DIB 7 AUG 2024 - Bitcoin Veterans

BTC Daily Intelligence Bulletin (DIB)
Block: 855,761
DTG/ICOD: 1200Z 07Aug24
Precedence: Routine (RR)
Controls: Public Release
QQQQ

BLUF: Foe of Ousted PM Installed in Bangladesh / Hamas Names Oct 7th Architect New Political Leader / Still No Iranian Attack / Harris Names MN Gov Walz as VP Pick / Quakes Hit SOCAL / US Arrests Assassination Plotter / Harris Stance on Crypto, Bitcoin Still Unclear / Bitcoin Action Shakes Out Lettuce Hands, Big Boys Scoop Up / Barefoot CEO Says Wars To Be Fought Over Blockspace

Market Data: Price: 1 BTC= $56,952, 23.76 oz Gold, .13 Median US House
24hr Hi: $57,726 / Lo: $54,486
Vol: $44B (Down 37%)
Mkt Cap: $1.12T (Up 3%)
HashRate: 510 EH/s
Avg Fee Rate: 5 sats/vBtye (Down 60%)
Nodes: 19,705

—Reports—
-International Events-

Nobel Peace Prize winner to lead Bangladesh interim government: Nobel laureate Muhammad Yunus – a longtime political foe of Bangladesh’s ousted prime minister Sheikh Hasina – has been named the country’s interim leader. The 84-year-old was appointed a day after Ms Hasina fled the country following weeks of deadly protests that brought her resignation. (BBC)
Hamas names Oct. 7 architect Yahya Sinwar new political leader: Israel has publicly accused Sinwar of being the “mastermind” behind Hamas’ terror attack against Israel on October 7 – though experts say he is likely one of several – making him one of the key targets of its war in Gaza. He has remained at large in the vast warren of tunnels trenched beneath Gaza, moving frequently and possibly surrounded by hostages as human shields, US officials believe. Sinwar has not been seen in public since October 7. (CNN) (AC-This move will derail any serious peace talks between Israel and Hamas, and hasten the targeting of Sinwar.)
Iranian attack on Israel later than expected, may come on Thursday or Friday: The wait for Iran’s retaliatory response to the assassination of Ismail Haniyeh, attributed to Israel, is taking longer than the United States initially anticipated, sources familiar with American intelligence told the Saudi state-owned Al Arabiya. (JerusalemPost)

-US Events-

Vice President Kamala Harris introduced Minnesota Gov. Tim Walz as her running mate Tuesday, praising the former high-school teacher and football coach with a progressive streak as a homespun leader who inspires people to “dream big.” A two-term governor and current chairman of the Democratic Governors Association, Walz could be especially helpful in the battleground states of Wisconsin and Michigan. (WSJ)
Magnitude 5.2 earthquake rattles Southern California: The quake, which struck at a depth of around 6 miles just after 9 p.m., was approximately 7.6 miles west northwest of Mettler in Kern County, nearly 19 miles south of Bakersfield and 89 miles north of downtown Los Angeles. (KTLA)
US charges Iran-linked Pakistani over political assassination plot: Asif Merchant traveled to New York in June seeking to hire a hitman to kill a politician or a US government official in revenge for the 2020 assassination of a senior Iranian military commander, according to a statement issued by the US Justice Department. (AlJazeerah)

-Regulatory and Legal-

Kamala Harris’s Recent Appointments Hint at a Potential Shift on Crypto: Kamala Harris’s stance on crypto remains unclear as she campaigns for the presidency. Recent appointments, such as David Plouffe, a former member of the Binance Global Advisory Board, as her senior adviser for strategy, suggest a potential shift towards a more favorable approach. Brian Nelson, a former undersecretary for terrorism and financial intelligence at the U.S. Treasury Department, has also been recruited, with a focus on regulating illicit activities without stifling innovation. (Decrypt)

