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Portfolio Update – November 2024

uehiFinance

Working hard

Portfolio Summary

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

  • Raiz Aggressive Portfolio – $28,088.00 total return $4,907.85 (34.95% according to app)
  • VDHG (using VPI platform) – $122,241.06, total return $28,854.33 (11.77% including DRP)
  • IVV (Selfwealth) – $923.70, total return $444.74 (18.37% including DRP)
  • SYI (Selfwealth) – $2,539.80, total return $699.10 (8.32% including DRP)
  • VISM (Selfwealth) – $704.70, total return $176.08 (7.64% including DRP)
  • A200 (Selfwealth) – $2,545.02, total return $668.04 (9.51% including DRP)
  • Cryptocurrency – $148,583.02 (121.22% from principle)
  • Gold – $0
  • Property – $715,000.00
  • Redraw – $29,435.58
  • Mortgage – $526,847.99
A breakdown of my current asset allocation:
  • Australian Shares – 21.12%
  • Global Shares – 25.35%
  • Bonds – 4.64%
  • Fixed Income Assets – 0.27%
  • Gold – 0%
  • Cryptocurrency – 48.62%

Portfolio Total (Stock + Crypto + Gold) – $305,625.30. An increase of 17.95% compared to last month’s value ($259,110.19).

Net worth – $493,777.31

This month’s saving rate is -62.58%. Most of my spending for this month is for the holiday trip. I have written down the amount I have spent on things, and the total at the time of writing this blog is $5,188.12. It’s actually not that bad, I thought it would be around $10,000 (lol). However, I only work 3 weeks this month so my income is not that great either. I am still on holiday for another 4 weeks so the final spending may be more, but we’ll see what happens next month.
 

With the recent price increase with Bitcoin, I have made a decision to sell a portion of my Bitcoin and redistribute the profits to other investments, while putting my original amount to fund my holiday trip. The profit is around $8,000. I still kept a majority of my Bitcoin, waiting for it to break $100,000, then I will consider selling a bit more.

Here’s the breakdown of this month’s contribution:
  • $400 to Raiz + micro-investing.
  • $4,000 to VPI to purchase VDHG ETFs – 1/2 of the profit in selling Bitcoin is redirected to stock. I need to rebalance the portfolio to reduce the amount of asset holdings in crypto. The goal is to at least have it at 40%.
  • 3 extra repayments to my redraw account, a total of $5,050. Excluding the monthly repayment of $297.77, the real contribution is $4,752.23. I was hesitating to contribute this month, however, with the money I got from selling Bitcoin, it would make sense to distribute 1/2 of this to the mortgage, so I can reduce the interest a bit more, and also increase the redraw balance a bit more.

A total of $9,588.12 has been invested in stock and mortgage. The reason why I contributed more to the mortgage was that I wanted to lower the loan amount to below $20,000, considering it a milestone. I can’t wait to finally pay off the remaining balance and then start paying off the main loan.

