DIB 13 MAR 2024

Daily Intelligence Bulletin (DIB)
Block: 834,504

DTG/ICOD: 0800EST 13Mar24

Precedence: Routine (RR)

Controls: Public Release

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BLUF: Putin Says Russia is Nuclear Ready / Ukraine Knocks out Half of Russian Oil Refining / US Ship Enroute Gaza / Trump and Biden Win Delegates for Nomination / US CPI Data Slightly Higher at 3.2% / COPA Seeks Criminal Charges Against Craig Wright /

Market Data: Price: 1 BTC= $73,166, 33.82 oz Gold, .17 Median US House

24hr Hi: $73,475/ Lo: $68,728

Vol: $64B (Up 21%)

Mkt Cap: $1.44T (Up 2%)

HashRate: 592 EH/s

Avg Fees: 7,868 sats/tx (Down 32%)

Nodes: 18,372

—Reports—

-International Events-

1. Putin warns the West: Russia is ready for nuclear war: President Putin warned the West on Wednesday that Russia was technically ready for nuclear war and that if the U.S. sent troops to Ukraine, it would be considered a significant escalation of the conflict. (Reuters)

2. Ukraine knocks out Russian refinery in major attack: Industry sources said that the main crude distillation unit (AVT-6) at NORSI was damaged in the attack, which means that at least half of the refinery’s production is halted. Lukoil declined to comment. (EuraActiv)

3. U.S. Ships Leave Virginia for Gaza: U.S. Army ships are moving to the Eastern Mediterranean to build a pier to supply civilians in Gaza with essential supplies. The ships will establish a roll-on, roll-off capability that will allow ship-to-shore humanitarian assistance to the people of Gaza. “We expect the pier to be fully operational in approximately 60 days which will be able to facilitate the delivery of about 2 million meals per day,” (DoD Release)

-US Events-

1. Trump Wins Delegates Needed to Become GOP’s Presumptive Nominee: With wins in Georgia, Mississippi and Washington state, Trump surpassed the 1,215-delegate threshold needed to become the presumptive Republican nominee. He’ll formally accept the nomination at the Republican National Convention in July, by which point he could be in the remarkable position of being both a presidential candidate and convicted felon. (Breitbart)

2. New Federal Judiciary Rule Will Limit ‘Forum Shopping’ by Plaintiffs: For years, litigants have tried to cherry-pick the judges in sweeping cases on abortion and immigration. Random judge selection is about to make that harder. (NYT)

3. Biden special counsel Robert Hur takes fire from all sides: Hur’s report cleared Biden of wrongdoing, but he still drew the ire of Democrats with his comments on the president’s memory. Hur in the hearing said that his report did not exonerate the president, which some Democrats had claimed, but said he ultimately did not find charges were warranted. (The Hill)

-Regulatory and Legal-

1. South Korea Preparing Tax System to Avoid Cryptocurrency Tax Evasion: The National Tax Service in South Korea is preparing to launch a virtual asset tax system to help analyze the information received from cryptocurrency holders to avoid cryptocurrency tax evasion. Local sources reported that the agency had contracted the services of a third-party company to help in this task, and it is scheduled to be launched next year. (BitcoinCom)

2. Tether Collaborates With FBI and Justice Department To Seize $1,400,000 in USDT From Crypto Wallet: USDT issuer Tether has helped top US government officials seize digital assets from an unhosted crypto wallet. In a new announcement, Tether says it has worked with the FBI and the US Department of Justice (DOJ) to take $1.4 million in USDT from a “scam network.” (DailyHODL)

-Institutional Concerns-

1. Grayscale plans spin off of spot bitcoin ETF: The spin-off is part of a bid to offer investors lower-fee exposure to bitcoin, according to a person familiar with the matter. (Reuters)

2, SEC Orders First Trust-SkyBridge to Declare Its Bitcoin ETF Application Abandoned: First Trust was one of the first to file for a BTC ETF, and was rejected by the SEC in January 2022. (CoinDesk)

-Central Bank Digital Currencies (CBDC)-

1. Putin Signs ‘CBDC, Digital Assets Payments’ Bill into Law: Russian President Vladimir Putin signed a law allowing firms in the country to use digital financial assets including the digital ruble in international payments on March 11. (CryptoNews) (AC- This is a complicated bill. It allows the Russian Central bank to monitor and issue a digital Ruble but also allows firms and international payments to occur in many different digital assets. All firms would need to report in a Russian accounting system, however)

-Economic Indicators-

1. US Inflation Rate Unexpectedly Rises to 3.2%: Annual inflation rate in the US unexpectedly edged up to 3.2% in February 2024, compared to 3.1% in January and above forecasts of 3.1%. (TradingEconomics)

2. US S&P 500 Hits Fresh Closing Record: US stocks finished higher on Tuesday, with tech shares resuming their recent rally amid slightly higher-than-expected inflation data that had little impact on expectations for the first rate cut by the Fed in June. The S&P 500 rose 1.1%, to a new closing high, the Nasdaq gained 1.1% and the Dow Jones popped 235 points. (TradingEconomics)

-Technological Updates-

1. US Justice Department increases focus on artificial intelligence enforcement: The DOJ is stepping up its focus on AI with a top official warning on March 5 that companies and individuals who misuse the technology for white-collar crime, such as price fixing, fraud, or market manipulation, will be at increased risk of a harsher sentence. (CoinGeek)

-Security Incidents and Concerns-

NSTR

-Bitcoin Community-

1. Coinbase looks to raise $1 billion via bond offering amid a bullish market trend: The bonds, designated as unsecured convertible senior notes, are set to mature in 2030, offering investors the option to convert their holdings into Coinbase shares or cash at that time. (CryptoSlate)

2. COPA to seek criminal charges for Craig Wright’s Satoshi ‘lies’: COPA argued that the evidence clearly shows that Wright did not invent Bitcoin, write its White Paper, or produce the code. (CryptoSlate)

3. The Converging Interest Between Psychedelic Therapy And Bitcoin: Though this combination may seem unexpected, many in the bitcoin community believe the two are naturally interconnected. “Bitcoin and plant medicine both encourage self-discovery and responsibility, emphasizing the pursuit of meaningful life values over instant gratification. While neither is a magical fix, if one walks such a path long enough, it can only result in positive outcomes.”, said Tom Taber, co-founder of Montana Sagrada. (Forbes)

-Bitcoin Sentiment-

1. Fear(0)/Greed(100) Index: 81/100 (Even)

Analyst Comments (AC): The presidential political season will officially begin this week as Trump and Biden will both receive nomination in their respective parties. It promises to be an exciting and divisive year full of 5th generation warfare (5GW) tactics and countertactics.