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Portfolio Update – August 2023

uehiFinance

Home owner

Portfolio Summary

Here is a summary of my portfolio at the top level:

  • Raiz Aggressive Portfolio – $16,911.58, total return $902.24 (10.64% according to app)
  • VDHG (using VPI platform) – $94,254.94, total return $7,195.21 (6.44% including DRP)
  • IVV (Selfwealth) – $698.10, total return $207.27 (14.83% including DRP)
  • SYI (Selfwealth) – $2,186.40, total return $310.99 (6.51% including DRP)
  • VISM (Selfwealth) – $595.40, total return $46.87 (3.43% including DRP)
  • A200 (Selfwealth) – $2,077.40, total return $192.34 (5.04% including DRP)
  • Cryptocurrency – $48,212.84 (-31.2% from principle)
  • Gold – $0
  • Property – $715,000.00
  • Mortgage – $565,000.00
A breakdown of my current asset allocation:
  • Australian Shares – 28.85%
  • Global Shares – 35.19%
  • Bonds – 6.43%
  • Fixed Income Assets – 0.3%
  • Gold – 0%
  • Cryptocurrency – 29.23%

Portfolio Total (Stock + Crypto + Gold) – $164,936.66 An increase of 2.37% compared to last month’s value ($168,953.15).

Networth – $314,936.66

This month’s saving is 50.12%. A lot of expenses this month including

  • Paying extra for utility bill for the landlord – $150
  • Doing tax through an agent – $451
  • NBN Plan for the new place – $324
  • Health Insurance – $184.14
  • Appliances – $158

It has been a tough month for me and my head is not in it this month. I will only update the portfolio and take a break this month.

Note: A reminder is that this number is still an estimation only as my crypto portfolio consists of different assets, including NFTs, staking, and Defi. I have to use other tools to keep track of and maintain the value of investments to finalize the final value of my portfolio. NFT is hard to estimate because of price fluctuation in the crypto market. However, estimation is still good enough in this case.