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 01/11/2024, Inflation in the U.S. edged up slightly in September, moving closer to the Federal Reserve’s 2% target, according to the Commerce Department. The personal consumption expenditures (PCE) price index rose 0.2% month-over-month and 2.1% year-over-year, in line with estimates. Core inflation, which excludes food and energy, was up 2.7%, slightly higher than anticipated but unchanged from August. The increase was primarily driven by a 0.3% rise in services prices, while goods prices saw their fourth decline in five months, dropping by 0.1%. This report has fueled speculation that the Fed may cut its benchmark interest rate at its upcoming meeting, following a previous 0.5% rate cut in September. Labor market indicators remain strong, with unemployment claims falling by 12,000 to 216,000, suggesting companies are retaining workers despite economic uncertainty.
  • On 02/11/2024, Job growth in October was the weakest since late 2020, with nonfarm payrolls adding just 12,000 jobs—significantly below the Dow Jones estimate of 100,000. The slowdown is attributed to storms in the Southeast and the Boeing strike, which affected the manufacturing sector. The unemployment rate held steady at 4.1%, as did a broader measure including discouraged workers at 7.7%. Average hourly earnings rose 0.4% for the month, aligning with a 4% annual increase, while the average workweek remained at 34.3 hours. Despite the disappointing jobs report, markets reacted positively, with stock futures rising as investors anticipate a Federal Reserve rate cut next week. Economist Cory Stahle noted that while the report reflects real impacts from temporary disruptions, it does not necessarily indicate long-term weakness in the labor market.
  • On 05/11/2024, Saudi Aramco, the state oil giant, reported a 15.4% drop in third-quarter net profit to $27.56 billion due to lower crude oil prices and weakened refining margins, though the result still exceeded the estimated $26.9 billion. Despite the decline, Aramco maintained a $31.05 billion dividend, with $20.3 billion as a base payout and $10.8 billion linked to performance. The year-over-year profit decline was partly offset by reduced selling, administrative, and general expenses, as well as a decrease in production royalties reflecting lower oil prices. Earnings before interest and taxes (EBIT) fell 17% year-on-year to $51.45 billion, while capital expenditure guidance was raised by 20% to $13.23 billion.
  • The Reserve Bank of Australia (RBA) held its benchmark interest rate at 4.35% for the eighth consecutive meeting, aligning with economists’ expectations. In contrast to the dovish trends seen among other major central banks, the RBA stated that while inflation has significantly fallen since its 2022 peak, underlying inflation remains elevated. The bank projects that inflation will not return to its 2%-3% target range sustainably until 2026. Although headline inflation decreased to 2.8% in Q3, driven largely by temporary cost-of-living relief, the underlying “trimmed mean” inflation was 3.5%, still above target. The RBA anticipates potential challenges ahead, citing uncertainty in domestic labor and productivity conditions and international geopolitical risks that could impact trade and fiscal policies.
  • On 06/11/2024,  Donald Trump declared victory in the presidential election despite neither candidate reaching the 270 Electoral College votes needed to secure the White House. Leading Kamala Harris in projected votes, Trump addressed supporters at the West Palm Beach Convention Center, promising to “help our country heal” and calling the night “the golden age of America.” Harris, expected to speak to her supporters at Howard University, opted to delay her address until later on Wednesday.
  • On 07/11/2024, Stocks surged to record highs on Wednesday as Donald Trump’s win in the 2024 presidential election drove investor optimism. The Dow Jones jumped 1,508 points to close at 43,729.93, with its biggest one-day gain since November 2022. The S&P 500 and Nasdaq also hit new highs, up 2.53% and 2.95%, respectively, while the small-cap Russell 2000 spiked 5.84%, benefiting from Trump’s pro-domestic growth policies. Key Trump-aligned stocks surged: Tesla rose over 14%, and major banks like JPMorgan and Wells Fargo climbed significantly. Bitcoin reached a record $76,000, fueled by hopes of regulatory easing. The dollar index rose, and Treasury yields hit 4.43%, anticipating growth from Trump’s proposed tax cuts and spending plans. In Congress, NBC News projects Republicans will regain the Senate, and the House remains too close to call, possibly paving the way for a “red sweep” that could lead to major fiscal policy changes.
  • On 07/11/2024, The Federal Reserve implemented its second consecutive interest rate cut on Thursday, reducing its benchmark overnight borrowing rate by 25 basis points to a range of 4.50%-4.75%. This move follows a larger half-point cut in September, reflecting a more cautious pace in policy adjustments aimed at balancing inflation control with support for the labor market. The decision was unanimous, unlike the previous meeting, and was widely anticipated by markets. Post-announcement, stocks rose, with the Nasdaq leading gains at 1.5% and hitting a new record high. The Fed’s statement showed a shift in tone, indicating a balanced approach to employment and inflation targets and noting a slight easing in labor market conditions. Fed Chair Jerome Powell emphasized that the rate cut is part of a broader strategy to “recalibrate” policy to match an economy where inflation is gradually aligning with the 2% target and the labor market is softening.