-Central Bank Digital Currencies-

Self-Sovereign Decentralized Identity Is Key To Retail CBDC Adoption: Alongside adoption, hurdles include the need for a digital currency to maintain personal privacy for individual users. Because blockchains act as immutable, permanent ledgers of all transaction activity, there is a real risk of personal history being collected and used in unsavory ways. Users would be more exposed than ever to data harvesting and the risks of government surveillance. What’s needed is a Self-Sovereign decentralized identity, or SSDID, powered by blockchain and smart contracts. (Forbes)

-Institutional Concerns-

Crypto investment products saw $528 million in net weekly outflows amid recession fears: The outflows were “a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes,” CoinShares Head of Research James Butterfill said. “The price correction from Friday’s close saw $10 billion wiped off total ETP AUM.” (TheBlock)

-Economic Indicators-

US Stocks Bounce Back After 3-Day Rout: US equities staged a robust recovery on Tuesday, bouncing back after a three-day selloff that had erased a considerable portion of the market’s 2024 gains. The S&P 500 and the Nasdaq were up 1.5% each and the Dow Jones gained 550 points as investors took a pause from recession fears. Japanese stocks also had a standout day, soaring 10.2%. (TradingEconomics)
US Mortgage Rates Fall to 2023-Lows: The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) fell by 27bps to 6.55% in the week ended August 2nd, 2024, the lowest since the first week of May 2023. (TradingEconomics) (AC-Every move in markets have opportunities and threats.)

-Security Incidents and Concerns-
NSTR

-Technology and Science-

Meet the Long-Shot Candidate Letting AI Run His Campaign: Thomas Ross is using artificial intelligence to run his campaign after winning the nomination of the U.S. Transhumanist Party in May 2023. In fact, he has named his generative AI chatbot Emvee, and takes its advice. “I use Emvee for strategy specifically,” Ross told Decrypt in an interview, noting that the name comes from a character in his science fiction novel series. He is keenly aware of his infinitesimal chances of success in November. But he said the point of running is to raise awareness of transhumanism and fight back against misinformation about AI. (Decrypt)
Rumors Elon Musk’s X nears payment system launch, battles advertisers in court: On Aug. 5, it was revealed that X was developing a “Payments” button for its navigation bar. The button, located just below the bookmarks tab, may allow users to access balances, make transfers, and conduct other transactions. In a parallel development, X has filed a federal antitrust lawsuit against an advertising industry coalition and its members, including CVS Health, Mars, Orsted, and Unilever. (CryptoSlate)

-Bitcoin Community-

Barefoot Mining CEO: Wars Will Be Fought Over Bitcoin Blockspace: Bob Burnett, CEO of Barefoot Mining, a bitcoin mining company providing off-grid “wild” mining services, has declared that wars will be fought over Bitcoin blockspace. In a recent interview, Burnett stated that as bitcoin becomes critical to companies and nation-states, the value of Bitcoin blockspace will be treated as an essential scarce commodity. “If we’re on a path to Bitcoin being the base layer of money, now Bitcoin is existential to all the financial services companies and government. We can probably debate the time frame, but we are on a path where wars will be fought over control of those 53,000 blocks.” he said. (BitcoinCom)
Bitcoin Whales Increased Holdings During Crypto Market Mayhem, but ETF Investors Didn’t Buy the Dip: Bitcoin wallets holding between 1,000 and 10,000 BTC increased their holdings while prices slid over the past few days, while those owning less than 1 BTC were sellers, IntoTheBlock data shows. (CoinDesk)

-Bitcoin Sentiment-

Fear(0)/Greed(100) Index: 29/100 (Up 12 pts)

Analyst Comments (AC): Overall reporting shows that the drop in BTC price has led to accumulation of BTC by larger wallets and institutions, while smaller ‘investors’ have been sellers. Bitcoin “permanent holder addresses” have accumulated nearly $23 billion of the asset over the past month, according to on-chain data. The shakeout has given smarter entities the chance to pick up discounted BTC. Bitcoin HODLers have known this was a good buying opportunity, but then again, so is today. (Not investment advice)

Analyst: BV2A
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*NSTR-Nothing Significant To Report