Portfolio Update - October 2023

Portfolio Summary

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

Raiz Aggressive Portfolio – $16,965.65, total return $2.15 (0.03% according to app)
VDHG (using VPI platform) – $88,798.32, total return $1,841.79 (1.46% including DRP)
IVV (Selfwealth) – $655.50, total return $167.27 (11.40% including DRP)
SYI (Selfwealth) – $2,114.91, total return $268.51 (5.20% including DRP)
VISM (Selfwealth) – $535.20, total return –$8.86 (-0.62% including DRP)
A200 (Selfwealth) – $1,928.82, total return $83.93 (2.03% including DRP)
Cryptocurrency – $58,980.94 (-15.78% from principle)
Gold – $0
Property – $715,000.00
Redraw – $5,000.00
Mortgage – $559,384.89

A breakdown of my current asset allocation:

Australian Shares – 26.66%
Global Shares – 32.39%
Bonds – 5.94%
Fixed Income Assets – 0.31%
Gold – 0%
Cryptocurrency – 34.70%

Portfolio Total (Stock + Crypto + Gold) – $169,979.34. A increase of 5.39% compared to last month’s value ($161,280.32).

Net worth – $325,594.45

This month is saving is 64.31%. Another month with lots of things done for the house and the freelance project. Some of the goals I have laid out last month to work on the house finally done, and honestly I was not sure how long it would take me to complete. Let’s start with the improvement checklist:

Get someone to clean the carpet – that someone was me. The quotes I got from the cleaning services were ridiculously high, so I found another to get it done by myself. I hired a vacuum cleaning machine bought the product and did the work myself, maybe not as clean as the professionals but the carpet does not smell bad anymore. Number of hours of work – 4 hours. It was tough but worth it anyway.
Clean the garden – for this one, I hired a man to clean the garden for me since the grass grew quite fast the last couple of weeks and was at my knee level. Spent $200 to make the garden clean for the time being (just cutting the grass and removing weeds), and the folks who did the job were quite good. I like the garden much more now.
A dining table and chairs – well luckily my old housemates wanted to get rid of the tables and chairs, so I took it, but I needed to hire someone to pick them up so another $150 was spent on AirTasker for short notice. I manged to pickup the full set + the treadmill as well.

For the work setup, I can leave it later, not in hurries. Quite satisfied with this month and the amount of work I was able to complete for the house. There are still works for the house but I will take it easy from now on since I have been busy for the last couple of weeks, and need to take some time off and focus more on the freelance work.

I still need to buy more stuff for the house like a mower, saw (maybe chainsaw), and garden equipment..., and also need to replace a new lock for the sliding door.

Another good news is that I got a refund from the ATO this month and it was a lot. Thanks to the contribution I have put into my super, I got a hefty sum for the return and used it to pay the monthly mortgage payment ($3,217.81) this month + send back money for my parent. I also got new tenants for the place, who are my housemates in my previous place. Since the rooms are not as big as before, I only charge $150/w + $130/w for the rooms, which will get me an additional $1,120/month for the income, and my estimated utility bills would be around $400-500/month (hopefully). Let’s see if the amount I got will be good enough to cover the monthly bill + extra for the mortgage.

There are 2 contributions that I have made for this month – the same old $400 for the Raiz account and $5,000 toward my variable home loan, so I got $5,000 in my redraw account. I will try to make as many additional payments to my variable rate loan, currently at $50,000. If my calculation is correct, I can put an extra $2,000-$3,000 each month toward the loan, that if I still have my job. I was told to have a 5-week break during December so I will need to find some way to make money during that time. Also, I have not received any payment for the freelance work yet, so a bit frustrated atm.

Overall, it’s a good month for me. I got most of the things set up for the new place now, and just need to work on improving the property bit by bit and pay a bit less on the interest on my loan with $5,000 in my redraw. And the freelance work is almost completed. Hopefully, next month I will start seeing more income and complete outstanding projects.

