DIB 22 AUG 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 857,908
DTG/ICOD: 1200Z 22Aug24
Precedence: Routine (RR)
Controls: Public Release
QQQQ

BLUF: Greek Oil Tanker Burning, Adrift in Red Sea / Recovery Ops Continue in Superyacht Saga / Canada’s Railroads to Shutdown Over Labor Talks, Far-Reaching Effects / RFJ Jr. May Drop Out Soon / Protests Get Violent in Chicago / Crypto Companies Contributing the Most to Politicians / CBDCs Only Issued in 4 Countries / Major Revision in Jobs Data / Hope Rising for Fed Rate Cuts / Australia Cracks Down on Scammers / Bitcoin, Not Crypto Explained

Market Data: Price: 1 BTC= $61,185, 24.54 oz Gold, .14 Median US House
24hr Hi: $61,834 / Lo: $58,893
Vol: $35B (Up 32%)
Mkt Cap: $1.21T (Up 3%)
HashRate: 682 EH/s
Avg Fee Rate: 3 sats/vBtye (Down 40%)
Nodes: 19,104

—Reports—
-International Events-

  1. Greek oil tanker on fire and adrift after multiple attacks in Red Sea: A crew of 25 has been rescued from a Greek-flagged oil tanker after it caught fire after multiple attacks in the Red Sea. The Sounion was attacked by more than a dozen people on two small boats who fired multiple projectiles at the ship when it was about 77 nautical miles (143km) west of Yemen’s port city of Hodeidah on Wednesday morning. (AlJazeera)
  2. Five bodies recovered in wreckage of superyacht that sank off Sicily: British technology entrepreneur Mike Lynch and his 18-year-old daughter Hannah, Morgan Stanley International Chair Jonathan Bloomer and his wife Judy Bloomer, and Clifford Chance lawyer Chris Morvillo and his wife Neda Morvillo were all reported missing after a luxury yacht they were on board sank. According to reports from eyewitnesses and survivors, the ship was violently rocked by a storm at around 4 a.m. local time on Monday while it was anchored near the Sicilian port of Porticello. It sank rapidly after capsizing. (CNBC) (AC-Rumors are swirling around this story and is great fodder for the conspiracy-minded thinker. There are certainly many questions raised in this uncanny series of events.)
  3. Canada’s Railroads Lock Out 9,000 Employees as Labor Talks Break Down: Canada’s two main railroads locked out over 9,000 employees Thursday after they were unable to reach new labor deals with a Teamsters union, the start of a work stoppage that threatens to stanch hundreds of millions of dollars in daily cross-border trade and upend North American supply chains. Experts warned the actions would throttle businesses from retailers to automakers and even reach into commuter trains that use tracks operated by the freight railroads. (WSJ) (AC-This development will have far-reaching effects in Canada and the US, from hazardous materials, to grain shipments, meat producers and much more.)

-US Events-

  1. RFK Jr. expected to drop out of race by end of week, plans to endorse Trump: Sources cautioned the decision is not yet finalized and could still change, with one possible scenario being discussed is for Kennedy to appear on stage with Trump at an event in Phoenix on Friday. (ABC)
  2. 60 violent anti-Israel protesters arrested after second night of DNC descended into chaos: Chicago police arrested around 60 anti-Israel demonstrators on the second night of the Democratic National Convention — many from out of state — when an illegal march following a protest outside the Israeli consulate turned violent. “Last night was a danger to our city, and a danger to our citizens in this city,” Chicago Police Superintendent Larry Snelling said. (NYPost)

-Regulatory and Legal-

  1. Coinbase and Ripple Become Largest Corporate Political Contributors in 2024 US Congressional Races: Major crypto companies, including Coinbase and Ripple, have become the largest corporate political contributors, donating a significant portion of the $248 million to candidates ahead of the upcoming U.S. presidential election. (Decrypt) (AC-Both companies have specific agendas, with Ripple being known for advocating for CBDCs based on their technology.)

-Central Bank Digital Currencies-

  1. The Race To Issue CBDC: A quick glance at this handy CBDC Tracker shows there are four official CBDCs up and running in the world, with the first one launching way back in 2020 when the Bahamas introduced the “Sand Dollar”. Other CBDCs include Nigeria’s eNaira, which is used by more than 13 million Nigerians, Jamaica’s Jam-Dex digital currency, which launched in July 2022, and the Eastern Caribbean Union’s DCash, which debuted in April 2021. We’re yet to see any major economy launch a CBDC, but imminent possibilities include Sweden, and in the Middle East, Israel is definitely getting closer to the launch of its long-awaited digital Shekel. (UToday)

-Institutional Concerns-

  1. Bitcoin ETFs attract $39.4m in inflows as Ether ETFs struggle with fifth consecutive day of outflows:Grayscale’s mini Bitcoin trust led the charge with reported inflows of $14.2 million following three days of no activity. Fidelity’s FBTC and Bitwise’s BITB followed next with inflows of $10.7 million and $10 million, respectively. (CryptoNews)

-Economic Indicators-

  1. US Job Growth Revised Down by 818,000: The Bureau of Labor Statistics’ recent revision showed that US job growth for the year ending in March 2024 was weaker than initially reported, with 818,000 fewer jobs added. This significant downward adjustment suggests that the job market was cooling more rapidly than previously believed, averaging about 68,000 fewer jobs per month. (TradingEconomics)
  2. US Futures Point to Higher Open: US stock futures edged higher on Thursday as investors anticipated comments from Federal Reserve Chair Jerome Powell, expected later in the week. (TradingEconomics)

-Security Incidents and Concerns-

  1. 615 Crypto Scam Sites Dismantled by Australian Regulator: he Australian Securities and Investments Commission (ASIC) has shut down more than 7,300 phishing and investment scam websites, including 615 targeting cryptocurrency. The regulator noted that collaboration with other agencies and advanced detection techniques have enabled ASIC to swiftly take down scams, contributing to the $1.3 billion in financial losses reported by Australians in 2023. (BitcoinCom)
  2. Man sentenced for hacking state registry to fake his own death: A 39-year old man from Somerset, Kentucky, was sentenced to 81 months in federal prison for identity theft and faking his own death in government registry systems. The reason behind the intrusion was to avoid paying child support obligations. (BleepinngComputer)
  3. QR Code Scams: TN Attorney General Issues Warning:The Tennessee Attorney General’s Office has issued a QR code scam alert, warning consumers about fraudulent QR codes used in various scams, including fake cryptocurrency investments. Consumers are urged to verify sources, check codes for tampering, and use secure scanner apps. (BitcoinCom)

-Technology and Science-
NSTR

-Bitcoin Community-

  1. The ‘Bitcoin, Not Crypto’ Debate: Why Words Matter: For those new to the space, it might seem that “crypto” and “bitcoin” are interchangeable terms, but they are not. This seemingly minor distinction carries significant weight and implications for understanding the broader ecosystem of cryptographically secured assets. The distinction between bitcoin and other forms of crypto is not just semantic—it’s ideological. (Forbes) (AC-This full article is spot-on for explaining the key distinction of Bitcoin vs. Crypto to newcomers to the space. Well-written by a Penn State Professor, bitcoiners might want to copy this article to share with new learners.)

-Bitcoin Sentiment-

  1. Fear(0)/Greed(100) Index: 39/100 (Up 10 pts)

Analyst Comments (AC): NSTR

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Analyst: BV2A
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*NSTR-Nothing Significant To Report