DIB 15 NOV 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 870,413
DTG/ICOD: 1200Z 15Nov24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: South Africa Gov. Traps Illegal Miners / DPRK Orders Kamikaze Drone Production / Argentina May Quit Paris Climate Accords / More Trump Cabinet Picks / Pennsylvania Intros Bitcoin Reserve Bill / Eighteen States Sue SEC Over Crypto / Trump Can Start Bitcoin Reserve Without Congress / Milei Warns Against Nation-State Co-Opting Bitcoin / Bhutan Mines and Keeps Bitcoin / Bitcoin Now Seventh Largest Asset / Goldman Sachs Reveal Bitcoin Holdings / Powell Slow Rolls Rate Cuts / OG Whale Moves 2K BTC / New Football League Pays Bitcoin

Market Data: Price: 1 BTC= $89,590, 34.92 oz Gold, .21 Median US House
24hr Hi: $91,765 / Lo: $86,682
Vol: $85B (Down 28%)
Mkt Cap: $1.78T (Down 1%)
HashRate: 708 EH/s
Avg Fee Rate: 5 sats/vBtye (Down 45%)
Nodes: 19,541

—Reports—
-International Events-
1. South Africa Refuses to Help Thousands of Illegal Miners Trapped in Sealed Mine Shaft: The miners can leave at any time, provided they are ready to be placed under arrest by the police waiting for them outside. The miners are known as zama zama, a Zulu phrase that means “take a chance.” Many of them are illegal migrants from other countries. Mineral-rich South Africa has a large number of illegal mines, spread across a vast area that is difficult to police. According to police reports, roughly a thousand zama zama miners have already emerged from tunnels in the Stilfontein area and been arrested – but almost 4,000 more could be holed up underground. (Breitbart) (AC-Sometimes we need reminders in the ‘developed world’ what is happening globally. This sad story highlights to lengths humans will go to survive and make life better for their families.)

2. North Korea orders mass production of suicide drones: Kim Jong Un watched a test of suicide drones and wants production of the aerial weapons ramped up. North Korea’s latest military operation came as the US, South Korea and Japan engaged in combined military exercises. (DW)

3. Argentina stokes concerns it could quit Paris climate accord: Argentina said on Thursday it would “re-evaluate” its role in global climate talks after walking out of the COP29 summit, fuelling concerns that the South American country could become the first to follow Donald Trump’s threatened exit from the landmark Paris agreement. (FT)

-US Events-
1. Trump Picks Burgum for DOI, Collins for Sec. of VA: President-elect Donald Trump announced North Dakota Governor Doug Burgum as his nominee for secretary of the Department of the Interior. BUrgum was a high-level executive at a company that developed accounting software that ended up in the hands of Microsoft. Burgum, 68, has presented himself as a traditional, entrepreneurial-minded conservative. President-Elect Donald Trump has chosen ex-congressman Doug Collins as the Secretary of Veterans Affairs. Collins is a longtime Trump ally, a Baptist minister who has served in the Navy and Air Force Reserve, and rose to national notice defending Trump in the Mueller probe. (Ground)

-Regulatory and Legal-
1. In US First, Pennsylvania Lawmaker Introduces State Bitcoin Strategic Reserve Act: Pennsylvania may soon establish Bitcoin as a strategic reserve asset after Republican State Rep. Mike Cabell introduced the Pennsylvania Bitcoin Strategic Reserve Act – the first of its kind in the country. Cabell introduced the bill to the Pennsylvania House of Representatives on Thursday. If passed, it will allow Pennsylvania’s treasury to allocate up to 10% of its $7 billion State General Fund, Rainy Day Fund and the State Investment Fund in Bitcoin. (IBTimes)

2. 18 States Sue SEC and Gary Gensler Over Crypto Overreach: A lawsuit has been filed by 18 states and their Attorneys General against the SEC and Chairman Gary Gensler for alleged overreach in enforcing securities laws on the crypto industry. The suit also involves the DeFi Education Fund, claiming regulatory overreach. (Decrypt)

3. Trump could put billions into US Bitcoin reserve without Congress approval: David Bailey suggests over $10 billion could be put into a reserve before needing to get Congress to approve funding. (CryptoSlate)