  • The Bank of England cut its key interest rate by 25 basis points to 4.75%, its second reduction this year, amid a mixed economic outlook following a major fiscal plan from the U.K. government. The decision, supported by an 8-1 vote from the Monetary Policy Committee, reflects recent declines in inflation but also incorporates an upward revision in inflation and growth forecasts due to Labour’s expansive budget. The bank now anticipates inflation peaking at 2.75% next year before easing to its 2% target, while growth is expected to increase by 0.75%. Governor Andrew Bailey emphasized the need for a “gradual approach” to easing, as inflation risks persist. While markets largely anticipated this rate cut, some analysts expect future policy adjustments to be more measured due to fiscal pressures and global risks, including possible U.S. tariffs.
  • On 09/11/2024, The stock market surged to new records Friday, capping a stellar week following Donald Trump’s election win. The Dow and S&P 500 each climbed over 4.6% for their best weekly performance in nearly a year, while the Nasdaq gained 5.74%, and the Russell 2000 rose 8.57% as small-cap stocks rallied on expectations of Trump’s growth-focused policies and regulatory easing. Stocks like Tesla, which climbed 8.2%, and Trump Media, which jumped 15%, reflected investor optimism tied to anticipated policy shifts under the incoming administration. Despite the strong gains, analysts cautioned that the rapid rally has brought some indexes close to technically overbought levels.
  • On 11/11/2024, Donald Trump’s recent election victory has raised concerns about new U.S. tariffs on China, but Goldman Sachs suggests that other Asian nations with rising trade surpluses with the U.S. could also face tariffs. Goldman’s Asia-Pacific Economist Andrew Tilton notes that, while the U.S.-China trade deficit has decreased, deficits with countries like South Korea, Taiwan, and Vietnam have increased, potentially drawing U.S. scrutiny. For example, South Korea’s trade surplus with the U.S. reached $44.4 billion in 2023, driven largely by car exports, while Taiwan and Vietnam have also seen substantial trade growth with the U.S. Barclays Bank analysts predict that more open economies, like Taiwan, could be particularly vulnerable to Trump’s trade policies. As U.S. trade deficits with Asia continue to grow, some countries may seek to mitigate attention by shifting imports toward the U.S., although trade volumes are still indirectly benefiting China due to its integral role in supply chains, noted Mari Pangestu at the FT Commodities Summit.
  • On 13/11/2024, Analysts predict a bearish outlook for oil prices if OPEC+ decides to unwind its current production cuts, with prices potentially dropping as low as $30-$40 per barrel. Tom Kloza from OPIS noted a significant fear over 2025 oil prices, highlighting how the potential dissolution of OPEC+’s agreement could erase nearly 40% of current crude prices, with Brent at $72 and WTI at $68 per barrel. Henning Gloystein from Eurasia Group warned that such an unwinding could prompt a steep price decline as demand growth is expected to be modest, only around 1 million barrels per day. Similarly, Saul Kavonic of MST Marquee suggests that an abrupt end to cuts could spark a price war. However, experts expect a more measured, gradual approach to any reduction in OPEC+ cuts.
  • On 14/11/2024, October saw inflation rise modestly, with the consumer price index (CPI) ticking up by 0.2% month-over-month, bringing the annual rate to 2.6%, according to the Bureau of Labor Statistics. This increase aligns with Wall Street forecasts. Excluding food and energy, core CPI rose 0.3% monthly, reaching an annual rate of 3.3%, also meeting expectations. Key drivers included shelter costs, up 0.4% in October and accounting for over half of the CPI gain, while energy prices remained flat, and food costs increased by 0.2%. Used vehicle prices also saw a notable rise, up 2.7% for the month. Following the release, stock futures edged higher, and Treasury yields fell as traders increased bets on a Federal Reserve rate cut in December.
  • On 15/11/2024, The U.K. economy grew by a modest 0.1% in Q3, falling short of the 0.2% forecast by economists, according to the Office for National Statistics. This follows a sharp decline in inflation to 1.7% in September, below the Bank of England’s 2% target for the first time since April 2021. The lower inflation prompted the central bank to cut its key interest rate by 25 basis points to 4.75% on Nov. 7. The Bank of England expects the Labour Government’s tax-raising budget to boost GDP by 0.75 percentage points within a year but also noted increased inflation forecasts due to fiscal measures. Global uncertainties, including President-elect Donald Trump’s proposed tariffs, pose potential risks but may also create opportunities for the British economy. Governor Andrew Bailey emphasized caution and refrained from speculating on the impacts of U.S. trade policies during a recent press briefing.