Events & Porfolio Analysis

General news

  •  On 31/07/2023, X, formerly known as Twitter, has officially bid farewell to its iconic blue and white bird logo. The logo on the mobile app has now been replaced with an “X” as part of the platform’s rebranding efforts announced by its owner, Elon Musk. The web version of the platform already introduced the “X” logo, and the domain X.com was launched. However, Twitter.com is still operational. Elon Musk, who acquired Twitter for $44 billion last year, stated in a recent post that the company is gradually moving away from the Twitter brand and all bird-related imagery. This transition is in line with Musk’s vision of transforming the platform into an “everything app,” signaling a significant change in the platform’s identity and direction.
  • On 01/08/2023, The Reserve Bank of Australia (RBA) has decided to maintain its pause on interest rate hikes, providing Australian borrowers with another reprieve. The official cash rate remains at 4.1%, the highest level since 2012. This move was in line with expectations of investors, while most economists had predicted a potential increase. RBA Governor Philip Lowe stated that further tightening of monetary policy might be necessary to bring inflation back to its target within a reasonable timeframe, but it would depend on data and risk assessments. Some economists believe that unless there is an unexpected rise in inflation, this could be the last rate increase in the current cycle.
  • Despite recent indications of easing inflation, a significant number of consumers are still feeling the pinch. Many people continue to live paycheck to paycheck, with 61% of adults reporting this financial struggle as of June, according to a report by LendingClub. This percentage remains unchanged from a year ago, suggesting that despite some relief in prices, the financial challenges for many individuals persist. The impact of higher prices over the past year has left a lasting impact on people’s ability to manage their finances, highlighting the importance of addressing broader economic issues to improve overall financial well-being.
  • On 02/08/2023, Fitch Ratings, a prominent credit rating agency, has downgraded the United States’ long-term foreign currency issuer default rating from AAA to AA+. The downgrade is attributed to concerns over the country’s expected fiscal deterioration in the coming three years, a weakening of governance, and an increasing burden of general debt. Fitch highlighted the negative impact of repeated political standoffs over the debt limit and last-minute resolutions, which have eroded confidence in the government’s fiscal management. As a result of the downgrade, U.S. stock futures opened lower, with Dow futures experiencing a decline of approximately 100 points.
  • Job vacancies and layoffs in the United States both showed slight declines, indicating a relatively stable labor market. The number of job openings was 9.58 million, a decrease from the revised figure of 9.62 million in May. This marked the lowest level of openings since April 2021 and was below the estimate of 9.7 million. Additionally, layoffs dipped to 1.53 million, down from 1.55 million in May. Economists were closely monitoring these data points to gauge the labor market’s direction, which has remained surprisingly resilient despite Federal Reserve interest rate hikes.
  • On 03/08/2023, The U.S. labor market continued to show strength in June, with robust job creation in the private sector, according to payroll processing firm ADP. Private sector jobs surged by 497,000 for the month, surpassing expectations and marking the largest monthly increase since July 2022. The leisure and hospitality sector led the way with 232,000 new hires, followed by construction with 97,000, and trade, transportation, and utilities at 90,000. Additionally, annual pay saw a 6.4% increase, indicating a continued slowing in the pace of wage growth. Overall, the strong job growth and rising wages signal a resilient labor market despite ongoing challenges and uncertainties in the broader economy.
  • Stock futures showed little movement as traders reacted to Fitch’s recent downgrade of the United States’ long-term rating. Futures tied to the S&P 500 fell 0.1%, while Nasdaq 100 futures also dropped 0.08%. In contrast, Dow Jones Industrial Average futures climbed 21 points or 0.06%. In after-hours trading, chipmaker Qualcomm experienced a nearly 7% decline in its share price after missing analysts’ expectations on fiscal third-quarter revenue and providing lower guidance for the current period. On a positive note, DoorDash’s shares rose 4.2% after beating expectations on revenue. Overall, the market remained cautious, and investors were closely monitoring the impact of economic developments and corporate earnings on the stock market.
  • On 05/08/2023, job growth in the United States was slightly below expectations, with nonfarm payrolls expanding by 187,000, compared to the estimated 200,000. However, the unemployment rate remained at 3.5%, just above the lowest level since late 1969. While the headline number was a miss, it still represented a modest gain from the previous month. The report suggests a slower pace in the U.S. economy, but not necessarily a long-anticipated recession.
  • On 06/08/2023, Berkshire Hathaway reported strong second-quarter operating earnings of $10.043 billion, a 6.6% increase compared to the same period last year. The company’s net income reached $35.91 billion, a significant improvement from the $43.62 billion loss in the second quarter of the previous year. The positive results were driven by growth in Berkshire’s insurance underwriting and investment income. Additionally, the conglomerate’s cash reserves have reached nearly $150 billion.
  • On 07/08/2023, U.S. Federal Reserve Governor Michelle Bowman expressed the view that further interest rate hikes will be necessary to address inflation. She supported the recent quarter-point increase in rates, citing factors like elevated inflation, robust consumer spending, a recovering housing market, and a strong labor market contributing to rising prices. Bowman emphasized the potential need for additional rate increases to guide inflation towards the Federal Open Market Committee’s target of 2%. She also highlighted that monetary policy decisions will be data-driven and not predetermined.
  • Oil prices experienced a significant surge, reaching their highest level since mid-April, attributed to multiple factors. An attack on Russia’s vital oil export port, Novorossiysk, by a Ukrainian naval drone intensified geopolitical tensions. Furthermore, Saudi Arabia, a major oil producer, extended its voluntary crude oil output cut of one million barrels per day until the end of September. This move, coupled with concerns around supply disruptions due to the attack, contributed to the upward momentum in oil prices.
  • On 08/08/2023, Italian banking stocks experienced a sharp decline on Tuesday morning following the approval of a 40% windfall tax by Italy’s cabinet on lenders’ “excess” profits in 2023. BPER Banca shares dropped by 8%, Intesa Sanpaolo fell by 7%, and Banco BPM, UniCredit, and Finecobank all experienced declines of more than 6%. The impact also extended beyond Italy, with Commerzbank in Germany down around 3% and Deutsche Bank trading 2% lower. This move by the Italian government has triggered concerns among investors about the potential effects of the tax on the banking sector’s profitability.
  •  On 09/08/2023, Moody’s has downgraded the credit ratings of several small and mid-sized US banks and placed some major Wall Street names on negative review. The ratings of 10 banks were lowered by one notch, while Bank of New York Mellon, U.S. Bancorp, State Street, Truist Financial, Cullen/Frost Bankers, and Northern Trust are being reviewed for potential downgrades. Moody’s also changed the outlook to negative for 11 banks, including Capital One, Citizens Financial, and Fifth Third Bancorp. Smaller lenders receiving downgrades include M&T Bank, Pinnacle Financial, BOK Financial, and Webster Financial.
  • Philadelphia Federal Reserve President Patrick Harker has suggested that the central bank might be nearing the end of its current cycle of interest rate hikes. As a voting member of the Federal Open Market Committee (FOMC), Harker mentioned progress in tackling inflation and confidence in the economy. He indicated that, barring any significant new data, the Fed could hold rates steady and let the effects of its recent monetary policy actions unfold. This comes after the FOMC approved its 11th interest rate hike in July, taking the key interest rate to its highest level in more than two decades.
  • On 11/08/2023, the consumer price index (CPI) in the U.S. rose by 3.2% compared to the previous year, indicating a possible easing of inflationary pressures. Monthly prices increased by 0.2%, aligning with expectations. The annual rate was slightly lower than the forecasted 3.3%, despite being higher than June. Excluding volatile food and energy prices, the core CPI also rose by 0.2% for the month, resulting in a 12-month rate of 4.7%, the lowest since October 2021. The core annual rate was just slightly below the anticipated 4.8%.
