DIB 17 OCT 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 866,046
DTG/ICOD: 1200Z 17Oct24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: US Bombs Houthi Targets / North Koreans Soldiers in Ukraine / Mexico Violence Rages / US Ties Arms to Israel to Gaza Aid / VP Harris Grilled on Fox / Trump PAC Takes in Crypto / $425M More To Ukraine From Biden / Warren Says Opponent Likes Crypto / Bitcoin Adoption Up, So Italy Ups Tax Rates For It / BRCIS Continue Financial Way Forward / Cash is King in Disaster Areas / Trumps Liberty Financial Flops / It is Common for Countries to Throttle Internet During Elections / El Salvador BTC Adoption Still Low

Market Data: Price: 1 BTC= $66,859, 24.91 oz Gold, .15 Median US House
24hr Hi: $68,266 / Lo: $66,795
Vol: $34B (Down 36%)
Mkt Cap: $1.32T (Down 2%)
HashRate: 671 EH/s
Avg Fee Rate: 16 sats/vBtye (Down 72%)
Nodes: 19,101

—Reports—
-International Events-
1. US stealth bombers strike underground Houthi weapons sites in Yemen: The US said it carried out strikes on Wednesday against five underground weapons storage facilities in Houthi-controlled areas of Yemen, in a strike that used B-2 stealth bombers against the Iran-aligned group for the first time. (Reuters)

2. North Korean Troops Deserting Ukraine Frontline Days After Arrival: Some 18 North Korean soldiers are believed to have deserted the Russian frontline, with Kremlin fighters reportedly searching for them. The troops were deployed in Russia’s Kursk and Bryansk oblasts, about four miles from the border with Ukraine, when they deserted, the public broadcasting company of Ukraine, Suspilne, reported. Intelligence officials said the Russian military is searching for the North Korean soldiers, while commanders are trying to conceal the desertion from their higher-ups. (Newsweek)

3. In the heartland of Mexico’s Sinaloa cartel, the old ways have changed and violence rages: Cartel gunmen stop youths on the street or in their cars and demand their phones. If they find a contact who’s a member of a rival faction, a chat with a wrong word or a photo with the wrong person, the phone owner is dead. Then, they’ll go after everyone on that person’s contact list, forming a potential chain of kidnapping, torture and death. That has left residents of Culiacan, the capital of Sinaloa state, afraid to even leave home at night. Often, the first a driver knows is when a passing car tosses out a spray of bent nails to puncture his tires. Vehicles pull up front and rear to cut him off. The driver is bundled into another car. All that is left for neighbors to find is a car with burst tires, the doors open, the engine running, in the middle of the street. (AP)

4. Biden Administration Issues Warning to Israel on Gaza Aid: In a letter to senior Israeli officials signed by Secretary of State Antony Blinken and Defense Secretary Lloyd Austin, the U.S. blamed Israel for a drastic drop in humanitarian aid into Gaza that contributed to starvation and widespread suffering, particularly in the enclave’s north where Israel launched a renewed ground operation nearly two weeks ago. The top American officials gave Israel 30 days to “reverse the downward humanitarian trajectory” or else it “may have implications” for future weapons transfers and funding under U.S. law. (WSJ)

-US Events-
1. Harris grilled on Fox News on immigration, Biden’s fitness for office: Harris and Baier frequently talked over each other and Harris grew visibly frustrated, but she delivered her message for the Nov. 5 election to a conservative audience that might not often hear it. Within minutes of the interview’s end, the Trump campaign released a statement calling it a “train wreck.” “We feel like we definitely achieved what we set out to achieve,” said Brian Fallon, a Harris spokesperson. (Reuters)

2. Trump PAC has raised about $7.5 million in crypto donations since early June: Contributors to the Trump 47 joint fundraising committee donated bitcoin, ether and XRP, as well as the U.S. dollar-pegged stablecoins tether and USDC, to the GOP presidential nominee’s campaign, according to a Federal Election Commission filing submitted on Tuesday. (CNBC)

3. White House approves $425 million in new Ukraine aid: The White House on Wednesday announced its latest package of military support for Ukraine, including $425 million worth of air defense, air-to-ground missiles, armored vehicles and other munitions. (DefenseNews)