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 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 02/10/2023, The Senate has passed a last-minute spending bill to avert a government shutdown. This measure, signed into law by President Joe Biden, will keep the government open for 45 days, giving the House and Senate more time to complete their funding legislation. The bill also allocates disaster relief funds but does not include new financial assistance for Ukraine’s ongoing conflict with Russia. The House had previously passed the stopgap spending measure, and work will continue on the budget in the coming days.
On 03/10/2023, The Reserve Bank of Australia (RBA) has decided to keep the nation’s official cash rate target unchanged at 4.10%. This marks the fourth consecutive month that the RBA has maintained the cash rate at this level. The central bank’s decision reflects its cautious approach, with policymakers wanting to gather more data before making any changes to the interest rates. Borrowers are advised to remain vigilant and not assume that interest rates will remain unchanged indefinitely.
Bill Ackman, the founder of Pershing Square, has expressed concerns about the economy, suggesting that it is beginning to slow down due to aggressive interest rate hikes. He believes that the Federal Reserve may have reached the end of its rate hikes and that the current high level of real interest rates is sufficient to slow economic growth. Ackman also highlighted the impact of high mortgage rates and credit card rates on the economy, noting signs of weakening. Additionally, Ackman anticipates that long-term Treasury yields could rise further in the current environment, with the 30-year rate potentially reaching the mid-5% range and the 10-year rate approaching 5%. He mentioned that he is shorting 30-year Treasury bills as a hedge against this scenario.
On 04/10/2023, The average rate on the 30-year fixed mortgage has risen to 7.72%, according to Mortgage News Daily. This increase is due to rising yields on the 10-year Treasury, which has been climbing recently following strong economic data. Mortgage rates have not been this high since the end of 2000. Earlier this year, the 30-year fixed rate briefly dropped to around 6%, leading to increased activity in the spring housing market. However, rates started rising steadily over the summer, causing a drop in sales despite strong demand. The trend suggests rates could potentially surpass 8%. The Federal Reserve, while not raising interest rates in its recent meeting, indicated the possibility of another hike this year and fewer cuts next year, which has contributed to the rise in mortgage rates.
On 05/10/2023, The ADP National Employment Report for September indicated that private payroll growth slowed significantly, with only 89,000 jobs added during the month. This figure was well below the 160,000 jobs estimated by economists and marked a notable decline from the upwardly revised 180,000 jobs added in August. The report also noted a slowdown in annual wage growth to 5.9%, marking the 12th consecutive monthly decline. While the ADP report suggests a potential loosening of the labor market, economists are still awaiting the government’s official nonfarm payroll figures, which are expected to show an increase of 170,000 jobs for September, down from August’s 187,000.
President Joe Biden has approved $9 billion in student loan forgiveness for 125,000 Americans. This relief is a result of his administration’s efforts to address issues with various programs, including income-driven repayment plans and Public Service Loan Forgiveness. The forgiveness includes, Over $5 billion for 53,000 borrowers who have worked in public service for a decade or more, $2.8 billion for 51,000 borrowers enrolled in income-driven repayment plans, $1.2 billion for 22,000 borrowers with disabilities. This move aims to provide financial relief to a significant number of individuals burdened by student loan debt.
On 06/10/2023, The bond market has experienced significant volatility this week, leading to concerns about a potential recession, the housing market, banks, and the fiscal sustainability of the U.S. government. The 10-year Treasury yield, a key indicator of borrowing costs, has risen sharply in recent weeks, reaching 4.8%, a level last seen just before the 2008 financial crisis. This unexpected rise in yields has left experts searching for explanations, including the Federal Reserve’s interest rate hikes, signs of economic strength, technical factors, concerns about the U.S. deficit, and speculation about the Fed’s intentions. These developments have generated uncertainty in financial markets.
The upcoming nonfarm payrolls report, which is expected to show a net gain of 170,000 new jobs for September, will be a significant test for the stock market. Wall Street has been concerned about a resilient labor market, as a strong jobs market could lead to the Federal Reserve maintaining high interest rates, potentially impacting the economy. The market is hoping for a jobs report that reflects a labor market that has slowed but remains strong. Recent data, including a surprising jump in job openings in August, has added to the uncertainty surrounding the Fed’s actions and their impact on the stock market.
On 07/10/2023, The U.S. economy added 336,000 jobs in September, surpassing expectations and indicating that the economy remains strong despite various challenges. The job growth exceeded the Dow Jones consensus estimate of 170,000 and was significantly higher than the previous month. Initially, stocks fell after the report’s release, but they rebounded later in the morning. The Dow Jones Industrial Average gained more than 150 points in the hours following the report. This job growth is seen as a sign of the labor market’s resilience, with September marking the best month for job creation since January.
On 09/10/2023, The Bank of Israel has announced plans to sell up to $30 billion in foreign reserves to support its domestic currency, the shekel, which has fallen sharply following recent events involving Hamas militants. The central bank aims to moderate volatility in the shekel exchange rate and ensure the proper functioning of financial markets. In addition to the $30 billion program, the bank will provide liquidity to the market through SWAP mechanisms, with an additional $15 billion allocated for this purpose. The shekel has weakened significantly, trading at its weakest level in seven years at 3.90 against the US dollar.
The United States government has rapidly increased its debt, adding over half a trillion dollars in just three weeks, according to data from the government’s FiscalData platform. The national debt rose from approximately $32.99 trillion on September 14th to about $33.51 trillion on October 5th, reflecting a $524.7 billion increase in a short period. This substantial increase in debt has raised concerns among policymakers and economists about the country’s fiscal sustainability and the potential impact on future generations. Some experts warn of a looming debt crisis if the trend continues. The federal government is currently paying approximately $909.5 billion in interest on its outstanding public debt each quarter.
On 10/10/2023, The recent attack launched by the militant group Hamas from the Gaza Strip on Israel caused a more than 3% jump in oil prices. However, experts suggest that the overall impact on oil and gas prices is likely to remain limited, given that neither Gaza nor Israel are significant oil producers. The key factor that could potentially lead to a more significant impact on oil prices is if the conflict escalates to involve regional powers or third parties like the U.S. and Iran, according to energy experts.
On 12/10/2023, The producer price index (PPI), which measures costs for finished goods that producers pay, increased by 0.5% in September. This rise exceeded the Dow Jones estimate of a 0.3% increase. While the PPI increased, it was less than the 0.7% increase seen in August. Excluding food and energy, the core PPI was up 0.3%, compared to the forecast of 0.2%. The PPI release had a relatively mild impact on the markets, with stock futures slightly lower and Treasury yields off their lows but still negative for most longer-duration issues. Inflation pressures primarily came from final demand goods, such as gasoline and food prices, while services increased by 0.3%.