  • China’s inflation data for July showed a slight improvement compared to June. The consumer price index (CPI) for July dropped by 0.3% compared to the previous year, but increased by 0.2% from June. This year-on-year CPI figure was better than expected, as analysts had predicted a 0.4% decline. This marked the first year-on-year decrease since early 2021. Additionally, the producer price index (PPI) for July fell by 4.4% compared to the previous year, which was an improvement from June’s 5.4% decline. However, the year-on-year PPI reading was worse than the 4.1% forecasted by Reuters’ poll of analysts.
  • On 13/08/2023, Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, was sent to jail on Friday after a judge granted federal prosecutors’ request to revoke his bail over alleged witness tampering. The decision was made in a New York court hearing, and Bankman-Fried was remanded into custody at the Metropolitan Detention Center in Brooklyn. The judge denied Bankman-Fried’s request for delayed detention pending an appeal, indicating that there was probable cause to believe he attempted to tamper with witnesses. His criminal trial is scheduled to begin on October 2.
  • On 15/08/2023, Treasury Secretary Janet Yellen highlighted the positive impact of the Inflation Reduction Act, a 2022 law that prompted substantial investments in infrastructure, manufacturing, and climate goals, on the U.S. economic recovery. Yellen noted that the economy has shifted from rapid recovery to stable growth over the past year. She emphasized the creation of more than 13 million new jobs since President Joe Biden’s inauguration, recovery from significant inflation, and an unemployment rate comparable to the lowest in 54 years. Yellen made these remarks during a speech at the International Brotherhood of Electrical Workers 357 Training Center in Las Vegas.
  • Michael Burry, known for his role in “The Big Short,” reportedly held bearish options against the S&P 500 and Nasdaq 100 Index at the end of the second quarter. According to recently released securities filings, his firm Scion Asset Management purchased put options worth $739 million against the Invesco QQQ Trust ETF (QQQ.O) and separate put options worth $886 million against the SPDR S&P 500 ETF (SPY.P). Put options give the right to sell shares at a fixed price in the future and are often used to express a bearish view on the market. The exact purchase prices and expiration dates of these options were not disclosed in the filings.
  • Russia’s central bank has taken emergency action to address the rapid depreciation of the country’s ruble currency. The central bank increased interest rates by 350 basis points to 12%, up from the previous rate of 8.5%. This move comes after the ruble slumped close to 102 to the dollar and was followed by President Vladimir Putin’s economic advisor blaming the currency’s decline and rising inflation on “loose monetary policy.” The ruble initially strengthened after the announcement, with investors anticipating a significant tightening of monetary policy from the central bank. As a result, the currency was trading at just under 96 to the dollar.
  • On 16/08/2023, Fitch Ratings has issued a warning about the potential for sweeping rating downgrades for numerous U.S. banks, including major institutions like JPMorgan Chase. The agency had already lowered its assessment of the health of the U.S. banking industry in June. Analyst Chris Wolfe indicated that if the industry’s score were downgraded further, it could trigger a reevaluation of ratings for over 70 U.S. banks covered by Fitch. This move could result in negative rating actions for many banks, highlighting the potential for increased turbulence in the banking sector.
  • On 17/08/2023, Australia’s unemployment rate has risen above expectations, reaching 3.7% in July, up by 0.2 percentage points. This increase was greater than anticipated by financial markets, which had predicted a rise to 3.6%. The number of employed individuals dropped by 15,000, while the number of unemployed people increased by 42,000. ABS head of labour statistics, Bjorn Jarvis, noted that the job rate is still below pre-pandemic levels, further emphasizing the challenges the Australian economy is facing. This development strengthens the case for the Reserve Bank of Australia (RBA) to maintain steady interest rates.
  • Minutes from the Federal Reserve’s July meeting reveal concerns about the persistent pace of inflation, suggesting that more interest rate hikes might be necessary in the future if conditions don’t change. The meeting resulted in a quarter percentage point rate hike, which was anticipated to be the last of the current cycle. Despite this increase, most members of the Federal Open Market Committee expressed worry that inflationary pressures are still present and could necessitate further tightening of monetary policy. The minutes also highlight the elevated inflation risks due to the labor market remaining tight. The latest rate hike brought the federal funds rate to a range of 5.25%-5%, the highest level in more than two decades.
  • Vietnamese electric vehicle manufacturer VinFast’s shares surged after its U.S. trading debut on Nasdaq. Following its merger with U.S.-listed special purpose acquisition company (SPAC) Black Spade Acquisition, VinFast’s shares closed at $37.06, a remarkable 270% higher than Black Spade Acquisition’s IPO price of $10 and 68% higher than its opening price of $22 on the same day. This surge in share price propelled VinFast’s total market value past that of established automakers such as Ford, GM, BMW, and Volkswagen. The merger with a SPAC allowed VinFast to go public and attract investment capital for its electric vehicle endeavors.
  • On 18/08/2023, China’s Evergrande Group, a heavily indebted property giant, has filed for Chapter 15 bankruptcy protection in a U.S. court. The filing was made to the Manhattan bankruptcy court, referencing ongoing restructuring proceedings in various jurisdictions. Evergrande, which defaulted in 2021 and announced a debt restructuring plan earlier this year, aims to involve a U.S. bankruptcy court in its cross-border insolvency case to protect its assets and facilitate the rescue of its troubled business. The move comes amid Evergrande’s efforts to address its financial challenges and restructure its debt obligations.
  • SpaceX, the aerospace technology firm founded by Elon Musk, reportedly wrote down the value of its Bitcoin holdings by a total of $373 million in both 2021 and 2022 and may have sold its cryptocurrency holdings. According to The Wall Street Journal, SpaceX had recorded $373 million worth of Bitcoin on its balance sheet in those years and has now reportedly sold the cryptocurrency. It’s not yet confirmed whether the entire $373 million was sold. The reported move comes as part of the company’s financial activities, which include significant expenses related to property, equipment acquisition, and research and development.
  • On 19/08/2023, The stock market ended the week with losses as Wall Street’s struggles in August continued. The Dow Jones Industrial Average closed slightly higher by 0.07%, the S&P 500 was marginally lower by 0.01%, and the Nasdaq Composite slipped 0.2%. Shares of Keysight Technologies dropped nearly 14% due to disappointing earnings, while Deere and Estee Lauder fell about 5.3% and 3.3%, respectively, after announcing their earnings. Shares of major tech companies, including Meta, Amazon, Microsoft, and Alphabet, continued their decline for the week.
  • On 21/08/2023, Chinese real estate company Country Garden Holdings is scheduled to be delisted from Hong Kong’s Hang Seng Index on September 4. This decision follows the benchmark’s quarterly review, with pharmaceutical firm Sinopharm set to replace Country Garden. Additionally, property management affiliate Country Garden Services Holdings will be removed from the Hang Seng China Enterprises Index and replaced by online travel agency Trip.com. The Hang Seng China Enterprises Index is a benchmark that represents the performance of mainland securities listed in Hong Kong.
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  • China’s central bank, the People’s Bank of China (PBOC), has cut its one-year loan prime rate by 10 basis points from 3.55% to 3.45%. This rate reduction, which is the second in three months, is slightly below the 15 basis points expected by most economists. However, the PBOC has left its five-year loan prime rate, which affects most mortgages, unchanged at 4.2%. Economists had anticipated a 15 basis point cut for this rate due to concerns about default risks stemming from liquidity issues in the country’s property sector. Notably, real estate companies like Country Garden and Evergrande have faced financial challenges recently, with Evergrande even filing for bankruptcy protection in a Manhattan court.
