT) called upon the president to resign following his press conference on NATO. Likewise, Rep. Scott Peters (D-CA) told Politico after Biden’s press conference, “Today I ask President Biden to withdraw from the presidential campaign. The stakes are high, and we are on a losing course.” (Breitbart)

3. Biden Accidentally Introduces Ukraine’s Zelensky as ‘President Putin’: “Now I want to hand it over to the President of Ukraine, who has as much courage as he has determination, ladies and gentlemen, President Putin,” Biden said. He quickly corrected himself: “President Putin? He’s going to beat President Putin. President Zelensky. I’m so focused on beating Putin, we’ve gotta worry about it.” (WSJ)

-Regulatory and Legal-
1. US Congressman Introduces Bill for Detained Binance Executive’s Release: U.S. Representative Rich McCormick introduced a bill to secure the release of Binance executive Tigran Gambaryan, who has been detained in Nigeria since February 2024. (Blockonomi)

2. CFTC Chair Pushes for Federal Legislation to Regulate Bitcoin and Ether as Commodities: During his Senate testimony, the chairman of the Commodity Futures Trading Commission (CFTC) emphasized the necessity of federal legislation to regulate digital commodities such as bitcoin and ether. Citing market volatility and fraud, the chairman advocated for expanded regulatory powers to safeguard investors and maintain financial stability. He also referenced a recent court ruling that reaffirmed the status of the two largest cryptocurrencies as commodities. (BitcoinCom)

-Central Bank Digital Currencies-
1. Bahamians didn’t want CBDCs — So now they’re being forced to use them: Regulators in the Bahamas are sick of their citizens’ reluctance to adopt a CBDC, so they’re forcing commercial banks to get on board. (CoinTelegraph)

-Institutional Concerns-
1. Germany has 9K Bitcoin left just 3 weeks after it started selling: The German government’s Bitcoin wallet is down to 9,094 Bitcoin — just 18% of what it started with — after the latest string of back-and-forth transfers to crypto exchanges on July 11. (CoinTelegraph)

-Economic Indicators-
1. US Inflation Rate Lowest in a Year: The annual inflation rate in the US fell for a third straight month to 3% in June 2024, the lowest since June 2023, compared to 3.3% in May and below forecasts of 3.1%. (TradingEconomics)

2. US Initial Jobless Claims Fall More than Expected: The number of people claiming unemployment benefits in the US fell by 17,000 from the prior week to 222,000 on the period ending July 6th, reaching a new 5-week low, and below market expectations of 236,000.(TradingEconomics)

-Security Incidents and Concerns-
1. How law enforcement struggles with sophisticated crypto laundering: On July 11, the blockchain analysis firm Chainalysis released its “Money Laundering and Cryptocurrency Report,” highlighting the trend of billions flowing through the crypto ecosystem from illicit wallets to conversion services every month. One prevalent technique mentioned in the report involves the use of intermediary wallets, or “hops,” to mask the trail of illicit funds. Such hops make it difficult to trace the flow of funds, with over 80% of the total value in laundering channels passing through intermediary wallets. Obfuscation services, such as mixers and privacy coins, further complicate tracing illicit funds. One example of a mixer is Tornado Cash, which blends cryptocurrencies from various users to obscure their origins. Over-the-counter brokers, particularly those operating without proper Know Your Customer procedures, have also played a crucial role in facilitating the off-ramping of illicit funds. In such instances, these brokers often advertise their services on platforms with encrypted messages, offering direct conversion to fiat currency and attracting criminals seeking anonymity. (CoinTelegraph)

-Technology-
1. AI Startup GalaxyVoice Enables You to Speak in Any Language in Your Own Voice: this clever software is capable of analyzing your voice in real-time and then translating it into virtually any language under the sun—all while preserving your real voice. GalaxyVoice also incorporated a proprietary voice cloning technology into its software. This tool analyzes your voice in great detail and then creates an imitation of it when it proceeds with the translation. (TechTimes)

2. New Senate Bill Targets AI Deepfakes, Calls for Content Watermarks: A bipartisan group of senators introduced the COPIED Act to prevent deepfakes, combat copyright infringement, and stop unauthorized AI model training. The COPIED Act also bans unauthorized use of content for AI training, calling for creator control and compensation rights. Enforcement of the act would fall to the U.S. Federal Trade Commission (FTC) and state attorneys general. (Decrypt) (AC-This could have adverse effects on the decentralization of AI LLMs.)

-Bitcoin Community-
1. Drop in Bitcoin Mining Difficulty ‘Comparable to FTX Collapse,’ CryptoQuant Says: Bitcoin mining difficulty dropped significantly by 7.8% on June 5, 2024, reaching levels not seen since before the halving event in April. This marks the largest difficulty drop since the collapse of crypto exchange FTX in 2022. One analyst said miners’ daily revenues have plummeted from $78 million pre-halving to $26 million currently. (CoinDesk)

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 25/100 (Down 4 pts)

Analyst Comments (AC): The good economic data released yesterday, including low inflation, low unemployment and surging stocks were to be expected in this election year. The theater that is government-controlled economic data in a fiat economy is the central government’s propaganda channel to a not-so-free market. To those of us who study more than one economic theory, the manipulation is all-too-obvious. Exit this corrupt system, study Bitcoin.

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Analyst: BV2A
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*NSTR-Nothing Significant To Report