Minutes from the Federal Reserve’s September meeting revealed differences among officials regarding the need for additional interest rate increases. While there was a range of opinions on the necessity of further tightening of policy, there was consensus that rates should remain elevated until the Fed is convinced that inflation is on track to reach its 2% target. The minutes indicated that a majority of participants thought one more rate increase would likely be appropriate, while some believed that no further increases would be warranted. All members of the Federal Open Market Committee agreed that future decisions should be data-dependent, and policy should remain restrictive until inflation is moving sustainably toward its target. Ultimately, the FOMC decided not to raise rates at that meeting.
On 13/10/2023, In September, consumer prices in the United States rose by 0.4% compared to the previous month, exceeding expectations, and were up 3.7% from the same period a year ago. The core inflation rate, which excludes volatile food and energy prices, increased by 0.3% on a monthly basis and by 4.1% over the year, aligning with expectations. Shelter costs were a major contributor to the increase in inflation. Energy costs went up 1.5%, with gasoline prices rising by 2.1%. Food costs increased by 0.2% for the third consecutive month. Over the past year, food costs went up by 3.7%, including a 6% increase in the cost of food consumed outside the home. Services prices, significant for predicting long-term inflation trends, increased by 0.6%. Used vehicle prices decreased by 2.5% and were down 8% compared to the previous year.
As interest rates have risen, American banks are facing another challenging quarter. This is expected to lead to increased losses on banks’ bond portfolios and funding pressures as they must pay more for deposits. Analysts predict that banks’ per-share earnings have fallen about 18% in the third quarter as lending margins contracted and demand for loans declined due to higher borrowing costs. This difficult near-term outlook is reflected in declining revenues, shrinking margins, and slowing growth for the industry. Earnings reports from major banks, such as JPMorgan Chase, Citigroup, and Wells Fargo, will provide more insights into the sector’s performance.
As interest rates have risen, American banks are facing another challenging quarter. This is expected to lead to increased losses on banks’ bond portfolios and funding pressures as they must pay more for deposits. Analysts predict that banks’ per-share earnings have fallen about 18% in the third quarter as lending margins contracted and demand for loans declined due to higher borrowing costs. This difficult near-term outlook is reflected in declining revenues, shrinking margins, and slowing growth for the industry. Earnings reports from major banks, such as JPMorgan Chase, Citigroup, and Wells Fargo, will provide more insights into the sector’s performance.
China reported a smaller-than-expected decline in exports in September, with a 6.2% drop compared to the previous year, while imports also fell by 6.2%. Both export and import figures were slightly more favorable than analysts had forecast. China’s exports have seen a year-on-year decrease every month since May, while imports had a positive print in September of the previous year. This decline is attributed to sluggish global demand for Chinese goods and subdued domestic demand.
On 14/10/2023, Oil prices surged more than 5% on Friday as geopolitical tensions in the Middle East, stemming from the Israel-Hamas conflict, raised concerns about potential disruptions in regional energy production. U.S. West Texas Intermediate crude futures increased by 5.8% to settle at $87.70 per barrel, while international benchmark Brent crude futures for December delivery rose 5.7% to reach $90.89 per barrel. This surge in oil prices reflects growing concerns that the conflict could impact energy supply routes and global trade. However, the International Energy Agency noted that the war had not yet directly impacted physical oil supply.
On 17/10/2023, LinkedIn, which is owned by Microsoft, has recently announced that it will be cutting nearly 700 employees, with the majority of these cuts coming from the engineering organization. The reductions in staff also affected the company’s finance and human resources groups. These cuts are happening as LinkedIn’s revenue growth has slowed for eight consecutive quarters, growing just 5% in the second quarter, despite steady membership growth. This move is part of LinkedIn’s efforts to adapt its organizational structures to improve agility, accountability, and efficiency.
On 18/10/2023, Bank of America reported better-than-expected third-quarter earnings, with earnings per share at 90 cents compared to the estimated 82 cents. The bank’s revenue was $25.32 billion, surpassing the expected $25.14 billion. Bank of America’s profit increased by 10% to $7.8 billion, or 90 cents per share, compared to $7.1 billion, or 81 cents per share, in the previous year. Interest income rose by 4% to $14.4 billion, driven by higher rates and loan growth, surpassing analysts’ expectations by approximately $300 million. The bank’s provision for credit losses also came in under estimates at $1.2 billion compared to the $1.3 billion estimate. Bank of America’s strong performance helped its shares rise more than 2%.
The Bank of Japan has announced plans to increase its bond purchases to defend its yield curve control policy. The central bank will conduct additional purchases of Japanese government bonds with tenures of more than five years and up to 10 years. This comes as yields on 10-year Japanese government bonds reached their highest level since September 2013, nearing the BOJ’s 1% cap. The move is seen as a response to the recent spike in government bond yields, which is testing the central bank’s resolve to maintain its yield curve control policy.
China’s economy grew stronger than expected in the third quarter, with a growth rate of 4.9%, exceeding economists’ expectations of 4.6%. This performance has raised hopes that China will meet or even exceed its target of about 5% growth for the year. Recent data has shown signs of economic stabilization, with September figures for retail sales and industrial production also surpassing expectations. On a quarter-on-quarter basis, China’s economy expanded by 1.3% in the third quarter, outperforming expectations of 0.9%. This data indicates that China’s economic activity is showing signs of recovery and stability.
On 19/10/2023, Nokia has announced that it will cut up to 14,000 jobs as part of a cost reduction plan due to a significant decline in third-quarter earnings. The company aims to reduce its cost base by 800 million to 1.2 billion euros by the end of 2026, with the employee count dropping from 86,000 to between 72,000 and 77,000. This move comes after Nokia reported a 20% YoY decline in third-quarter net sales and a 69% YoY drop in profit to 133 million euros. Ericsson, Nokia’s rival, also announced layoffs of 8,500 employees earlier this year as part of its cost-cutting plan.
The latest Federal Reserve Beige Book report suggests that the U.S. economy may be experiencing stagnant economic activity. Consumer spending, a crucial driver of the economy, appears to be losing some momentum. The report indicates “little to no change” in overall activity since September. Consumer spending at retailers and auto dealers is described as “mixed,” with some areas seeing a slowdown. Loan demand has also softened, likely due to higher interest rates. In New York, consumer spending has increased but at a slower pace, with shifts in spending patterns. In contrast, the Philadelphia Fed reported an overall spending decline, with a faster pace of sales decline than in the previous period.