  • On 22/08/2023, Mortgage rates surged on Monday due to an increase in bond yields driven by investor concerns about prolonged high interest rates and inflation. The average rate on the 30-year fixed mortgage reached 7.48%, marking its highest level since November 2000. This rate has risen by 29 basis points in just one week. Investors are reacting to economic data that hasn’t shown the anticipated deterioration, leading to a lack of signals for a policy shift by the Federal Reserve. The Fed’s stance would likely initially affect short-term rates. As a result, longer-term rates such as 10-year Treasury yields and mortgage rates are being influenced by the market’s negative sentiment regarding rates. This situation is expected to persist until economic data prompts the Fed to discuss the possibility of a rate cut.
  • On 23/08/2023, ss part of its efforts to bring employees back to the office, Amazon is taking a more aggressive approach by requiring some of its staff to relocate to a central hub in order to work with their teams. Employees who are not willing or able to comply with this requirement are being asked to seek employment elsewhere, and some are even choosing to quit. Reports suggest that Amazon employees in remote roles were initially assured that their situations would remain unchanged despite the return-to-office mandate. However, in July, they were informed that they must choose between working from specific hub cities such as Seattle, New York, Austin, and Arlington. The company expects remote workers to complete their relocations to these hubs by the first half of 2024. This move has caused concerns among employees, with some choosing to leave Amazon due to uncertainty about job security and the potential financial challenges associated with relocating without any guarantee of increased compensation.
  • On 25/08/2023, Many anticipate Federal Reserve Chair Jerome Powell to adopt a cautious approach in his speech from Jackson Hole, Wyoming. Powell is likely to aim for a balanced perspective, avoiding making any strong commitments that could constrain the Fed’s future actions. Economists and market experts expect Powell to avoid taking a firm stance on matters like inflation and interest rates. The intention behind this approach is to prevent the Fed from being locked into a particular direction prematurely. In light of the uncertainty surrounding economic conditions, markets have been preparing for potential unfavorable news. This has led to a sell-off in stocks and a rise in Treasury yields. Despite the urge to signal victory over inflation, many analysts believe that the Fed would be wise not to make such claims, given the complexity of the economic landscape. Powell’s speech is highly anticipated and is expected to offer insights into the Fed’s thinking on critical issues, such as inflation, interest rates, and the broader economic recovery.
  • On 27/08/2023, Federal Reserve Chair Jerome Powell, speaking at the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming, emphasized the need for continued vigilance in the fight against inflation. Powell indicated that while progress has been made, inflation remains higher than what the central bank considers comfortable. He mentioned that the Fed will remain cautious and flexible in its approach, but he also warned that the possibility of further interest rate increases remains. Powell acknowledged that inflation has decreased from its peak but stressed that it is still too high. He indicated that the central bank is ready to raise rates further if deemed necessary and intends to keep policy at a restrictive level until confident that inflation is moving sustainably toward its target.
  • The U.S. Treasury Department has provided a definition of a “broker” for the cryptocurrency industry, clarifying tax reporting obligations for crypto companies and investors. This definition addresses questions regarding whether decentralized finance platforms and miners need to collect users’ personal data. Under the proposed rule, centralized crypto exchanges, payment processors, certain hosted wallet providers, some decentralized exchanges, and entities redeeming crypto tokens they created will have reporting obligations. The Treasury has introduced a new tax form, the 1099-DA, for these brokers to file. Miners are exempt from these tax rules, while “some” decentralized finance platforms will not be. Major cryptocurrency exchanges and brokers will have a few years to adapt to the new tax-reporting system, offering a longer timeline than initially anticipated when the relevant legislation was introduced.
  • On 28/08/2023, China Evergrande Group, the heavily indebted property developer, experienced a significant drop in its share price as trading resumed after nearly a year and a half of suspension. The shares plummeted by as much as 87% upon reopening, trading at 22 Hong Kong cents compared to its previous close of 1.65 Hong Kong dollars per share. The company’s resumption of trade followed its announcement of a loss of 39.25 billion yuan ($5.38 billion) for the first half of the year, a smaller loss than the previous year’s figure of 86.17 billion yuan. Despite the improved financials, Evergrande still faces significant challenges with total liabilities of 2.39 trillion yuan. The company had filed for Chapter 15 bankruptcy protection in a U.S. court in July, aiming to protect its U.S. assets while working on restructuring efforts. The situation has drawn international attention due to its potential impact on global markets and the broader Chinese economy.
  • On 29/08/2023, China has taken steps to restore investor confidence in its economy, including cutting the tax on stock trading for the first time since 2008. This move comes as foreign investors have been selling off Chinese stocks due to concerns about the country’s economic outlook. The reduction of the stamp duty on stock trades from 0.1% to 0.05% is aimed at revitalizing the capital market and boosting investor confidence, according to Chinese regulators. Additionally, the China Securities Regulatory Commission (CSRC) has introduced measures to improve investor confidence in the stock market. While these announcements initially led to gains in Chinese stocks, concerns about the real estate crisis and slow growth have tempered the market’s response.
  • On 30/08/2023, Nvidia shares surged by 4.2% to reach a record high following the company’s announcement of a partnership with Google. This partnership has the potential to expand the distribution of Nvidia’s artificial intelligence technology. Nvidia’s shares have experienced remarkable growth in 2023, with a 234% increase, making it the top performer in the S&P 500 index. The company’s strong performance is attributed to the high demand for its graphics processing units (GPUs), which are being used by various entities for training and deploying generative AI models like the technology behind OpenAI’s ChatGPT.
  • Deutsche Bank has projected that the Bank of England’s losses on bonds acquired to support the UK economy in the aftermath of the financial crisis will be significantly higher than initially estimated. The central bank’s Asset Purchase Facility (APF), which aimed to improve financing conditions for companies affected by the 2008 financial crisis, resulted in the Bank of England accumulating £895 billion in bond holdings. While the program initially generated profits, the unwinding of these positions combined with rising interest rates has led to increased losses. The Bank of England estimated that it would require the UK Treasury to backstop £150 billion of losses on its APF, but Deutsche Bank suggests that these losses will surpass projections until the middle of the decade.
  • On 31/08/2023, SEC Chairman Gary Gensler is set to testify before Congress twice in September, addressing concerns and criticisms from lawmakers. He is scheduled to appear before the Senate Banking Committee on September 12th and the House Financial Services Committee on September 27th. Gensler has faced criticisms from Republican lawmakers, particularly regarding the SEC’s regulatory approach to digital assets. Some lawmakers, including Rep. Patrick McHenry, have expressed concerns about the lack of clear guidelines for cryptocurrency regulation and have criticized the SEC’s enforcement-focused approach. These upcoming testimonies provide a platform for Gensler to address these concerns and discuss the SEC’s regulatory priorities in the digital asset space.
  • China’s factory activity in August continued to contract for the fifth consecutive month, indicating that the economic slowdown in the country may not have reached its bottom yet. The official manufacturing Purchasing Managers’ Index (PMI) improved slightly to 49.7 in August from 49.3 in July, though it remained below the 50-point threshold that indicates expansion. In contrast, the non-manufacturing PMI, which reflects the service sectors, decreased to 51.0 in August, hitting a new low for the year. While there were some positive signs in certain sub-indexes of the manufacturing PMI, concerns persist over China’s ability to achieve its targeted 5% growth rate for the year. The country’s property sector has been facing challenges with credit issues and sluggish sales, causing worries about its overall economic performance. Beijing has introduced various measures to boost the economy, ranging from lending incentives to efforts to stimulate housing demand.
 