-Regulatory and Legal-
1. Warren Says Political Rival Deaton Will ‘Fight for Crypto’ if Elected to Replace Her in the Senate: The Massachusetts senator, a longtime advocate for tighter regulation on digital assets, claimed Deaton prioritized crypto interests over the needs of working-class Americans. “One candidate standing here gets 90% of their campaign funding from one industry—the crypto industry. One candidate has openly admitted that 80% of his personal worth is tied to crypto,” Warren said during the debate. “If John Deaton goes to Washington, his crypto buddies will expect a return on their investment,” the senator added. “He’s going to be there to fight for crypto.” (Decrypt)

2. Italian Government Raises Crypto Tax Amid EU Regulatory Changes: The move coincides with the European Union’s preparation to implement its Markets in Crypto-Assets Regulation (MiCA), which aims to create a unified regulatory framework for cryptocurrencies across the EU. Deputy Finance Minister Maurizio Leo emphasized the need for the tax increase during a conference call, citing the growing adoption of bitcoin as a key factor. “The phenomenon is spreading,” Leo stated, highlighting the government’s recognition of cryptocurrency’s increasing prominence in the financial landscape. (Bloomberg)

-Central Bank Digital Currencies/World Currencies-
1. Russia Mulls Commodity Trading Centers to Bolster BRICS Economic Sovereignty: Russia has just unveiled a plan to reduce its reliance on the US-dominated global financial system. The plan is seen as a response to crippling Western sanctions. The plan involves setting up mutual centers for trading commodity resources, which will allow Russia and its partners to bypass US sanctions and maintain economic sovereignty. This move is part of Russia’s broader efforts to develop alternative payment methods and decrease its dependence on the US financial system. (BitcoinCom)

2. Natural disasters wreck FinTech infrastructure, proving cash is still king: Hurricanes and other natural disasters remind us that our ambitious human efforts to build financial technologies and new forms of digital money can easily be rendered futile. Paying for Uber rides with a contactless card, trading Bitcoin, and using Venmo and Cash App to make purchases can often be a mechanical, effortless exercise. In a disaster zone, however, all of this is vanity. Surviving natural disasters requires citizens to spend money on food, water, and other basic necessities — and doing that without cash on hand is an unexpected and impossible dilemma. (CoinTelegraph)

-Institutional Concerns-
1. Trump’s Crypto Platform Falters On First Day Of Sales: Some 20 billion digital tokens, priced at 1.5 cents each, were offered by the company — a total value of $300 million — but just three percent had been purchased by Tuesday evening. The tokens can be used as cryptocurrencies and give buyers a vote on the platform’s governance. (IBTimes)

-Economic Indicators-
1. US Mortgage Rates at 2-Month High: The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) soared to 6.52% in the week ended October 11th 2024, the highest in about two months, compared to 6.36% in the previous week. (TradingEconomics)

2. US 10-Year Treasury Yield Muted at 4%: The yield on the 10-year US Treasury note held around 4% on Wednesday after sliding in the previous session as investors continued to assess the outlook for Federal Reserve monetary policy. (TradingEconomics)

-Security Incidents and Concerns-
1. More than two dozen countries have used internet outages to sway elections: Forty-three governments worldwide have attacked or killed citizens for their online speech and 25 have cut off internet access during election periods, metrics which contributed to an overall decline in internet freedoms in 2024, a new report says. In at least 56 countries, internet users were arrested for their political, religious and social views, according to the report published Wednesday by Freedom House, a nonprofit promoting democratic values.Election-related censorship and disinformation is also a problem, according to the report, which found that at least 25 of 41 countries holding elections blocked internet and social media access or cut off websites allowing political, social and religious content. (RecordedFuture)

-Technology and Science-
NSTR

-Bitcoin Community-
1. Low Use of Bitcoin in El Salvador Despite Being Legal: A recent survey by Francisco Gavidia University in San Salvador revealed that only 7.5% of Salvadorans use Bitcoin for transactions, despite it being legal tender. President Bukele’s push for Bitcoin adoption has faced criticism from U.S. politicians and the International Monetary Fund. (Decrypt)

2. Marathon Digital explores strategic growth with $200 million loan collateralized with Bitcoin: According to the company, the credit facility is backed by a portion of its Bitcoin holdings and will be used to seize strategic opportunities and support general corporate initiatives. According to data from Bitcoin Treasuries, the company is the second-largest public holder of Bitcoin globally, with 26,842 BTC valued at approximately $1.8 billion. (CryptoSlate)

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 71/100 (Down 2 pts)

Analyst Comments (AC): NSTR

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