On 20/10/2023, Federal Reserve Chairman Jerome Powell addressed recent indications of cooling inflation in a speech to the Economic Club of New York. He emphasized the Fed’s commitment to its 2% inflation mandate, and while he didn’t commit to a specific policy path, he didn’t suggest an inclination toward raising interest rates. Powell noted the progress made in reducing inflation but stressed the need for vigilance in pursuing the central bank’s goals, cautioning that it’s too early to determine how long lower inflation readings will persist or where inflation will stabilize in the coming quarters. He reaffirmed the Fed’s commitment to sustainably reducing inflation to 2%. Futures market traders reacted by erasing any possibility of a rate hike in November and reducing the chances of a rate hike even in December.
JP Morgan analysts have stated that Wall Street might see a Bitcoin exchange-traded fund (ETF) approved in the coming months. They believe it is “most likely” that a spot Bitcoin ETF could be approved before January 10. Bloomberg Intelligence analysts also suggest a 90% chance of approval for a Bitcoin ETF in January. The approval of a Bitcoin spot ETF would offer investors a safe and easy way to gain exposure to cryptocurrencies. While the SEC has approved several Bitcoin futures ETFs, a Bitcoin spot ETF in the United States is yet to be established.
On 23/10/2023, China’s central bank, the People’s Bank of China, injected a record amount of liquidity into the financial system through short-term policy loans. They granted lenders 733 billion yuan (approximately $100 billion) through reverse repurchase contracts. This move suggests that policymakers are inclined to maintain low-interest rates to support the country’s emerging economic recovery.
On 25/10/2023, Deutsche Bank reported its thirteenth consecutive profitable quarter, with a third-quarter net profit of €1.031 billion, slightly beating analyst expectations. While the profit was down 8% from the previous year, it represented a 35% increase from the previous quarter. The bank’s corporate banking division showed a strong performance, with a 21% year-on-year increase in revenues. However, its investment arm continued to experience a slowdown, with a 4% year-on-year decrease in net revenues. Deutsche Bank’s CFO, James von Moltke, stated that the investment banking unit’s performance is in line with the market on an underlying basis. Following the results, Deutsche Bank’s shares rose by 7%.
The European Central Bank is expected to keep interest rates on hold when it meets in Athens this week. Despite easing inflation pressures and a worsening economic outlook in the euro area, the ECB is likely to maintain high interest rates for an extended period. Recent bond market volatility could postpone any talk of an earlier exit from its quantitative tightening program. There are new upside risks to inflation due to the attacks on Israel and potential impacts on the oil market, while downside risks to growth have also increased, creating a complex situation for the ECB.
Australia’s Consumer Price Index (CPI) has increased by 1.2% in the September 2023 quarter, raising concerns that the country’s central bank may need to raise interest rates. On an annual basis, inflation rose by 5.4%. These figures exceeded market expectations, which had largely anticipated a quarterly increase of 1.1%. While prices continued to rise for most goods and services, some offsetting declines were observed in areas like child care, vegetables, and domestic holiday travel and accommodation.
On 27/10/2023, The U.S. economy exceeded expectations, growing at a seasonally adjusted 4.9% annualized pace in the third quarter, fueled by robust consumer spending, increased inventories, exports, residential investment, and government spending. Consumer spending, which rose by 4%, was a significant driver, contributing 2.7 percentage points to the GDP increase. This surge in GDP is the largest since the fourth quarter of 2021, despite challenges like higher interest rates and ongoing inflation pressures.
Amazon reported strong third-quarter earnings and revenue that surpassed analysts’ expectations. Here are the results – Earnings per share: 94 cents (compared to 58 cents expected) Revenue: $143.1 billion (versus $141.4 billion expected), Key segment numbers – Amazon Web Services: $23.1 billion (slightly below the expected $23.2 billion), Advertising: $12.1 billion (surpassing the expected $11.6 billion), Amazon’s fourth-quarter sales guidance is between $160 billion and $167 billion, with analysts anticipating revenue of $166.6 billion. The company’s third-quarter revenue increased by 13%, indicating a rebound from the challenges it faced in 2022, including rising inflation and interest rates. Amazon has been working on cost-cutting measures and restructuring after rapid expansion during the pandemic, including laying off employees and discontinuing less profitable initiatives.
Alphabet and Meta recently reported earnings that exceeded Wall Street expectations, yet the Nasdaq dropped by about 3% over two days in response. Tech investors seem more concerned about future prospects as the year comes to a close. For Alphabet, some of the concerns stem from the performance of the Google Cloud division, which is making significant investments to compete with Amazon and Microsoft, especially in managing large artificial intelligence workloads. The division reported $8.41 billion in quarterly revenue, falling short of analysts’ estimates. Alphabet’s finance chief, Ruth Porat, attributed the numbers to “customer optimization efforts,” indicating that some clients are reducing their spending.
The Nasdaq Composite fell further into correction territory, losing 1.76% on Thursday, closing below its 200-day moving average. The S&P 500 dipped 1.18%, and the Dow Jones Industrial Average slipped 0.76%. The S&P 500 even entered correction territory at its lowest point of the day, ending the session nearly 10% below its closing high from July. Concerns arose as Meta, the parent company of Facebook, reported some advertising softness in the current quarter and incurred significant costs in its Reality Labs division. These moves came after a harsh trading session on Wednesday, partially triggered by a 9.5% decline in Alphabet (Google) shares.
On 28/10/2023, In September, inflation increased as the core personal consumption expenditures (PCE) price index rose by 0.3%, which was as expected and better than August’s 0.1% increase. Consumer spending also exceeded expectations, with a 0.7% increase, while personal income rose by 0.3%, just below estimates. When considering food and energy prices, the PCE index increased by 0.4%. Year-over-year core PCE inflation was 3.7%, slightly lower than August, and headline PCE was 3.4%, the same as the previous month. The Federal Reserve pays more attention to core inflation as it reflects longer-term price trends. This report had a limited impact on the markets.
China’s real estate industry is experiencing a slow collapse, with major developers grappling with debt issues and “ghost cities” becoming more common. The International Monetary Fund has lowered its global growth forecasts for 2024, citing China’s real estate crisis as a significant factor. This crisis is exacerbated by a large construction and real estate sector in China, which is facing declining demand due to slowing urbanization and demographic shifts. China’s efforts to address this situation through policy measures may impact the global economy by reducing demand for commodities like steel, cement, and glass, which are essential to heavy industries. These changes could persist for years and present challenges to both China’s domestic economy and global economic dynamics.
On 31/10/2023, the U.S. Department of the Treasury has announced that the government’s borrowing needs are expected to decrease slightly in the last quarter of 2023, with plans to borrow $776 billion. This is a decline from the $1.01 trillion borrowed in marketable debt in the preceding quarter. The reduction in borrowing needs is seen as an important development amid the ongoing turbulence in the global bond market. The Treasury attributes this decrease to higher receipts, although greater expenses partially offset this. The announcement was somewhat below Wall Street expectations, and it comes after heightened borrowing needs earlier in the year contributed to concerns about rising yields in the bond market.