Crypto news

  • On 31/07/2023, United States Representatives Gus Bilirakis and Jan Schakowsky have written a formal letter to Apple CEO Tim Cook expressing concerns about the company’s App Store guidelines and their potential impact on emerging technologies such as blockchain and nonfungible tokens (NFTs). The letter seeks information on whether these guidelines could inadvertently hinder the progress and growth of cutting-edge innovations. The lawmakers noted a pattern in Apple’s approach to its App Store guidelines, where the company appeared to take advantage of and simultaneously restrict the functionality of crypto apps. They cited examples of Apple requiring the release of “lite” versions of crypto apps, which both generated profits for Apple and limited the overall utility of these applications. Specifically, they mentioned the experience of Axie Infinity’s App Store application as evidence of this issue. The letter aims to address these concerns and seek clarification on how Apple’s guidelines may impact emerging technologies in the future.
  • On 01/08/2023, According to the Financial Times, the U.S. Securities and Exchange Commission (SEC) asked Coinbase, a cryptocurrency platform, to halt trading in all cryptocurrencies except bitcoin before filing a lawsuit against the company in June. Coinbase’s CEO, Brian Armstrong, revealed that the SEC’s request posed a significant challenge to the crypto industry in the United States. If Coinbase had complied, delisting all assets except bitcoin, it could have potentially led to the demise of the U.S. crypto industry. As a result, Coinbase decided to challenge the SEC in court to seek clarity on the matter. The SEC accused Coinbase of operating unlawfully for failing to register as an exchange and trading several crypto assets that the agency considered securities and should have been registered. However, the SEC stated that its enforcement division did not formally request companies to delist crypto assets.
  • The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Richard Schueler, also known as Richard Heart in the crypto community, alleging that he conducted unregistered offerings of three tokens. The SEC claims that Schueler raised over $1 billion through the sale of crypto asset securities, including tokens named Hex, PulseChain (PLS), and PulseX (PSLX). According to the complaint, Schueler promoted these tokens as lucrative investments and hired developers to support the underlying framework of the crypto assets. The lawsuit was filed in the U.S. District Court for the Eastern District of New York.
  • Tether, the popular stablecoin issuer, has revealed an increase in its treasury reserve holdings in the second quarter of 2023. According to its latest financial attestation published by accounting firm BDO, Tether’s excess reserves have grown by $850 million, reaching a total of $3.3 billion. Additionally, the report for the first time discloses the company’s indirect exposure to United States Treasurys held by money market funds, along with U.S. Treasurys serving as collateral for its overnight repurchase agreements. When combined, the total amount of Treasuries backing Tether’s stablecoins is estimated to be around $72.5 billion. The company has been allocating its profits to build up these excess reserves after recent industry challenges, although it’s important to note that this figure does not include the 100% reserves Tether maintains to redeem its circulating USDT tokens.
  • On 02/08/2023, MicroStrategy, a software development company based in the United States, has revealed its plans to raise up to $750 million through a stock sale. According to a filing with the Securities and Exchange Commission on August 1, the company has entered into a sales agreement with three companies: Cowen and Company, Canaccord Genuity, and Berenberg Capital. The proceeds from the stock sale could be used for various general corporate purposes, including the potential acquisition of more Bitcoin and working capital. As of the filing date, the price of Bitcoin (BTC) was noted as $29,411.
  • The recent chaos at Curve Finance, a decentralized finance (DeFi) platform, has put its founder, Michael Egorov, in a precarious position. Egorov has a $168 million lending position secured by Curve’s native token, CRV, across multiple DeFi protocols. This amounts to nearly 34% of the total market capitalization of CRV. However, after an exploit over the weekend, the price of CRV plummeted more than 20%, increasing the risk of his position getting liquidated. A forced liquidation of Egorov’s position would have significant implications for Curve Finance, which is a crucial element of the DeFi ecosystem. The platform has already suffered a major exploit that resulted in the loss of around $70 million in assets from users. As a result, the total value of assets locked in Curve dropped from $3.7 billion to $2.1 billion as investors withdrew their funds as a precautionary measure. The situation remains uncertain, and any further developments could have widespread effects on the DeFi space.
  • According to a report from The Information, Binance CEO Changpeng Zhao (CZ) considered shutting down the crypto exchange’s U.S. arm, Binance.US, earlier this year to protect the broader company. The board of directors of Binance.US reportedly voted on whether to liquidate the company, but they could not reach a unanimous decision. Binance.US CEO Brian Shroder blocked the decision to liquidate the U.S. affiliate. It’s worth noting that CZ serves as the chair for the Binance.US board of directors. Binance has been facing increased regulatory scrutiny, both in the U.S. and globally, regarding its operations. Earlier this month, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and CZ, accusing them of operating an unregistered securities exchange. In March, the U.S. Commodity Futures Trading Commission (CFTC) also sued Binance and CZ, alleging that the company offered unregistered crypto derivatives products in the U.S. These regulatory challenges have added pressure to the crypto exchange and raised concerns about its operations and compliance with U.S. regulations.
  • The United States Department of Justice is reportedly contemplating charging cryptocurrency exchange Binance with fraud, but is hesitant due to concerns about potential negative impacts on consumers. According to sources familiar with the matter, Justice Department officials fear that an indictment against Binance could lead to a run on the exchange, similar to what occurred with FTX in November 2022. As a result, they are considering alternative approaches, such as imposing fines or seeking non-prosecution agreements, to mitigate potential harm to consumers. Binance is already under investigation for allegedly violating U.S. sanctions on Russia, and the company has faced legal challenges from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission for alleged violations related to securities and derivatives regulations. As the situation evolves, regulatory authorities are carefully considering their options in addressing potential wrongdoing by Binance while also aiming to safeguard consumers and the stability of the cryptocurrency market.
  • On 04/08/2023, KPMG’s report on Bitcoin and ESG found that Bitcoin offers benefits in an ESG context. It compared Bitcoin’s emissions to other sources and noted that emissions are lower than commonly discussed. The report suggests strategies like using renewable energy to improve its carbon footprint. This highlights Bitcoin’s potential to address environmental concerns and contribute to sustainability efforts.
  • Coinbase is planning to file an order seeking dismissal of the lawsuit by the Securities and Exchange Commission (SEC) on August 4. The crypto exchange’s Chief Legal Officer, Paul Grewal, expressed confidence during the earnings call that they expect to win the court case brought by the regulator. The SEC had sued Coinbase on June 6, alleging the sale of unregistered securities and unregistered operation as a securities exchange. Coinbase will file a motion to dismiss the lawsuit on August 4.
