DIB 6 JUN 2024
BTC Daily Intelligence Bulletin (DIB)
Block: 846,735
DTG/ICOD: 0800EST 6Jun24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Putin Says Ukraine-Supporting States in Play Now / D-Day Vets Dwindle / 1st New Bird Flu Death / Warden Arrested in Wisconsin / Georgia Pauses Trump Case / Biden Admin Politicizing Vets Administration / Intel Authorization Bill To Be Used Against Digital Assets / Institutions Play With Meme Coins / Saudi Arabia Joins BIS CBDC Effort / Stocks Hit Record High / Kerrisdale Capital Declares War on Bitcoin Miners
Market Data: Price: 1 BTC= $71,167, 30.17 oz Gold, .17 Median US House
24hr Hi: $71,735 / Lo: $70,390
Vol: $26B (Down 30%)
Mkt Cap: $1.40T (Even)
HashRate: 510 EH/s
Avg Fee Rate: 52 sats/vBtye (Up 23%)
Nodes: 17,799
—Reports—
-International Events-
1. Putin says Russia could deploy missiles in striking distance of the West: Putin, in his first face-to-face meeting with senior editors of international news agencies since the war in Ukraine began, said the West was wrong to assume Russia would never use nuclear weapons, and said the Kremlin’s nuclear doctrine should not be taken lightly. Putin also said Moscow was considering deploying similar high-technology, long-range missiles close enough to strike the states that allowed Ukraine to strike Russian territory with such missiles. (Reuters)
2. D-Day anniversary 2024: World leaders, veterans, commemorate Normandy landings: At the British ceremony in Ver-sur-Mer, veterans were applauded as they filed into the event to take their seats, which were decorated with bright red poppies. (Reuters)
3. WHO confirms first death from bird flu strain not seen before in humans: The World Health Organization (WHO) said on Wednesday a man in Mexico died from a strain of bird flu, H5N2, that had not previously been reported in humans. The strain is different from the H5N1 strain of the bird flu virus, which has caused an outbreak among livestock in the U.S. and has infected three dairy farm workers. (TheHill)
-US Events-
1. Former Wisconsin Prison Warden and Employees Charged in Inmate Deaths: The former warden of a Wisconsin prison and eight other prison employees were charged on Wednesday in connection with multiple inmate deaths over the last year, the local sheriff said. The prison’s former warden, Randall Hepp, had left his job earlier this week. He was charged with misconduct in public office, a felony. Mr. Hepp’s arrest was first reported by The Associated Press. inmates had been confined to their cells for months and denied access to medical care. (NYT)
2. Georgia court puts pause on Fani Willis’ sweeping election case against Trump: In a major setback to the Fulton County District Attorney, the Georgia Court of Appeals on Wednesday put a pause on any proceedings related to the 2020 election interference case against former President Trump and co-defendants until it hears the case to disqualify Fani Willis in October. (Fox)
3. Biden threatens VA budget veto over abortion, gender-affirming care: President Joe Biden on Monday threatened to veto the House’s $360 billion appropriations plan for the Department of Veterans Affairs next year over restrictions on abortion and gender-affirming care services included in the measure, accusing lawmakers of “wasting time with partisan bills.” (MilitaryTimes)
-Regulatory and Legal-
1. New law grants US president power to block digital asset access: An X user posted Senator Mark Warner’s apparent strategic insertion of legislative elements on June 5, enabling the scrutinized new sweeping powers granted to the U.S. president over digital assets. Under the new law, the president can block transactions between U.S. persons and foreign entities identified as supporting terrorist organizations. This includes imposing strict conditions on foreign financial institutions maintaining accounts in the U.S. if they are found facilitating such transactions. Scott Johnsson, a prominent voice in the digital assets field, warns that the move could be seen as an effort to exert control over digital assets under the guise of combating terrorism. (CoinTelegraph) (AC-The language was inserted in the Intel Authorization Act of 2024, which is a ‘must-pass’ funding bill’.)