Crypto news

On 02/10/2023, The SEC has included a leaked Slack conversation between Terraform Labs co-founders Do Kwon and Daniel Shin in a recent court filing. In the conversation, dating back to September 2019, Kwon and Shin were discussing tactics to increase investor interest in Chai Corporation, a payments provider they founded. Kwon mentioned creating fake transactions to make it more appealing to investors, generating fees, and gradually phasing out the fake transactions as Chai grows. Kwon then attempted to make a confidential agreement with Shin. This evidence is being contested in a legal context.
The SEC has initiated legal action against accounting firm Prager Metis for allegedly providing auditing services to its clients, including cryptocurrency exchange FTX, without maintaining the required independence. The SEC claims there were hundreds of auditor independence violations over a three-year period. While the statement doesn’t explicitly mention FTX, previous court filings have connected Prager Metis to the exchange. These actions highlight the importance of auditor independence in maintaining public trust in financial reporting.
Honda, the Japanese automobile manufacturer, has partnered with the blockchain payment system FCF Pay to allow customers to lease or purchase products using digital currencies. Some of the supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), Ripple (XRP), Shiba Inu (SHIB), Binance Coin (BNB), Polkadot (DOT), and more, including meme coins like Pepe Coin (PEPE), Floki Inu (FLOKI), Bone ShibaSwap (BONE), Doge Killer (LEASH), and others. This move demonstrates Honda’s acceptance of cryptocurrencies as a form of payment for its products.
On 03/10/2023, Rostin Behnam, Chairman of the United States Commodity Futures Trading Commission (CFTC), highlighted the agency’s active involvement in the cryptocurrency space and emphasized the need for updated legislation during a speech at the Financial Industry Association Expo 2023 event in Chicago. Behnam mentioned that the CFTC Enforcement Division has been actively pursuing enforcement actions, with 45 of those actions related to digital assets, accounting for over 34% of such actions brought by the commission since 2015. He also mentioned a significant legal victory against Ooki DAO, which resulted in the closure of the decentralized autonomous organization and a $643,542 penalty. The U.S. District Court for the Northern District of California ruled that the DAO was considered a “person” under the Commodity Exchange Act (CEA) of 1936. This case set a precedent for the treatment of DAOs under existing regulatory frameworks.
On 04/10/2023, District Court Judge Analisa Torres has rejected the United States Securities and Exchange Commission’s (SEC) motion to appeal its loss against Ripple Labs, the company behind the XRP token. This decision stems from a July 2023 ruling in which Judge Torres partially sided with Ripple, stating that retail sales of XRP did not constitute the sale of a security but finding that Ripple had violated securities laws by selling XRP tokens directly to institutional investors. The SEC sought to appeal this decision, but the motion was denied on the grounds that the SEC failed to show controlling questions of law or substantial grounds for differences of opinion on the matter.
Argentine presidential candidate Sergio Massa has pledged to launch a central bank digital currency (CBDC) if elected in an effort to address Argentina’s long-standing inflation crisis. Massa stated during a presidential debate that inflation is a significant problem in Argentina and outlined his plan to address it by introducing a digital currency for the country. He also proposed accompanying the CBDC with a money laundering law that would allow those with money abroad to bring it into Argentina and use it freely without additional taxes. Argentina’s general election is scheduled for October 22, and Massa is currently one of the leading candidates.
On 05/10/2023, El Salvador has officially launched its first local Bitcoin mining pool, known as the Volcano Energy project. This initiative involves mining Bitcoin blocks through Lava Pool in partnership with Luxor Technology. The project is part of El Salvador’s $1 billion renewable energy project, which plans to generate electricity from renewable sources to power Bitcoin mining operations in the country. Luxor Technology is providing the Bitcoin mining software and services for the project, and it will also utilize Luxor’s Hashrate Forward Marketplace to manage market volatility.
On 06/10/2023, Ledger, a hardware crypto wallet manufacturer, is reducing its staff by 12%. The CEO, Pascal Gauthier, cited the 2022 bear market and the collapse of firms like FTX and Voyager Digital as reasons for the decision. The reduction in staff is aimed at ensuring the longevity of the business due to macroeconomic headwinds limiting revenue generation. While Ledger raised over $109 million in a funding round earlier this year, it has faced challenges in the crypto market. The company integrated its Live software with PayPal in August, allowing US residents to buy cryptocurrencies.
Matthew Huang, co-founder and managing partner of crypto investment firm Paradigm, testified in the trial of Sam “SBF” Bankman-Fried, the CEO of FTX. Huang claimed that Bankman-Fried was resistant to having investors join the board of directors at FTX, believing they wouldn’t bring much value. Paradigm and other firms had invested in FTX, which later filed for bankruptcy, leading to scrutiny of their investments. Huang admitted to not conducting enough due diligence before Paradigm’s investment and relying heavily on information from Bankman-Fried.
On 07/10/2023, Gary Wang, co-founder and former CTO of FTX, testified in the criminal trial of former FTX CEO Sam “SBF” Bankman-Fried about the connections between the crypto exchange and Alameda Research. Wang claimed that Alameda’s account on FTX was the only one authorized to trade more than it had available, using a feature called “allow negative.” He alleged that Bankman-Fried had ordered the implementation of this feature in 2019, allowing Alameda to achieve a negative balance of $65 billion despite making public statements to the contrary. This revelation has raised concerns about the relationship between FTX and Alameda and their trading practices.
On 09/10/2023, THORSwap, a decentralized exchange (DEX) powered by the multichain THORChain protocol, has temporarily entered “maintenance mode” to prevent potential illicit fund movements through the platform. This decision was made after consulting with advisers, legal counsel, and law enforcement. Cross-chain platforms like THORSwap are sometimes used by bad actors to move funds across multiple blockchains to obfuscate their origin. While the move to temporarily halt the platform wasn’t welcomed by the community, it was seen as a step to ensure long-term security and integrity. THORSwap is actively working on finding a permanent solution to address this misuse.
On 10/10/2023, Bitstamp, one of the oldest cryptocurrency exchanges, is in talks with three large European banks to help them offer cryptocurrency services, with plans to launch these services around the first quarter of the coming year. This move suggests that the European Union’s regulatory framework for cryptocurrencies, known as Markets in Crypto Assets (MiCA), is making it easier for traditional financial institutions to enter the crypto space. In contrast, the United States has seen regulatory crackdowns, causing some financial firms to consider moving their crypto operations abroad.
Gitcoin, a platform for crypto developers, lost approximately $460,000 worth of Gitcoin (GTC) tokens after mistakenly sending them to an unrecoverable contract address. The funds were intended for a merchandise, memes, and marketing budget proposal but were sent to a GTC token contract instead. The funds are now considered lost, and Gitcoin has announced plans to prevent such errors in the future and enhance accountability in handling funds.
On 11/10/2023, Bitcoin’s layer 2 Lightning Network has seen remarkable growth, with an estimated 1,212% increase in routed transactions over the past two years. In August, there were approximately 6.6 million routed transactions, a significant jump compared to August 2021 when there were 503,000 transactions. This growth occurred despite a 44% fall in Bitcoin’s price and reduced online search interest. The increased adoption of the Lightning Network suggests its growing importance in scaling Bitcoin’s transaction capabilities.
The Israeli police have frozen cryptocurrency accounts associated with the Palestinian militant group Hamas. This action was taken in response to a recent multi-pronged attack by Hamas on Israel. The Israeli police’s Lahav 433 cyber unit, in collaboration with the country’s defense ministry, intelligence agencies, and crypto exchange Binance, worked to target these accounts. Any funds seized from these accounts are expected to go to the Israeli national treasury. This move is part of a broader effort to track and restrict the financial activities of entities involved in terrorist or criminal activities using cryptocurrencies.
On 12/10/2023, JPMorgan has successfully completed its first live blockchain-based collateral settlement transaction in collaboration with BlackRock and Barclays. The transaction involved the tokenization of shares in one of BlackRock’s money market funds using JPMorgan’s Ethereum-based Onyx blockchain and the Tokenized Collateral Network (TCN). The tokens were then used as collateral in an over-the-counter (OTC) derivatives trade with Barclays. This rapid tokenization and transfer between financial institutions represent a significant step in the tokenization of traditional financial assets, with JPMorgan, Citigroup, and others actively participating in this emerging trend. The process occurred within minutes, offering a faster and more cost-effective way to meet margin requirements in the industry.