  • On 05/08/2023, Miami Mayor Francis Suarez has announced that his presidential campaign will be accepting donations in bitcoin (BTC). He expressed his belief in the democratizing opportunities that technologies like bitcoin can provide for wealth creation without being influenced by human ulterior motives or political goals. Supporters can donate as little as 0.00034 bitcoin, equivalent to $1, through his campaign website. The mayor has been critical of the Biden administration’s approach to cryptocurrencies.
  • On 07/08/2023, During Coinbase’s Q2 earnings call, CEO Brian Armstrong made a surprising revelation that Binance, a prominent cryptocurrency exchange, has liquidated its entire holdings of the stablecoin USDC. This unexpected disclosure has sparked speculation and analysis about Binance’s intentions and the potential effects on the stablecoin market. Armstrong’s remark, “USDC market cap is up after Binance pulled out,” hinted at Binance’s involvement with Circle, the issuer of USDC. This development raises questions about the reasons behind Binance’s decision and the impact on the stability of USDC.
  • On 08/08/2023, American fintech company PayPal introduced a new stablecoin called PayPal USD (PYUSD). This U.S. dollar-pegged stablecoin is being issued by Paxos Trust Co. and is fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. Built on the Ethereum blockchain, PYUSD is designed for digital payments and Web3 applications, with plans to make it available to U.S. customers. The stablecoin will be redeemable for U.S. dollars at any time, can be traded for other cryptocurrencies on PayPal, and will be transferable between PayPal and Venmo. PayPal’s move into stablecoins could further its aspiration to become a significant player in the cryptocurrency payments arena, building on its 2020 introduction of crypto payments on the platform.
  • Cryptocurrency exchange Huobi has strongly denied rumors of its insolvency, which gained momentum due to data indicating $64 million in outflows between August 5-6. These rumors were further fueled by investigations by Chinese authorities. The outflows led to a drop in Huobi’s total value locked (TVL), as reported by DeFi TVL aggregator DefiLlama. Additionally, reports emerged suggesting that the exchange’s leadership had been arrested in China as part of an investigation into its dealings with gambling platforms. Huobi’s spokesperson labeled these claims as false, asserting that they were fake news. These rumors come amid reports of increased scrutiny and control over cryptocurrency exchanges by authorities in mainland China.
  • Hong Kong’s Securities and Futures Commission (SFC) has issued a warning regarding unlicensed cryptocurrency platforms that are involved in improper practices. The warning is directed at both investors and the unlicensed platforms themselves. Some of these platforms are claiming to have submitted applications to the SFC for licensing, even though they have not complied with the regulatory requirements. The SFC noted that some unlicensed virtual asset trading platforms have established new entities to offer virtual asset services in Hong Kong ahead of anticipated transitional arrangements. The SFC currently lists only two licensed crypto exchanges: HashKey and OSL Exchange.
  • On 09/08/2023, Galaxy Digital CEO Mike Novogratz believes that the approval of a spot bitcoin exchange-traded fund (ETF) would attract many institutions back into the cryptocurrency space. The collapse of FTX and other challenges in the crypto industry in 2022 led many institutions to withdraw. However, Novogratz stated during Galaxy Digital’s second-quarter earnings call that a spot bitcoin ETF approval would indicate government support for bitcoin and make it easier for pension funds and asset managers to invest in the crypto space. He suggested that the approval could provide a positive push for the growth of the industry.
  • There have been reports about a significant transfer of 5,000 ETH to the Huobi cryptocurrency exchange from a Tron address, which some speculate belongs to TRON founder Justin Sun. The address, initially labeled as Justin Sun’s, withdrew 200 million USDT from a Tron-based lending platform, JustLend, and sent it to Huobi. Subsequently, the same address on the Ethereum network transferred 5,000 ETH to Huobi, equivalent to around $9.14 million. However, Huobi officials have denied that the address belongs to Justin Sun, listing it as one of the top 10 TRX token holders instead.
  • On 10/08/2023, The cryptocurrency Aptos (APT), which powers the Aptos Network’s layer-1 blockchain, has seen an increase of about 11.6% after announcing its collaboration with Microsoft’s artificial intelligence tools. This partnership aims to accelerate the adoption of Web3 technologies among banks and financial institutions. Aptos Network will utilize Microsoft’s Azure OpenAI service to explore advancements in asset tokenization, on-chain payments, and central bank digital currencies. Aptos Labs CEO Mo Shaikh expressed optimism about the integration of AI and blockchain technologies, highlighting their transformative impact on the evolution of the internet and society.
  • The United States Securities and Exchange Commission (SEC) has decided to appeal a court ruling from July regarding its lawsuit against Ripple Labs. The ruling had determined that the sale of XRP is not a security when sold to retail investors. The SEC has written a letter to Judge Analisa Torres, who presided over the case, expressing its intention to appeal and requesting a hold on the case during the appeal process. The SEC cited the need for clarity on the matter, as the ruling could have implications for other pending court cases involving crypto firms, such as Binance and Coinbase. The SEC believes that the issues at hand involve substantial differences of opinion and warrant an interlocutory review.
  • Tether Holdings Limited, the company behind the USDT stablecoin, has reported a second-quarter profit of $850 million, which has contributed to increasing its excess reserves to a total of $3.3 billion. This profit is a result of the company’s operational performance during the quarter, which saw its profits surpass $1 billion, marking a 30% increase compared to the previous quarter. The attestation of Tether’s financials was conducted by Binder Dijker Otter (BDO), an accounting firm based in Belgium. Tether stated that these retained profits will further strengthen its capital reserves.
  • On 11/08/2023, The United States Securities and Exchange Commission (SEC) has reached an agreement with crypto trading platform Bittrex and its co-founder and former CEO William Shihara over allegations of operating an unregistered exchange. According to the agreement announced on August 10, Bittrex and Bittrex Global have agreed to pay a total of $24 million to settle the dispute. This includes $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties. The settlement is still subject to court approval. The SEC alleged that Bittrex worked with token issuers to evade federal securities laws by altering their online statements and descriptions.
  • On 13/08/2023, United States Senator Cynthia Lummis, known for her crypto-friendly stance, has filed an amicus brief in support of Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the company. An amicus brief is a document filed by a party not directly involved in the case, aimed at providing additional arguments in favor of one side. Lummis highlighted that the SEC’s lawsuit against Coinbase is not a typical enforcement case and warned that it could grant the SEC significant influence over the cryptocurrency sector at a time when regulatory discussions are still ongoing in Congress and various agencies.