-Institutional Concerns-
1. Crypto: Memecoins are exploding in institutional investors’ portfolios: Between February and March, institutional holdings in memecoins surged by 226%, reaching $204 million. In April, this figure climbed to $293.7 million, before dropping to $139 million at the end of the studied period, indicating an aggressive selling strategy in response to market volatility. (CoinTribune) (AC-New investors in cryptocurrencies often explore the shitcoin world, even institutional investors. All eventually learn.)
2. Robinhood to Buy Crypto Exchange Bitstamp in Effort to Expand Outside the U.S.: Trading platform Robinhood has agreed to buy U.K.-based crypto exchange Bitstamp for $200 million in cash. The acquisition is hoped to allow Robinhood to expand its crypto presence globally and attract institutional clientele. (CoinDesk)
-Central Bank Digital Currencies (CBDC)-
1. Saudi Arabia joins BIS- and China-led central bank digital currency project: The move, announced by the Bank for International Settlements on Wednesday, will see Saudi’s central bank become a “full participant” of Project mBridge, a collaboration launched in 2021 between the central banks of China, Hong Kong, Thailand and the United Arab Emirates. Roughly 135 countries and currency unions, representing 98% of global GDP, are exploring central bank digital currencies, or CBDCs. (Reuters)
-Economic Indicators-
1. S&P 500 and Nasdaq Close at Record Highs: Wall Street major indices closed firmly higher on Wednesday, driven by a tech rally led by AI-darling Nvidia, amid optimism that the Federal Reserve might lower interest rates later this year after slightly weak labor market data. (TradingEconomics)
-Security Incidents and Concerns-
1. Microsoft Windows Recall: Security Experts Worried of Privacy Risks, Demos How Easily Data Can Be Accessed: Two weeks after Microsoft introduced ‘Recall’ as part of the Copilot+ PC experience on Windows, the service faces massive backlash and criticism about its privacy and security risks. In several cases, it was proven that user data is not safe on Copilot’s Recall, with many showing how easily they could obtain data from the service and pose dangers to a user. (TechTimes)
-Technology-
NSTR
-Bitcoin Community-
1. The Bitcoin Hotels, A World’s First with Japanese and British Partnership: IKAR Holdings and Unify Platform will establish the World’s first Bitcoin Hotel. The partners aim to revolutionize the global hospitality industry by introducing the first hotel chain where guests can seamlessly pay for accommodations using cryptocurrency alongside ordinary currencies. With an initial hotel in Istanbul, followed by expansions into iconic cities like London and Tokyo, their vision is to create a distinctive luxury experience at the intersection of technology and hospitality. (Chainwire)
2. ‘War Against Bitcoin Miners’: US Investment Firm Sparks Industry Backlash: Kerrisdale Capital, a US investment firm, set off a storm of reactions on Wednesday with a series of public communications aggressively targeting Bitcoin mining companies. In a multi-part thread on X, Kerrisdale announced its campaign against what it describes as “snake oil salesmen” in the BTC mining industry, accusing them of being both a financial sinkhole and an environmental hazard. Adam O of Upstream Data defended Bitcoin mining’s environmental impact, stating, “Good luck vilifying that which improves all stakeholders, reduces waste, and reduces methane emissions. Dumbest mission of the decade.” (Bitcoinist)
-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 78/100 (Up 3 pts)
Analyst Comments (AC): Saudi Arabia joining the BIS-led effort for an international CBDC is significant as the 50-year petrodollar agreement with the USA comes to a close on June 9th. Saudi Arabia is not expected to renew the agreement which opens up the door for multiple global trade options such as this BIS-led effort or joining the BRICS CBDC effort. The impact of the USD losing petrodollar status cannot be overstated. Demand for USD and therefore Treasuries will eventually drop significantly, leading to a shifting paradigm in world finance.
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Analyst: BV2A
END REPORT
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*NSTR-Nothing Significant To Report