DIB 6 SEP 2024 - Bitcoin Veterans

BTC Daily Intelligence Bulletin (DIB)
Block: 860,134
DTG/ICOD: 1200Z 06Sep24
Precedence: Routine (RR)
Controls: Public Release
QQQQ

BLUF: Netanyahu, Biden Differ on Gaza / China Arrests 2 Freedom Activists / Super Typhoon Hits Hainan China / GA Shooter’s Dad Charged / FBI Raids NYC Mayor Deputies Homes / Hunter Biden Pleads Guilty / Trump Promises to Make US “Crypto Capital” / US Texas Bank Shut Down Over Crypto / Man Extorts Employer for 20 BTC / BTC Derivatives Are 28% of Supply / Jobs Report Today / Brazilians Seek Other Comms Apps After X Spat / Telegram App Caves /

Market Data: Price: 1 BTC= $55,916, 22.25 oz Gold, .13 Median US House
24hr Hi: $57,237 / Lo: $55,304
Vol: $33B (Up 7%)
Mkt Cap: $1.1T (Down 1%)
HashRate: 596 EH/s
Avg Fee Rate: 4 sats/vBtye (Up 100%)
Nodes: 19,522

—Reports—
-International Events-

Netanyahu gives a starkly different take on Biden administration’s hopes for a Gaza deal: The Biden administration and Israeli Prime Minister Benjamin Netanyahu were sharply at odds Thursday over prospects of reaching a deal for a Gaza cease-fire and hostage release, with Netanyahu saying it was “exactly inaccurate” that a breakthrough was close. “There’s not a deal in the making,” Netanyahu said in an interview. (AP)
China Detains Two Activists, Adding to Tension With Washington: Chinese authorities have detained at least two outspoken dissidents in recent weeks, drawing criticism from U.S. lawmakers and human-rights groups, and adding to friction between Beijing and Washington. (WSJ)
China: Super Typhoon Yagi makes landfall in Hainan: Super Typhoon Yagi is the world’s second-most powerful storm this year. It made landfall in China’s Hainan province after more than doubling its strength since hitting the Philippines earlier this week. (DW)

-US Events-

Georgia high school shooting suspect to make first court appearance as father faces 2nd-degree murder charges: Colt Gray, a student at Apalachee High School in Winder, Georgia, is charged with four counts of felony murder after investigators say he fired an AR-style rifle on campus on Wednesday morning, killing four people. Meanwhile, authorities have taken steps to hold the teenager’s father, Colin Gray, 54, accountable after charging him Thursday with four counts of involuntary manslaughter, two counts of second-degree murder and eight counts of cruelty to children, the GBI said. (CNN)
FBI raids homes of 2 top deputies for NYC Mayor Adams, NYPD commissioner subpoenaed: The FBI seized evidence, including electronics, as part of the searches, according to sources. No charges have been filed. “Investigators have not indicated to us the mayor or his staff are targets of any investigation,” the mayor’s chief counsel, Lisa Zornberg, said in a statement. (ABC)
Hunter Biden makes last-minute guilty plea in tax case: Hunter Biden has pleaded guilty to all nine charges in his federal tax evasion case, catching federal prosecutors off guard as they prepared to begin his trial. The son of US President Joe Biden had previously denied allegations that he intentionally avoided paying $1.4m in income tax from 2016-19. Three months ago, he was found guilty in a separate case of charges related to gun possession and drug use, becoming the first criminally convicted son of a sitting US president. (BBC)

-Regulatory and Legal-

Trump Pledges to Make US “Crypto Capital” in Economic Policy Speech: In a recent speech at the Economic Club of New York, former President and current presidential candidate Donald Trump reiterated his support for the cryptocurrency industry. The former president also announced plans to create a government efficiency commission tasked with auditing the entire federal government. (Blockonomi)
Crypto-Friendly United Texas Bank Hit With Cease and Desist by Fed: The United States Federal Reserve has issued a cease and desist order to United Texas Bank, citing deficiencies in the bank’s risk management systems, particularly in its dealings with crypto clients. The order follows an examination that revealed issues within the bank’s corporate governance structure and identified oversights by the board of directors and senior management. Specific details on the bank’s non-compliance with crypto regulations were not provided. (Decrypt)
Bitcoin Extortion Mississippi Case: A 57-year-old man from Missouri was arrested for attempting to extort and threatening to damage the infrastructure of his former employer’s company. He demanded 20 Bitcoins to stop during which he infiltrated the system as an administrator with privileged rights and performed account and servers lockdowns, and data corruption. DoJ claims they discovered a hidden virtual machine for dedicated access to the admin account, and the attacker was immediately identified, with all evidence found on the laptop. (BitcoinSensus)
Ripple co-founder signs letter endorsing Harris for president: Chris Larsen, co-founder and executive chairman at Ripple, has signed a letter to endorse Harris for president, CNBC reported on Sept. 6. (CoinTelegraph)

-Central Bank Digital Currencies-
NSTR

-Institutional Concerns-

US spot bitcoin ETFs continue to bleed with $37 million in net outflows (TheBlock)

2, Bitcoin derivatives climb to 28% of liquid supply: Currently, approximately 28% of the liquid supply of Bitcoin is traded through derivatives, up from 18% at the time of the ETF launch in January. As the market matures, we could potentially see even higher percentages of Bitcoin traded through derivative contracts, mirroring the paper gold market’s structure. This growing trend suggests that investors could favor financial instruments over holding the actual asset itself. (CryptoSlate)

-Economic Indicators-

US Futures Fall Ahead of Key Jobs Report: US stock futures fell on Friday as investors geared up for the highly-anticipated August jobs report that could affect the Federal Reserve’s interest rate decision this month. (TradingEconomics)

-Security Incidents and Concerns-

FTC Urges Caution as Bitcoin ATM Fraud Cases Skyrocket: The Federal Trade Commission (FTC) has reported a sharp rise in scams involving bitcoin ATMs, with fraud losses increasing nearly tenfold from 2020 to 2023 and exceeding $65 million in the first half of 2024. These scams often involve impersonations and target vulnerable populations, such as older adults, with significant financial impact. (BItcoinCom)

-Technology and Science-

Brazilians Flock To Bluesky And Threads After X Suspension: Millions of Brazilians, including the president, have flocked to social media platforms such as Threads or Bluesky, where Portuguese has become the most spoken language in the few days since Elon Musk’s X was shut down in the country. Access to the social network formerly known as Twitter was blocked on Saturday amid a standoff between Musk and Brazilian Supreme Court judge Alexandre de Moraes, who has made it his mission to crack down on disinformation. Bluesky, a social media network created by Twitter co-founder Jack Dorsey, now counts 7.6 million users since the X suspension in Brazil. (IBT)
Telegram Revamps Rules to Allow Moderation of Private Chats Following CEO Pavel Durov’s Arrest: On Thursday night, the formerly freewheeling texting app extended its moderators’ reach to include private chats. For the first time, users in private chats can “flag illegal content” for review, Telegram wrote in a change on its FAQ page. (CoinDeks)