  • On 14/08/2023, Open interest, the value of funds locked in open Shiba Inu (SHIB) futures contracts, has surpassed $100 million for the first time since February. This surge in open interest suggests renewed investor interest in the meme-focused cryptocurrency SHIB. While SHIB futures on Binance have seen open interest more than double to $101.65 million this month, caution is advised for Bitcoin (BTC) traders as this trend could indicate shifting market dynamics. Binance’s SHIB futures contracts are structured with 1,000 SHIB per contract and offer up to 25 times leverage.
  • HSBC, a prominent UK and global bank, has introduced restrictions on transfers to cryptocurrency exchanges. Customers were informed via email that single transactions to crypto exchanges are now limited to £2,500, with a maximum monthly cap of £10,000. This move has raised concerns about financial freedom and access to resources. HSBC’s decision comes at a time of controversy surrounding the closure of Nigel Farage’s bank account. While the UK aims to become a crypto hub and Prime Minister Rishi Sunak supports the crypto industry, HSBC’s move to restrict crypto-related transactions seems to contradict this broader trend.
  • Coinbase has initiated a tender offer to repurchase up to $150 million of its $1 billion bonds set to mature in 2031. The offer, which expires on September 1, is aimed at rewarding early participants. Investors who sell their bonds before August 18 will receive $645 for every $1,000 of the bond’s face value (64.5 cents on the dollar). Those participating after August 18 but before the expiration date will receive $615 for every $1,000 of the bond’s face value (61.5 cents on the dollar). Both offer prices are higher than the bond’s unchanged price of approximately 60 cents on the dollar as of August 4.
  • On 15/08/2023, Crypto media company CoinDesk has laid off 45% of its editorial staff as part of a strategic move by its parent company Digital Currency Group. The layoffs were announced internally on Monday, with an all-hands meeting held to discuss the situation. The CEO of CoinDesk, Kevin Worth, sent a message to the staff explaining the reduction in force, which predominantly affected the media team. The parent company’s plan to bring on strategic investors appears to be the driving force behind these changes.
  • On 16/08/2023, Members of the House Financial Services Committee in the United States have raised concerns and demanded explanations from the heads of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) about how Prometheum obtained a special purpose broker-dealer (SPBD) license. In letters to SEC Chair Gary Gensler and FINRA President and CEO Robert Cook, lawmakers questioned the timing and circumstances of the approval given to Prometheum’s SPBD license. They highlighted the lack of operating history and customer track record of Prometheum and raised doubts about why FINRA approved the license despite these factors.
  • On 17/08/2023, Ripple Labs, along with CEO Brad Garlinghouse and former CEO Christian Larsen, have responded to the US Securities and Exchange Commission’s (SEC) move to appeal in their legal battle. Ripple’s legal team argued that the SEC’s appeal was a sudden shift in strategy due to the regulator’s struggle to support its claims against the defendants. The SEC initially sought to regulate the digital asset sector through enforcement but is now pursuing an interlocutory appeal in a bid to avoid prolonged litigation. Ripple Labs and the other defendants highlighted this shift in their response to the court.
  • On 18/08/2023, The team behind the newly launched Shibarium mainnet has refuted reports of bridge problems and asset losses, stating that the circulated screenshots are false. In a blog post, Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, explained that technical difficulties were caused by a significant surge in transactions and user activity following the launch. Kusama shared data indicating a rapid influx of traffic that overwhelmed the system. Despite the unexpected traffic, the team is working diligently to scale and ensure the platform can manage the increased activity.
  • On 19/08/2023, Mastercard has announced a partnership program involving seven blockchain and payment technology providers to explore the benefits and limitations of central bank digital currencies (CBDCs). While specific plans for the partnership were not disclosed, the focus will be on aspects like security, privacy, interoperability, and driving innovation. Companies like Ripple, ConsenSys, and Fluency, which have contributed to CBDC development, are part of this program. Mastercard aims to ensure that CBDCs are as user-friendly and accessible as other forms of money as the digital future unfolds.
  • Binance is reportedly considering legal action against its former payment provider, Checkout.com. The potential dispute arose when Checkout.com’s CEO, Guillaume Pousaz, terminated the relationship with Binance due to concerns about regulatory actions and compliance issues. In response, Binance has expressed disagreement with the basis for termination and is evaluating options for legal action. The termination of this partnership led to the shutdown of Binance Connect, a platform that facilitated fiat-to-crypto transactions. This move comes after Checkout.com once had Binance as its largest customer, processing significant transaction volumes.
  • On 20/08/2023, Elon Musk, the chairman and chief technology officer of X (formerly known as Twitter), has praised Vivek Ramaswamy, a young and emerging Republican presidential candidate in the United States. Musk expressed his support for Ramaswamy after watching an interview snippet on the Tucker Carlson podcast. Ramaswamy is known for his stance on digital finance and cryptocurrencies and has advocated for a stronger crypto environment in the US. He recently revealed that his presidential campaign will accept Bitcoin contributions, making him one of the few 2024 US election candidates to endorse BTC.
  • On 22/08/2023, Customers of Binance, a cryptocurrency exchange, are reportedly encountering difficulties with fiat withdrawals in Europe due to problems related to Single Euro Payments Area (SEPA) transfers. The exchange has purportedly suspended euro deposits and withdrawals through SEPA. According to a message from Binance’s customer support on social media (which has since been deleted), the exchange stated that it doesn’t have a fixed timeline for restoring SEPA transfers and mentioned that its payment provider is no longer able to support these transactions. Binance assured users that they are actively working to address the issue and resolve it as quickly as possible.
  • On 23/08/2023, Binance.US, a cryptocurrency exchange, has partnered with crypto payments firm MoonPay to enable users to purchase the U.S. dollar-pegged stablecoin Tether (USDT) for use on its platform. This move comes two months after Binance.US transitioned to a crypto-only platform. The exchange had previously faced disruptions with its banking partners, resulting in the suspension of fiat deposits. As a result, Binance.US has adopted USDT as its new “base asset” for transactions. The partnership with MoonPay will provide users with a way to transact in USD and access the stablecoin.
  • The ongoing lawsuit by the United States Securities and Exchange Commission (SEC) against Ripple, which was filed in December 2020, has reportedly hindered the adoption of the XRP token in the U.S. According to pro-XRP lawyer John Deaton, the lawsuit has prevented XRP from enjoying nearly three years of adoption in the U.S. He made this statement in response to Coinbase’s announcement of acquiring a minority stake in Circle, the issuer of the USD Coin (USDC) stablecoin, and their plans to expand the USDC ecosystem. Deaton pointed out that before the SEC lawsuit, XRP and Ripple were gaining traction in cross-border payments, and entities like Coinbase were showing interest in their potential. Coinbase was a significant promoter of XRP before the lawsuit led the exchange to delist the token. Deaton also highlighted that Coinbase had conducted thorough due diligence and even reached out to the SEC to confirm the regulatory status of XRP before listing it. However, the lawsuit changed the course of events and impacted XRP’s adoption and potential partnerships.