The Financial Conduct Authority (FCA), the UK’s financial watchdog, has stated that Binance’s partner in the UK, Rebuildingsociety.com, is not authorized to approve cryptocurrency advertisements. This announcement has raised questions about Binance’s ability to comply with the UK’s new marketing regulations. These regulations require cryptocurrency firms to be registered with the FCA to approve their promotional materials. However, unregistered crypto firms can have their ads approved by authorized entities. Binance, not being registered with the FCA, had partnered with Rebuildingsociety.com to approve its communications for compliance with the new regime. Now, the FCA has asked Rebuildingsociety.com to withdraw any existing approvals for crypto promotions by Friday.
On 13/10/2023, Mastercard has successfully completed a trial involving central bank digital currencies (CBDCs) wrapped on different blockchains, similar to the concept of wrapped Bitcoin (wBTC) and wrapped Ether (wETH). The trial was carried out in collaboration with the Reserve Bank of Australia (RBA) and the country’s Digital Finance Cooperative Research Centre CBDC, involving the participation of Cuscal and Mintable. During this live trial, a CBDC owner was able to purchase a non-fungible token (NFT) listed on Ethereum. This process “locked” the required amount of a pilot CBDC on the RBA’s platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum.
On 14/10/2023, The U.S. Securities and Exchange Commission (SEC) has decided not to appeal a recent court ruling that found its rejection of an application from Grayscale Investments to create a spot bitcoin exchange-traded fund (ETF) was incorrect. The court had ruled in August that the SEC was wrong to reject Grayscale’s proposed bitcoin ETF. This decision not to appeal could open the way for the SEC to review Grayscale’s application. A spot bitcoin ETF would enable investors to gain exposure to Bitcoin without owning it. The SEC has rejected all spot bitcoin ETF applications, including Grayscale’s, citing concerns about investor protection from market manipulation.
On 15/10/2023, Ferrari is set to accept cryptocurrency payments for its luxury sports cars in the United States and plans to expand this option to Europe in the first quarter of 2024. This decision was driven by customer demand and dealer requests. Ferrari’s chief marketing and commercial officer, Enrico Galliera, mentioned that many clients, including crypto-savvy young investors, have invested in digital currencies. The luxury carmaker has partnered with cryptocurrency payment processor BitPay for its U.S. launch, allowing transactions in Bitcoin, Ether, and USD Coin. There will be no additional fees or surcharges, as BitPay will convert cryptocurrency payments into fiat currency for Ferrari’s dealers.
MetaMask, a popular Ethereum wallet and gateway to decentralized applications (DApps), temporarily went offline on Apple’s App Store. Users reported that the app was no longer available for download. A spokesperson from MetaMask stated that the issue was unrelated to security concerns or malicious activity and was likely due to Apple’s service policies, which prohibit certain background processes like cryptocurrency mining. The MetaMask team was working to resolve the issue promptly. It’s important to note that the temporary removal did not pose a security threat to users or affect the app’s functionality.
On 16/10/2023, Grayscale’s Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), is currently trading at its lowest discount to Bitcoin’s net asset value (NAV) in nearly two years. As of October 13, the discount to NAV stands at 15.87%. This narrowing discount began when several financial institutions, including BlackRock, filed applications for spot Bitcoin exchange-traded funds (ETFs) in June. The discount has been steadily decreasing since then, and it appears to be related to the potential approval of spot Bitcoin ETFs in the United States. Discount to NAV measures how much a fund or ETF is trading below its net asset value.
Tether, the issuer of the world’s largest stablecoin, is making changes to its leadership. Paolo Ardoino, who has been the Chief Technology Officer at Tether since 2017, will become the new CEO of the company in December 2023. He will replace Jean-Louis van der Velde, who will transition to an advisory role at Tether but will remain the CEO of Bitfinex, Tether’s sister company. Ardoino will also continue in his roles as the Chief Technology Officer for Bitfinex and the Chief Strategy Officer for the Bitcoin layer-2 solution Holepunch. This leadership change reflects Tether’s commitment to exploring new business areas, including peer-to-peer communications, renewable energy, resilient data storage, and Bitcoin mining. Ardoino has been instrumental in Tether’s expansion strategy over the past few years, making this transition a natural progression.
On 17/10/2023, In the cryptocurrency world, a false news report claiming that BlackRock’s Bitcoin ETF was approved sent the market into a significant surge. The fabricated news led to Bitcoin’s price briefly spiking from $27,700 to $29,900 following a viral social media post by Cointelegraph. However, this news was entirely unfounded, and BlackRock confirmed that the report was false, stating that their ETF application was still under review. This incident highlights the need for caution and verification in the cryptocurrency space. Cointelegraph has since removed the erroneous social media post and corrected their statement.
Nishad Singh, the former director of engineering at FTX, testified in the trial of FTX’s founder, Sam Bankman-Fried, revealing that Bankman-Fried spent significant amounts of money on various endeavors, including real estate, venture investments, campaign donations, and celebrity endorsements. Singh told the court that he frequently raised concerns about the company’s spending with Bankman-Fried, expressing embarrassment and shame over the excessiveness and flashiness of the spending. This testimony is part of the ongoing trial in Manhattan federal court related to Bankman-Fried’s actions and financial dealings.
On 18/10/2023, Representative Patrick McHenry, chair of the U.S. House Financial Services Committee and a supporter of cryptocurrencies, is temporarily serving as the third most powerful figure in the U.S. government. This situation arose after none of the candidates for Speaker of the House secured the necessary majority of votes during a vote in the House of Representatives on October 17. The Republican Party’s nominee, Representative Jim Jordan, fell short of the 217 votes needed to win the position. As a result, McHenry, who has been serving as interim Speaker since October 4, remains in this position for now. However, he lacks the authority to move legislation forward in the House, except for the Speaker vote, which is causing delays in legislative activities, including those related to cryptocurrencies.
Scroll, a new player in the zero-knowledge Ethereum Virtual Machine (zkEVM) sector aimed at scaling the blockchain, has officially launched its mainnet. Existing Ethereum applications and developer toolkits can now migrate to this new scaling solution. Scroll’s zkEVM solution aims to reduce transaction costs while increasing throughput for decentralized applications running on Ethereum. It operates by batching thousands of transactions off-chain into one and then submitting a proof, which is a minimal data summary, to Ethereum’s mainnet. The mainnet launch followed 15 months of extensive testing and security audits across three separate testnets.
On 19/10/2023, Korean crypto services company Team Blackbird has partnered with SK Telecom (SKT), South Korea’s largest mobile phone provider, to introduce a crypto wallet known as T wallet. This wallet will enable users to store tokens and access CryptoQuant’s on-chain analysis tools through a blockchain-based application on their phones. Team Blackbird’s CEO, Ki Young Joo, noted that this partnership aims to assist users in their cryptocurrency market activities. SKT’s Web3 business team leader, Jong Seung Kim, believes that this wallet will contribute to the growth of the crypto market in South Korea, known for its high trading volumes and local interest. CryptoQuant provides on-chain data analysis services to institutional customers worldwide and has exclusive partnerships with companies like the Chicago Mercantile Exchange (CME Group) and Moody’s.
On 20/10/2023, Lawyers representing the United States Securities and Exchange Commission (SEC) have announced their intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. In a recent filing, the SEC indicated that the parties involved have stipulated to the dismissal with prejudice, suggesting there is no need to schedule an upcoming trial. However, the SEC is not dropping its civil case against Ripple itself, which was first filed in 2020. The SEC and Ripple intend to confer on a briefing schedule regarding the remedies for Ripple’s Section 5 violations with respect to its Institutional Sales of XRP.
Crypto exchange Binance has announced new partnerships for handling euro deposits and withdrawals, following the loss of its previous fiat partner, PaySafe, in September. The company has signed agreements with new fiat partners for euro payments and transactions, aiming to address regulatory and banking challenges it has faced in the European Union. These new partners will offer euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant, as well as services like buying and selling cryptocurrencies with SEPA, bank cards, and fiat balances, and trading euro spot pairs.