  • Japan’s economy grew by 0.3% year-on-year in Q3, marking a recovery from two consecutive quarters of decline and reversing the revised 1.1% contraction in Q2, according to government data. Quarterly GDP rose 0.2%, aligning with expectations but below the prior quarter’s 0.5% growth, while annualized growth reached 0.9%, surpassing estimates but falling sharply from the previous quarter’s 2.9%. Despite the improvement, challenges remain, with weak capital spending and sluggish consumer recovery highlighted by experts. The Bank of Japan (BOJ), which raised interest rates to 0.25% in July—the highest since 2008—indicated further hikes are possible if economic conditions align with forecasts, potentially reaching 1% by late 2025. However, Prime Minister Shigeru Ishiba has expressed mixed views on additional rate increases. Following the GDP release, Japan’s Nikkei 225 and Topix indexes rose, while the yen weakened against the dollar amid ongoing volatility in currency markets and interventions by authorities to curb speculative moves.
  • Wholesale prices rose by 0.2% in October, aligning with forecasts, according to the Bureau of Labor Statistics. The producer price index (PPI), a measure of what producers receive for goods and services, marked a 12-month increase of 2.4%. Core PPI, excluding volatile food and energy prices, rose 0.3% monthly and 3.1% annually, both in line with expectations. The uptick was driven largely by a 3.6% surge in portfolio management service costs, while food and energy prices declined by 0.2% and 0.3%, respectively. The data reinforces expectations of a Federal Reserve rate cut in December, following reductions in September and November, as inflation appears to be moderating. Meanwhile, labor market data showed initial jobless claims fell to 217,000, indicating a stable employment environment. Market reactions were muted, with mixed movements in stock futures and higher Treasury yields. The Fed is anticipated to proceed cautiously with rate adjustments into 2025.
  • On 20/11/2024, U.K. inflation surged to 2.3% in October, exceeding both September’s 1.7% and the 2.2% forecast, according to the Office for National Statistics. Core inflation rose slightly to 3.3%, while the services sector recorded a modest uptick to 5.0%, its lowest in over two years. The data raises questions for the Bank of England’s Dec. 19 rate decision, with analysts suggesting the central bank may hold rates steady following its recent 25 basis point cut. Investment strategist Lindsay James highlighted rising inflationary risks, including trade barriers, labor tightness, and energy price volatility, as reasons for caution. Meanwhile, the Labour government faces criticism for its economic messaging, as Finance Minister Rachel Reeves introduced £40 billion in tax hikes and debt rule changes in the Autumn budget to address public finance challenges.
  •  On 26/11/2024, President-elect Donald Trump announced plans to impose a 10% tariff on all Chinese imports to the U.S., following a separate proposal for a 25% tariff on goods from Mexico and Canada, effectively ending a regional free trade agreement. Posting on Truth Social, Trump cited issues such as illegal immigration and the illicit fentanyl trade as motivations for these measures. He criticized Beijing for failing to curb fentanyl production and distribution despite prior promises of strict penalties. Fentanyl, a synthetic opioid largely sourced from China and Mexico, has contributed to tens of thousands of U.S. overdose deaths annually. While China’s embassy in the U.S. emphasized the mutual benefits of economic cooperation and highlighted ongoing counternarcotics efforts, it warned against the repercussions of a trade war.
  • On 29/11/2024, Australia’s inflation rate remained stable in October, with the consumer price index rising 2.1% annually, matching September’s pace and staying within the Reserve Bank of Australia’s (RBA) target range, according to the Australian Bureau of Statistics. This was slightly below economists’ expectations of 2.3%. The underlying inflation rate, however, ticked up to 3.5% from 3.2% in September. Electricity prices fell 35.6% due to government rebates, while transport fuel dropped 11.5% amid easing oil prices. Food and beverage inflation held steady at 3.3%, while rents rose 6.7%, up slightly from September’s 6.6%. Although inflation has eased for months, the RBA may await further evidence of sustained moderation before considering rate cuts.
  • The Russian ruble fell sharply this week, reaching 114 per dollar on Wednesday—its weakest since March 2022—prompting the central bank to intervene by suspending foreign currency purchases for the rest of the year to stabilize financial markets. This measure helped the ruble recover slightly to 110 against the dollar by Thursday morning. President Vladimir Putin downplayed the situation, attributing the decline to seasonal factors like budget payments and oil prices, and stated there was no cause for panic. Kremlin spokesman Dmitry Peskov also dismissed concerns, emphasizing that the ruble’s volatility would not impact ordinary Russians, who are paid in rubles.