  • On 25/08/2023, The price of the memecoin Pepe has experienced a significant drop of nearly 15% following recent changes to a multisig wallet and the movement of Pepe tokens to various crypto exchanges. These events have raised concerns among investors about the possibility of a “rug pull,” which refers to a situation where developers of a cryptocurrency pull out their funds abruptly, causing the value of the token to plummet. The concerns emerged after around $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to different cryptocurrency exchanges. This transfer accounted for about 3.8% of the total Pepe token supply. The wallet address sent $8.2 million worth of Pepe to OKX, $6.5 million to Binance, $434,000 to Bybit, and an additional $400,000 to an unknown wallet. These actions have led to negative price movement and sparked fears that the developers might be attempting a rug pull, which has caused unease within the Pepe community.
  • Bankrupt crypto exchange FTX is reportedly looking to sell, stake, and hedge its substantial crypto holdings as part of its efforts to return funds to creditors. FTX has sought the assistance of Galaxy, a company headed by Mike Novogratz, as an advisor to help with these activities. FTX aims to return funds to its creditors in fiat currency instead of cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). The exchange holds over $3 billion worth of cryptocurrencies and wants to carefully manage trading to avoid negatively impacting the value of these assets. The exchange’s lawyers have mentioned that hedging Bitcoin and Ethereum holdings can help mitigate potential downside risks before selling them. Additionally, staking certain digital assets could generate low-risk returns on these assets, ultimately benefiting the estate and creditors.
  • On 27/08/2023, Jeremy “Pauly” Cahen, a former promoter of Pepecoin and now a crypto influencer, has accused the Pepecoin team of insider trading following the alleged theft of a significant amount of PEPE tokens. Cahen has revealed the identities of team members and shared details about their wallet activities. Cahen claims that the Pepecoin team holds around $16-17 million worth of PEPE tokens across nine wallets. Despite having a substantial amount of tokens, the team members have not sold them. Instead, they reportedly moved the tokens from a centralized exchange wallet and established a significant short position. Cahen has expressed his intention to collaborate with law enforcement to bring the Pepecoin team to justice for their alleged crimes. He believes that their actions have caused harm to many individuals within the crypto community.
  • On 28/08/2023, A report by European hedge fund Brevan Howard has highlighted the growing prominence of stablecoins in the payments sector. The stablecoin market saw transactions worth over $11 trillion in 2022, surpassing the transaction volumes of major payment giants like Visa, PayPal, and Mastercard. The study focused on non-speculative activities involving stablecoins on blockchains like Ethereum, Tron, and Binance Smart Chain. The research revealed that more than 25 million blockchain addresses held at least $1 in stablecoins. The study primarily looked at fiat-backed stablecoins such as USDT, USDC, BUSD, and TUSD, which are pegged to traditional assets like bank deposits and U.S. Treasuries. Interestingly, the report found that the majority of stablecoin users were likely small or retail users. About 75% of weekly active stablecoin addresses were engaged in transactions of less than $1000, indicating that stablecoins are being widely used for non-speculative, everyday transactions.
  • On 29/08/2023, The U.S. Securities and Exchange Commission (SEC) has charged media and entertainment company Impact Theory with conducting unregistered securities sales through the sale of nonfungible tokens (NFTs). Impact Theory allegedly raised nearly $30 million by selling NFTs called Founder’s Keys between October and December 2021. The SEC’s allegations suggest that Impact Theory presented these NFTs as investment opportunities into their business, comparing the potential value to that of Disney. The SEC determined that these NFTs were considered investment contracts, making them securities under the Securities Act of 1933. As a result, the company violated securities laws by selling these NFTs without proper registration. In response to the charges, Impact Theory has agreed to a cease-and-desist order issued by the SEC. This case highlights the regulatory scrutiny that surrounds the sale of NFTs and the need to comply with securities laws when conducting such sales.
  • Bitcoin’s trading volume has reached its lowest level in nearly five years, according to analysis of CryptoQuant data. Both spot and derivatives exchanges have seen a decline in the total volume of bitcoin held, with the trading volume dropping to its lowest level since 2018. As of August 26, the trading volume on all exchanges stood at 129,307 BTC, a significant drop from its peak in March. This decline in trading volume is often observed during bear markets as retail investors become less active. However, experts believe that as the market transitions further into a bull market, trading volume may begin to pick up again. Despite the lower trading volume, the price of bitcoin has remained relatively stable and is up 57% for the year.
  • Binance, a major cryptocurrency exchange, is reportedly considering withdrawing its services from Russia due to various factors including sanctions from different countries, including the United States. The exchange recently removed certain sanctioned Russian financial institutions from its peer-to-peer platform and implemented fiat currency restrictions for users in Russia. This move comes amidst a backdrop of regulatory challenges and legal issues faced by Binance in various countries, including the United States. The exchange’s global operations have attracted scrutiny from regulators, and it is currently facing legal actions in different jurisdictions.
  • On 30/08/2023, A federal judge has overturned the decision by the United States Securities and Exchange Commission (SEC) to deny an exchange-traded fund (ETF) offering from Grayscale Investments through its Bitcoin Trust. The judge’s decision stated that the SEC’s justification for denying the ETF on the grounds of not being designed to prevent fraudulent and manipulative acts was insufficient. The matter will now return to the commission for further review. However, experts caution that this ruling doesn’t guarantee the immediate approval of the first spot Bitcoin ETF in the United States, as the SEC might still raise other concerns during the review process.
 

This month is quite interesting. We got good news both in the stock and the crypto space.

 

Some of the articles I use for the information above:

Passive Income

This month has produced about 16.071 ADA. The staking reward for AXS for this month is about 0.85865 AXS. Staking for IMPACT is 2597.58104 PACT. BAT reward is 7.334 BAT.

To sum up:

  • ADA Reward –  16.071 ADA.
  • AXS Staking –   0.85865 AXS.
  • Impact Staking – 2597.58104 PACT
  • BAT Reward – 7.334 BAT
  • Dividend – No dividend this month.

What I have learnt

Keyword for this month – Paperwork and Paperwork

I am so exhausted at the end of this month. My head is not in the mood at all. A lot of things have happened, mostly bad things and lots of paperwork, job security…. However, I have reached a couple of goals.

  •  Weight – 72.4kg last time I check. This is due to stress and I consumed less food this month.
  • Able to save more.
  • Start shopping for appliances for the new place + get the electricity and gas for the new place.
I will take a break this month to recover and get more sleep.

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