DIB 5 AUG 2024

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BTC Daily Intelligence Bulletin (DIB)
Block: 855,499
DTG/ICOD: 1200Z 05Aug24
Precedence: Routine (RR)
Controls: Public Release
QQQQ

BLUF: Israel and Allies Prepare for Iranian Attack / UK Riots Intensify / Bangladesh PM Flees Country / North Korea Send 250 New Missiles to Border / US South Preps for Hurricane Debby / Park Fire in West Spreads / Japan Economic Woes Spread Worldwide / All Assets Tumble / New Bill Give US Secret Service Power Over Crypto / Democrats Meet to Design Crypto Policy / NASA Astronauts Having Trouble Returning / Robinhood Halts Trading

Market Data: Price: 1 BTC= $51,328, 21.51 oz Gold, .12 Median US House
24hr Hi: $61,058 / Lo: $49,121
Vol: $84B (Up 210%)
Mkt Cap: $1.01T (Down 16%)
HashRate: 751 EH/s
Avg Fee Rate: 6 sats/vBtye (Up 30%)
Nodes: 19,782

—Reports—
-International Events-

  1. US and allies prepare to defend Israel as Netanyahu says it’s already in ‘multi-front war’ with Iran: Tensions have soared following nearly 10 months of war in Gaza and the killing last week of a senior Hezbollah commander in Lebanon and Hamas’ top political leader in Iran. Iran and its allies have blamed Israel and threatened retaliation. Hamas says it has begun discussions on choosing a new leader. Netanyahu said Israel was ready for any scenario. Jordan’s foreign minister was making a rare trip to Iran as part of diplomatic efforts — “We want the escalation to end,” Ayman Safadi said — while the Pentagon has moved significant assets to the region. (AP)
  2. Rioters attack hotels used to house asylum seekers amid worst UK disorder in years: The violence was triggered by the stabbing of three young girls in Southport, northwest England, earlier in the week. The far right has seized on and spread a wave of disinformation, including false claims the attacker was an immigrant, to mobilize anti-Muslim and anti-immigrant protests. Police say the suspect was born in Britain. (CNN) (AC-The encompassing terms “far-right” and “disinformation” bely the fact that citizens in the UK are fed up with killings and unencumbered immigration. The situation is ripe for continued violence that may escalate out of control.)
  3. Bangladesh PM Sheikh Hasina resigns, interim government to be formed: Bangladesh Prime Minister Sheikh Hasina resigned on Monday and fled the country, multiple sources said, as more people were killed in some of the worst violence since the birth of the South Asian nation more than five decades ago. Army chief General Waker-Us-Zaman said in a televised address that Hasina 76, had left the country and that an interim government would be formed. (Reuters)
  4. North Korea claims it’s sending 250 new missile launchers toward the South Korean border: North Korea claims it is sending 250 new tactical ballistic missile launchers toward its border with South Korea, in the latest bellicose declaration by leader Kim Jong Un against its neighbor. Kim personally oversaw the transfer of equipment to military commanders and chiefs of staff, and delivered a speech claiming the new missile launchers were built with North Korean technology, state media reported. (CNN)

-US Events-

  1. Florida hunkers down as strengthened Category 1 storm very near landfall in Big Bend: The storm will bring “life-threatening” storm surge of up to 10 feet along Florida’s Gulf Coast. The southeast US could also historic levels of rainfall this week, the National Weather Service said. Some areas of Georgia and South Carolina could see up to 30 inches of rain through Friday, while Florida could see up to 18 inches throughout the week, according to the NWS. (IdenpendentUK)
  2. Park Fire still growing with containment at 30% as temperatures expected to hit triple-digits:The Park Fire that has been raging north of Chico is now 30% contained as it continues to grow amid rising temperatures, Cal Fire said Sunday. Recent favorable weather including residual rainfall moisture offered the 6,528 firefighters battling the blaze a brief respite, officials said. But forecasts of triple-digit temperatures, drier conditions and higher wind speeds are expected to increase fire activity into this week. (SacBee)

-Regulatory and Legal-

  1. New Senate Bill Empowers US Secret Service to Combat Digital Asset Cybercrimes: U.S. senators have introduced legislation to empower the Secret Service to combat cybercrimes involving digital assets. This legislation addresses the growing use of cryptocurrencies for illicit activities and mandates the Government Accountability Office to evaluate law enforcement’s effectiveness in tackling money laundering in cyber crimes. (BitcoinCom) (AC-Because protecting the continuity of government is not enough.)
  2. Democratic elites, crypto industry leaders to hold virtual roundtable Monday: White House officials and elite democratic operatives will attend a virtual roundtable with crypto industry executives discussing digital asset policy on Monday, according to a report from Politico Pro. VP Harris campaign officials have reportedly been invited to the meeting, which is being organized by California Democratic representative Ro Khanna. Anita Dunn plans to appear, an outgoing White House senior adviser who will soon advise a $300 million super PAC for Harris and who also attended the July roundtable. (TheBlock)