Crypto news

  • On 01/11/2024, Bitcoin gained 11% in October, a performance that, while solid, lags behind its typical October average of 22% since 2013. However, crypto traders speculate a larger price movement is coming, with institutions reportedly buying significant amounts of Bitcoin through over-the-counter (OTC) exchanges. Crypto influencer Alex Becker suggested this strategy aims to trigger a supply shortage before a planned media surge around Bitcoin’s next all-time high. Despite nearing its previous peak of $73,679, interest in Bitcoin remains relatively low compared to popular topics like artificial intelligence, according to Cointelegraph.
  • On 02/11/2024, 21Shares has applied to the SEC for a spot XRP ETF, aiming to give investors indirect access to XRP through its Core XRP Trust on the Cboe BZX Exchange. While the SEC approved spot Bitcoin and Ether ETFs earlier this year, it has yet to approve spot XRP ETFs as it continues its legal proceedings with Ripple Labs; in this case, a judge previously ruled XRP not to be a security in certain sales, though this decision is under appeal. Coinbase Custody Trust would act as custodian for the XRP holdings if approved. Other firms, including VanEck and Canary Capital, have also filed for ETFs linked to assets like Solana and Litecoin. The SEC might delay these decisions, potentially leaving them to the next administration, with speculation that new leadership could come if Kamala Harris or Donald Trump are elected.
  • On 04/11/2024, Bitcoin’s price could fluctuate by at least 10% depending on the outcome of the U.S. presidential election on Nov. 5, according to trader Daan Crypto Trades. With Bitcoin volatility at a three-month high, the trader speculated that the election could drive a significant move in either direction, despite Bitcoin’s weekly close appearing unsteady. Currently trading at $68,682, Bitcoin briefly neared an all-time high of $74,649 last week but experienced a sell-off due to election uncertainty. Analyst Tony Sycamore of IG Markets noted that breaking the $74,000 resistance level could confirm an uptrend toward $80,000, while a drop below $65,000 would suggest a return to a downward trend.
  • On 06/11/2024, Bitcoin surged to an all-time high of $75,000 overnight as Donald Trump secured key victories in swing states, bolstering investor confidence in the flagship cryptocurrency. Coin Metrics data showed Bitcoin last trading at $74,453, up 7%, surpassing its previous record of $73,797 reached in March. Trump’s lead in the Electoral College and wins in North Carolina, Georgia, and Pennsylvania, as well as projected Republican control of the Senate, have likely contributed to the price jump. Coinbase also saw a 15% increase in after-hours trading. Market analysts had predicted that Bitcoin would experience volatility until a clear election outcome, with a Trump victory favoring upside momentum.
  • On 07/11/2024, BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), experienced its highest trading volume ever on Nov. 6, with over $4.1 billion in trades following Donald Trump’s election victory, according to Bloomberg analyst Eric Balchunas. This volume exceeded that of major stocks like Berkshire Hathaway, Netflix, and Visa. IBIT surged 10% that day, marking its second-best performance since launch, while other Bitcoin ETFs also saw one of their most active days since early 2024, trading at nearly twice their usual volume. Bitcoin reached a record high of $76,500 following the election, though it slightly retraced to $75,267. Bitcoin-focused ETFs have dominated the market this year, with six of the top ten ETF launches in 2024, noted ETF Store President Nate Geraci.
  • On 08/11/2024, BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), saw a record-breaking inflow of over $1.1 billion on Nov. 7 as Bitcoin surged to a new all-time high of $76,943. This massive influx of capital accounted for nearly 82% of the total $1.34 billion in inflows to U.S.-listed spot Bitcoin ETFs that day, according to Farside data. Other ETFs, including Fidelity’s Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF, also saw significant gains but on a smaller scale. Traders and analysts predict further inflows, with notable figures like crypto analyst “The Bitcoin Therapist” and financial expert Rajat Soni highlighting the momentum on social media, dubbing November “PumpVember.” Bloomberg ETF analyst Eric Balchunas expressed surprise at the magnitude of the inflows, especially after IBIT’s significant trading volume following Donald Trump’s election win.
  • On 09/11/2024, BlackRock’s iShares Ethereum Trust ETF (ETHA) recorded $60.3 million in inflows on Nov. 8, the largest daily inflow in 94 days, as Ether’s price approached $3,000 for the first time since August. The renewed interest, which followed a total of $84.3 million in ETHA inflows over the past week, coincides with Donald Trump’s recent presidential election victory, which some traders link to the inflow surge. Other Ethereum ETFs, including Fidelity’s FETH and VanEck’s ETHV, also reported notable inflows, though smaller. This Ethereum inflow record comes shortly after BlackRock’s Bitcoin ETF saw an unprecedented $1 billion in daily inflows. Additionally, Ether has posted its most significant weekly gains since May 2024, driven by a 6% increase in the ETH/BTC chart as BTC momentum cooled slightly.