Tether Holdings, the issuer of USDT stablecoin, is preparing to enhance transparency by releasing its reserve data in real-time starting in 2024. Currently, Tether updates its reserve data at least once a day and issues monthly and quarterly reports. Despite some fluctuations in cryptocurrency markets in 2023, Tether’s assets increased to $86.5 billion in the second quarter, with over $1 billion in operational profit, marking a 30% quarter-on-quarter rise. This move to real-time reserve data reporting aims to provide more frequent and up-to-date insights into Tether’s reserve holdings.
On 23/10/2023, Crypto-friendly Republican Representative Tom Emmer is seeking the nomination for Speaker of the United States House of Representatives. His decision comes after Representative Jim Jordan, the Republican Party’s initial nominee, failed to secure enough votes. Emmer, who is the current No. 3 House Republican, is viewed as a frontrunner in this race and has a history of advocating for digital assets and pushing back against regulatory measures imposed by the U.S. Securities and Exchange Commission. Emmer’s potential election could be welcomed by the cryptocurrency community. Patrick McHenry currently serves as interim Speaker, with limited legislative powers, causing a stall in the progress of various bills, including crypto-related ones.
The Central Bank of the Argentine Republic is speeding up efforts to create a legislative framework for the implementation of a Central Bank Digital Currency (CBDC) following discussions on the potential benefits of a digital peso. The CBDC project, proposed by the Minister of Economy and presidential candidate Sergio Massa, is expected to be presented to the Congreso de la Nación Argentina (the country’s parliament) as soon as possible. This initiative contrasts with another presidential candidate’s stance, Javier Milei, who advocates for dollarization of the Argentine economy.
Antoine Riard, a security researcher and developer, is resigning from the Lightning Network’s development team due to concerns over security issues and fundamental challenges facing the Bitcoin ecosystem. He has raised concerns about a new class of replacement cycling attacks that could put the Lightning Network in a precarious position. These attacks exploit inconsistencies between individual mempools and can potentially lead to the theft of funds from a channel participant. Riard believes that addressing this issue may require base-layer changes or a consensus upgrade to ensure security. The Lightning Network is a second-layer solution designed to enhance the scalability and efficiency of Bitcoin transactions.
The Philippines-based crypto exchange Coins.ph reportedly experienced an exploit resulting in the loss of more than 12 million XRP tokens, equivalent to around $6 million. Within a span of about 30 minutes, an unknown entity exchanged large quantities of XRP multiple times, and the hack was detected through blockchain analysis. WhiteBIT, a cryptocurrency exchange, reacted promptly by blocking a portion of the stolen funds and requesting the flagging of associated addresses. Coins.ph did not provide an immediate response regarding the incident.
On 24/10/2023, The price of Bitcoin (BTC) surged above $35,000 for the first time since May 2022, with a significant gain of over 10% within 24 hours. This upward movement coincided with increased interest in upcoming spot exchange-traded fund (ETF) approvals and a rise in trading volumes across spot markets. Analysts pointed out that BlackRock, the investment giant, had obtained a specific “CUSIP” license and might start the process of seeding its spot ETF with cash as early as this month, a sign that spot Bitcoin ETF approval could be closer. Bitcoin is currently trading at around $34,550.
Ernst & Young’s (EY) global blockchain leader, Paul Brody, has stated that Bitcoin is facing substantial demand from institutional investors, waiting for the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States to trigger a buying rally. Brody believes that trillions of dollars in institutional funds are poised to enter the Bitcoin market once a BTC ETF is approved by regulators. This comes amid continued regulatory scrutiny and delays in the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Many financial institutions have applied for Bitcoin ETFs, and their approval remains a topic of significant interest among investors.
A federal appeals court has upheld a victory for Grayscale Investments in its pursuit of creating a Bitcoin-based exchange-traded fund (ETF). The appeals court’s ruling in August overturned the U.S. Securities and Exchange Commission’s (SEC) initial rejection of Grayscale’s proposal to convert its trust into an ETF. The court deemed the SEC’s decision “arbitrary and capricious” and sent the matter back to the SEC. The ruling is a positive development for those awaiting the approval of Bitcoin ETFs, which are seen as a significant step toward mainstream acceptance of cryptocurrencies. It has been welcomed by Grayscale, which is prepared to proceed with converting GBTC into an ETF. The anticipation of ETF approval contributed to Bitcoin’s price rising above $31,000 for the first time since July.
Galaxy Digital, a crypto investment firm, estimates that Bitcoin’s price will increase by 74.1% in the first year after spot Bitcoin exchange-traded funds (ETFs) are launched in the United States. Charles Yu, a research associate at Galaxy Digital, estimated a total addressable market size of $14.4 trillion for Bitcoin ETFs in the first year after launch. He based his calculation on the potential price impact of fund inflows using gold ETFs as a baseline. According to his estimates, Bitcoin’s price would increase by 6.2% in the first month post-ETF launch and trend downward to a 3.7% monthly increase by the twelfth month. A 74.1% increase in Bitcoin’s current price would bring it to around $59,200.
Binance and its CEO, Changpeng “CZ” Zhao, have filed statements supporting a motion to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC) in March. In the Oct. 23 filing, Binance and CZ’s legal teams made various claims to argue for the dismissal of the CFTC’s case against the crypto exchange. They contended that the regulator’s arguments could allow it to regulate global cryptocurrency activities related to derivatives products and asked the court to reject this effort. The legal teams also argued that the CFTC had failed to meet the standards for its claims and called for the dismissal of the complaint with prejudice.
On 26/10/2023, Asset manager Hashdex recently met with the United States Securities and Exchange Commission (SEC) to address concerns about its application for a Bitcoin Futures exchange-traded fund (ETF) to hold spot Bitcoin. The meeting took place on October 13 and included SEC officials and representatives from Hashdex, NYSE Arca, Tidal Financial Group, and the law firm K&L Gates. Hashdex presented its mechanism for spot Bitcoin trading within the ETF, which is unique in that it doesn’t have a surveillance-sharing agreement with Coinbase. Instead, it relies on CME pricing for transactions. The SEC may request more information before the application’s November 17 deadline.
Vodafone Digital Asset Broker (DAB) has become a node operator on the Chainlink network after completing a proof-of-concept with Sumitomo. The partnership aims to enhance document transfer and financial transaction processing within the global trade ecosystem. The proof-of-concept used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to provide security and interoperability across IoT devices. Vodafone’s Internet of Things devices and blockchain can provide data for use in contracts and AI applications. This partnership could lead to a single interface for transferring data and tokens, making processes like marine cargo insurance more efficient.
On 27/10/2023, Searches for “buy Bitcoin” have surged worldwide amid a significant cryptocurrency rally, with the United Kingdom seeing an 826% increase in searches for this term in the past week. Google Trends data also revealed that users in the United States have increased their searches for phrases like “should I buy Bitcoin now?” by over 250%, indicating a growing interest in cryptocurrency investments. This surge in interest coincides with a significant increase in the price of Bitcoin, which briefly surpassed $35,000, the first time since May 2022.
On 30/10/2023, A video from 2019 has resurfaced showing Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), criticizing the SEC for its “inconsistent” approach to Bitcoin products. In the video, Gensler, before taking his role at the SEC, expressed that Bitcoin futures existed, while Bitcoin exchange-traded funds (ETFs) did not. He found this inconsistency puzzling as he considered the laws governing them to be quite similar. This video has garnered attention as it contrasts with Gensler’s current stance, where he has been hesitant about approving spot Bitcoin ETFs. Many in the crypto community have pointed out this shift in Gensler’s views.
On 31/10/2023, Kasikornbank (KBank), one of Thailand’s largest banks, is entering the cryptocurrency industry by acquiring a 97% stake in the local cryptocurrency exchange Satang. The acquisition is valued at 3.7 billion Thai baht (approximately $103 million) and is being conducted through KBank’s subsidiary, Unita Capital, which focuses on investments in the digital asset sector. Following the acquisition, Satang Corporation will change its name to Orbix Trade Company Limited. KBank’s cryptocurrency business will consist of three divisions: Orbix Custodian (a custody platform), Orbix Invest (a venture arm), and Orbix Technology (a blockchain technology developer). Satang is a significant player in the Thai cryptocurrency industry, operating a cryptocurrency exchange and offering digital asset services.