-Central Bank Digital Currencies-

  1. BRICS: Global Finance to Completely Ditch the US Dollar by 2031: With the BRICS bloc firmly embracing de-dollarization, the bloc has signaled that global finance will completely ditch the US dollar by 2031. Indeed, Russia’s central bank governor noted that the country is set to embrace everyday use of a central bank digital currency (CBDC). (Watcher)

-Institutional Concerns-

  1. US spot bitcoin ETFs see biggest single-day outflow in 90 days: The total daily outflow level on August 2 was $237.45 million, the highest since May 1’s $563.77 million outflows and the fourth highest single-day outflow since the launch of the spot bitcoin ETFs in January. (TheBlock) (AC-This was Friday’s action.)
  2. Morgan Stanley to Offer Bitcoin ETFs to Wealthy Clients: Morgan Stanley is allowing its 15,000+ financial advisers to sell shares of BlackRock’s IBIT and Fidelity’s FBTC, CNBC reported on Friday, citing people familiar with the matter. Clients will need to have a net worth of at least $1.5 million. (CoinDesk)

-Economic Indicators-

  1. Global Selloff Intensifies; Nasdaq Futures Slide Over 4%: The Nikkei plunged 12%, the most since 1987. Stock futures traded sharply lower and investors sheltered in the safety of bonds. Concerns about a slowing U.S. economy are front and center for investors after job growth slowed sharply in July. Investors are worried that the Federal Reserve has moved too slowly and will need to play catch up in cutting rates. Around the world, investors rushed for the safety of the bond market. The 10-year U.S. Treasury yield recently traded around 3.74%, down from over 4.1% a week ago and on pace to settle at its lowest level in more than a year. The US Fed has called an emergency meeting today. (WSJ)
  2. Bitcoin Dives Below $50,000 as Market Suffers Major Downturn: The cryptocurrency market experienced a significant downturn in the past 24 hours, resulting in over $1.06 billion in liquidations and impacting nearly 280,000 traders. Bitcoin and Ethereum both saw substantial declines, with Bitcoin dropping 12.5% and Ethereum falling 19.5%. Other altcoins, such as Solana, BNB, Dogecoin, and XRP, also experienced significant losses. (Decrypt)
  3. Japan’s historic rate hike prompts yen carry trade unwinding, impacts global markets: In Asia, the Nikkei experienced its most significant two-day drop in history following Japan’s decision to raise interest rates to 0.25%. This move strengthened the Japanese yen against the US dollar, hitting 142, contributing to the unwinding of the yen carry trade. This trade involved borrowing yen at near-zero interest rates to invest in higher-yielding global assets like US equities and treasuries. (CryptoSlate)

-Security Incidents and Concerns-

  1. Personal Data of 3 Billion People Stolen in Hack, Suit Says: Jerico Pictures Inc., a background-check company doing business as National Public Data, exposed the personal information of nearly 3 billion individuals in an April data breach, a proposed class action says. If confirmed, the breach could be among the biggest ever, in terms of the number of individuals affected. A 2013 breach of Yahoo! compromised the data of an estimated 3 billion individuals. (BloombergLaw)

-Technology and Science-

  1. NASA Is ‘Evaluating All Options’ to Get the Boeing Starliner Crew Home: It has now been eight weeks since Boeing’s Starliner spacecraft launched into orbit on an Atlas V rocket, bound for the International Space Station. At the time NASA officials said the two crew members, Butch Wilmore and Suni Williams, could return to Earth as soon as June 14, just eight days later. NASA management has been in deep discussion this week about whether to return the agency’s astronauts on board Boeing’s misfiring Starliner capsule or to go with the alternative of using a SpaceX craft to rescue the crew. (Wired/CNBC)

-Bitcoin Community-

  1. Robinhood Pauses 24-Hour Trading as the Market Goes Haywire: Robinhood reportedly responds to the ongoing global market downturn with a halt of its 24-hour trading service. (DailyCoin) (AC-This is becoming common for Robinhood to halt trading at critical times. Adjust accordingly.)

-Bitcoin Sentiment-

  1. Fear(0)/Greed(100) Index: 26/100 (Down 29 pts)

Analyst Comments (AC): The current economic malaise is symptomatic of a debt-based, inflationary monetary system designed to be controlled by central participants. It has been known as Modern Monetary Theory based on Keynesian Economic Theory and has as a key tenet that the nation and world economies can be centrally controlled through interest rates, borrowing, and money supply. The breakdown seen in Japan, where the public debt is anywhere from 300-500% of GDP, is the natural progression of this system. When the system falters in Japan, it will spread to other countries not on a firm asset-backed, monetary footing. For individuals and families, the same principles apply and encourage us to become debt-free (or minimal debt), invest in hard assets (the hardest is Bitcoin), and build upon stability like community. Take care of your health and your families during these challenging times.

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

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