-Central Bank Digital Currencies/World Currencies-
1. Milei Advocates for Crypto Independence: ‘Don’t Let States Take Over’: While some leaders envision the inclusion of bitcoin and central bank digital currencies as part of the state’s structure, others reject this notion. Argentine President Javier Milei gave his take regarding a possible takeover of crypto by state nations, denying the possibility of this union. Milei emphasized the relevance of cryptocurrency in maintaining economic independence from the state. “Don’t let the state get involved in this, because from then on they will turn us into slaves. Be very careful with this issue,” he concluded. (BitcoinCom)

2. Bhutan’s Bitcoin Treasure Crosses $1 Billion Mark: Bhutan utilizes its abundant hydropower to fund its BTC investments as the country now ranked fourth among nations with crypto holdings, joining countries like El Salvador. More than 25% of the country’s GDP comes from mining Bitcoin. The country has already mined 13,011 BTC, making it a government with the biggest holding of BTC. Bhutan currently holds 12,568 Bitcoin, firmly placing the Himalayan country as one of the premier BTC investors in the world. (Bitcoinist)

-Institutional Concerns-
1. Bitcoin Market Cap Surpasses $1.79 Trillion Oil Giant Saudi Aramco: Bitcoin has entered an explosive bullish rally, breaking all-time highs seven times over the past eight days. This sustained surge has set new price records and pushed its market cap above $1.809 trillion, placing it ahead of Saudi Aramco, the oil giant valued at $1.79 trillion. Bitcoin is now the world’s 7th largest asset. (BItcoinist0

2. Goldman Sachs Increases Bitcoin ETF Holdings Across Multiple Funds: Goldman Sachs has substantially increased its Bitcoin ETF holdings to over $650 million across multiple funds, with its largest position being $461 million in BlackRock’s IBIT. (BLockonomi)

-Economic Indicators-
1. Powell: Fed Not in a ‘Hurry’ to Cut Rates: Federal Reserve Chairman Jerome Powell said Thursday at a Dallas Regional Chamber event that strong U.S. economic growth gives policymakers the flexibility to take a careful approach in deciding interest rate cuts. He emphasized that the economy is not signaling a need for immediate rate reductions, pointing to robust domestic growth as the strongest among major economies. (TradingEconomics)

2. US Jobless Claims Fall to Near 6-Month Low: The number of individuals filing for unemployment benefits in the US fell by 4,000 from the previous week to 217,000 on the period ending November 9th, the least since May, and firmly below market expectations of an increase to 223,000. (TradingEconomics)

3. US Producer Prices Rise 0.2% as Expected: Factory gate prices in the US increased 0.2% mom in October 2024, following an upwardly revised 0.1% rise in September and matching expectations. (TradingEconomics)

-Security Incidents and Concerns-
1. Bitfinex Hacker Sentenced to Prison as DOJ Tracks 120,000 Stolen Bitcoin: The U.S. Department of Justice (DOJ) announced Thursday that Ilya Lichtenstein has been sentenced to prison for his role in a major cryptocurrency laundering scheme linked to the 2016 Bitfinex hack. According to court records, “Lichtenstein fraudulently authorized more than 2,000 transactions transferring 119,754 bitcoin from Bitfinex to a cryptocurrency wallet in Lichtenstein’s control.” (BitcoinCom)

-Technology and Science-
1. Touch of AI: Grateful Dead’s Jerry Garcia’s Iconic Voice Brought Back to Life: ElevenLabs’ ElevenReader app now features Jerry Garcia’s voice, part of the “Iconic Voice Project” lineup, allowing users to listen to various texts in the Grateful Dead frontman’s voice. OpenAI has introduced Advanced Voice Mode for ChatGPT Plus and Teams users, enhancing AI interactions with more human-like conversations. (Decrypt)

-Bitcoin Community-
1. Bitcoin’s Phantom Whale From 2010 Resurfaces With a 2,000 BTC Transfer: On Nov. 14, 2024, a mysterious mega whale, tracked by our news desk since 2020, splashed back onto the scene by shifting an impressive 40 block rewards from 2010—a total of 2,000 BTC. This rare transaction, the first of its kind in well over a decade, has onchain watchers buzzing as this major holder once again moves a hefty stack of bitcoin. (BitcoinCom)

2. Russell Okung Launches New Football League Featuring Bitcoin Salaries for Players: Retired NFL player Russell Okung plans to launch Bitball, a flag football league where players will be paid in Bitcoin. Okung aims to eliminate middlemen and create opportunities for athletes to build generational wealth through Bitcoin. The inaugural game will take place in Abu Dhabi on December 10. (Decyrpt)

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 80/100 (Down 8 pts)

Analyst Comments (AC): NSTR

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