This month has shown the instability in the market and the contrasts between the stock and crypto markets. The stock market has been tanking since the beginning of this month, and we are near the correction territory. We have seen the news about a war between Israel and Palestine, inflation still remains high, and the 10-year treasury yield has once again reached 4.8%, the same level as before the 2008 financial crisis, more laid-off, and a chance for another interest rate hike in the US. It’s not a good month for the stock market, and in the meanwhile the price of oil and gold has gone up again. A lot of uncertainty and a recession seems to be inevitable now. The stock market continues to go down as more people expect a recession next year. The economy does not look as good as people have predicted. However, with everything going down, the interest rate is still rising, and the house price keeps going up due to the imbalance between supply and demand.

On the other side, the crypto market, or in this case Bitcoin has received a lot of good news, and the biggest is about the approval for a Bitcoin ETF. Bitcoin saw a massive gain this month, at the highest at around $35,000 due to a ticket name for the Blackrock Bitcoin ETF has been listed. People are really looking toward Bitcoin ETFs. SEC also dismissed the claims against the Ripple CEO as well. Everything looks pretty good for the crypto market. Though we can see that most of the inflow is in Bitcoin only, the altcoin market does not have the same gain as Bitcoin, and in fact, they are bleeding against Bitcoin as Bitcoin’s dominance is approaching 60% soon.

Last couple of months, my portfolio has seen the rise of stock and the downfall of crypto, this month is the opposite of it. The worst performance this month is the Raiz portfolio with only a 0.03% gain, even though the value of the portfolio went up due to the contribution this month. VISM has entered a negative return with -0.62%. VDHG is now below the $90,000 value, which takes it back to May 2023. The continued decline is the result of all the news above and I expect the more downturn in the future. However, the crypto portfolio sees a significant jump in value from $47,988.78 to $58,980.94, almost $11,000 gain. Most of the gains are within the Bitcoin itself as it’s the biggest part of my portfolio. We are now only 15.78% away from the principle. And with the massive gain from the crypto portfolio, it covers the loss of the stock portfolio, and net an increase of 5.39%, taking the portfolio value to $169,979.34, which is even higher than the total value of $168,953.15 in July 2023. We are slowly approaching the $200,000 target, and I think I can achieve this maybe in June 2024 with the current trajectory. Though this is the best possible outcome I would think of, only when the FED cuts the interest rate, we can see more return. My prediction for the rest of the year is that my portfolio will not grow anymore and we will continue to see the decline in return till next year.

My total net worth also increases to $325,594.45, with the assumption that the house price is still at $715,000. I made the first mortgage payment this month and also put an extra $5,000 into my loan, which is the reason why we also see a huge jump in the total net worth. It’s still a long way to pay down the loan but it’s good to see I make progress to pay off my loan. Let’s continue this journey and see if I can add more toward my loan in November.

Some of the articles I use for the information above:

Passive Income

This month has produced about 16.118 ADA. The staking reward for 0.834 AXS for this month is AXS. Staking for IMPACT is 2561.44955 PACT. BAT reward is 2.4795 BAT.

To sum up:

ADA Reward – 16.118 ADA.
AXS Staking – 0.834 AXS.
BAT Reward – 2.4795 BAT.
Impact Staking – 2561.44955 PACT
Dividend – Not available for this month

What I have learnt

Keyword for this month – Work and Stress

This month is a bit slow with a few achievements finally covered. I am slowly getting back on track till the end of December when I will have more time to do more work besides work. Some of the goals I have completed this month:

Weight – I managed to cut a bit of weight this month down to 72.8 kgs, still not lower than the 72.4 kgs but good progress. However, I eat more this month, especially with junk food and soft drinks. The weekly food budget for this month is still below $250 (approximately $210-$220 something), but I have a feeling inflation catching up now. I only had a few deliveries this month so I guess that’s a good sign.
Cleaning the carpet – this is surprisingly something I did not expect to be done. However, due to the smell of the carpet, I needed to clean it properly, and since the previous owners had not cleaned it for a long time, the amount of dirt I got from the cleaning machine was tremendous, with hair and dirt. Lots of hairs and dust participles. 4 hours of work and less than $100 to clean the whole place, I say it’s a good bargain, however, I understand why the cleaning service charges quite high for these.
Put money to the redraw – it’s the first time I have done so it’s good to see extra money can be put to pay off the loan quicker.
Progressing more with freelance work – I got most of the stuff finished and tried to get the big freelance project done before December. Only 3-4 tasks to be completed and enhanced and I should be good to go.

This month’s time was split between doing house improvements and freelance projects. It’s fun to learn how to do things around the house, and also talk to other people who can provide services to do stuff. It’s still a long way for me to learn but I think I learn how to do all things in the future. The freelance work is also progressing well, and I hope I can complete it before December. Even though I had time to recover this month, I still find myself busy with work most of the time, hence feeling a bit tired every day. I will have a break of 5 weeks in December, and I have not got any plans yet, besides working on the garden. Guess I will use those times to take time off for myself.

I have a couple of goals for next month:

Weight – try to get to 72 kgs if I can. With only 2 months left, I have a feeling I might not be able to make it to 70 kgs. I can use excuses but it would be best to see if I can still reach this goal by the end of this year.
Working on the locks – need to go to Bunning and replace the Sliding Patio door with a new lock with keys, and also new door knobs with keys for the rooms.
Finishing the freelance work – if I can finish this, I can work on other projects.
Food prep – I might start working on this since the cafeteria has raised food prices. Will be good for my food budget.

Portfolio Update – October 2023

Portfolio Summary

Events & Porfolio Analysis

Passive Income

What I have learnt

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