OSINT Drip 5-25-2021

Crypto!
Bitcoin prices fell almost 30% on Wednesday after the Chinese government’s crackdown on the use of cryptocurrencies by banks accelerated long-predicted sellouts on a chaotic trading day. “Today there is a big bleeding across the crypto space,” said Neil Wilson, chief market analyst at Markets.com, and investors should take it for granted that other countries could follow China’s initiative. “China has been putting pressure on cryptocurrencies for some time, which is showing intensification.

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  • China’s cryptocurrency mining industry accounts for as much as 70% of the world’s total hash rate.

  • The annual energy consumption of China’s cryptocurrency miners is expected to peak in 2024 at about 297 terawatt-hours, greater than all the power consumption by Italy in 2016, according to a study recently published in the scientific journal Nature Communications. 

  • Without policy intervention, the annual energy consumption of Bitcoin in China is expected to peak in 2024, generating 130.5 million metric tons of carbon emissions.

  • On May 21, Hong Kong authorities announced an impending ban on cryptocurrency retail trading, in a move that would restrict trading to only accredited investors with more than $1 million in their portfolios.

Other Crypto Intelligence 

  • The U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service. “As with cash transactions, businesses that receive crypto-assets with a fair market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.

  • Will Nance of Goldman Sachs thinks Coinbase Global is a compelling buy. The investment bank's coverage of the company has an unhesitant buy recommendation at a price target of $306 per share -- almost 36% above the most recent closing share price. 

GeoPolitics 

  • Tensions in the south china sea are starting to move towards markets (bottom left teal nodes). This could put a strain on global trade and supply chains in the next 2-3 years.  

  • Food inflation may also contribute to political volatility in Argentina. The South American country, a major grains, and cattle producer announced the 30-day halt on beef exports on Monday amid high food inflation that has spooked the government ahead of key midterm elections at the end of the year. The government cited rising demand for Argentina’s beef, especially from top-buyer China that has ramped up purchases over recent years. “Prices have experienced a sustained rise as a result of the growing demand for these products, mainly from Asian markets,” the government said.

How to Read a Network

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This Week's Stocks to Watch

  1. Johnson & Johnson for those looking for shelter (NYSE:JNJ)

  2. 3D Systems (NYSE:DDD)

  3. Exelixis (NASDAQ: EXEL)

  4. Dermtech (NASDAQ: DMTK)

  5. AMD (NASDAQ: AMD)

  6. TJX (NYSE: TJX)

Last Week’s Stocks to Watch

  1. Nucor

  2. Sun Power

  3. Scotts Miracle Grow

  4. Moderna 

  5. Air Canada 

  6. Wayfair 

  7. Volkswagen

We hope you find the intelligence helpful. Please reach out at hello@bridgeci.co with questions or suggestions. Prior OSINT Drips are below.

5-18-2021

5-8-2021