  • Bitcoin hovered around $76,000, nearing a new all-time high of just under $77,000 amid heightened “high leverage liquidity” in the market. This upward movement closely followed the U.S. Federal Reserve’s quarter-point interest rate cut, a decision widely expected by markets and aligning with Fed Chair Jerome Powell’s comments that economic indicators were “roughly in balance” with inflation and employment goals. Market consensus, as reported by CME’s FedWatch Tool, also leaned toward another 0.25% rate cut in December. Analysts, however, cautioned that if long-term inflation expectations, currently at 2.1%, increase, the Fed’s rate-cutting trajectory could be at risk. Despite potential macroeconomic influences, Bitcoin’s price showed resilience, closing at its highest level ever, as it continued to edge closer to $77,000.
  • On 11/11/2024, Crypto traders betting against the market experienced significant losses as Bitcoin surged past $81,000, marking an all-time high and resulting in substantial liquidations of short positions. CoinGlass data shows that around $180 million in short positions were wiped out over 12 hours, with Bitcoin shorts alone losing $67 million, followed by Dogecoin and Ether. Meanwhile, $256 million in long positions were also liquidated, affecting over 218,000 traders and amounting to $682.7 million in total liquidations. The sharp price rally, which follows President-elect Donald Trump’s recent election win, has pushed Bitcoin’s dominance above 59%, a peak not seen since April 2021. Caroline Bowler, CEO of BTC Markets, noted that this “Trump Effect” has led to a resurgence in retail investor activity, with BTC Markets logging a 300% user increase last week. Onchain analyst James Check further commented that Bitcoin’s current surge places it in the “Euphoria zone” after breaking past previous all-time highs.
  • On 12/11/2024, The total crypto market capitalization has reached a record high of $3.12 trillion, propelled by a 7% daily surge on Nov. 11, with Bitcoin rising to $89,500. This valuation positions the crypto market close to surpassing France’s GDP, making it comparable to the eighth-largest economy globally. Bitcoin’s individual market cap now exceeds $1.77 trillion, overtaking Spain’s GDP and surpassing Microsoft’s market cap, as it narrows in on tech giants Nvidia and Apple. Crypto market dominance is likely to continue, with some experts predicting a climb toward $4 trillion.
  • MicroStrategy has reinforced its commitment to Bitcoin, purchasing 27,200 BTC between Oct. 31 and Nov. 10 for approximately $2.03 billion at an average price of $74,463 per coin. This latest acquisition brings the company’s total BTC holdings to 279,420 BTC, valued at nearly $23 billion. The purchases were funded by proceeds from share sales, with MicroStrategy selling about 7.8 million shares since August, raising roughly $2 billion. Following Trump’s presidential win on Nov. 5, MicroStrategy’s stock rose 19.9%. Its BTC portfolio tracker, “Saylor Tracker,” recently indicated a 100% return on Bitcoin investments, affirming MicroStrategy’s standing as the largest corporate BTC holder.
  • On 16/11/2024, XRP surged by 17% in the past 24 hours, outperforming a cooling crypto market. The token reached a 16-month high of $0.8479 on Nov. 14, up 50% for the week, driven by optimism surrounding U.S. regulatory shifts. This rally coincided with 18 U.S. states filing a lawsuit against the Securities and Exchange Commission (SEC), alleging “unconstitutional overreach” in crypto regulation. States like Texas, Ohio, and Montana were among the plaintiffs, challenging the SEC’s interference in state-regulated economic affairs. Speculation about SEC Chair Gary Gensler’s possible departure and expectations of a more crypto-friendly regulatory environment under President-elect Donald Trump further fueled the rally, particularly for tokens tied to U.S.-based companies like Ripple Labs (XRP) and Uniswap (UNI). Meanwhile, the broader crypto market experienced declines, with Bitcoin and Ether dropping 4% and 6%, respectively, as total market capitalization fell 2.8% to $2.91 trillion.
  • On 19/11/2024, MicroStrategy, the largest corporate Bitcoin holder, plans to raise $1.75 billion through 0% interest senior convertible notes maturing in 2029, aiming to buy more Bitcoin and fund general operations. At current prices, the funds could add approximately 19,065 BTC to its holdings, which already total 331,200 BTC valued at over $30.3 billion. This year alone, the company acquired 142,050 BTC worth $12.8 billion. With an average purchase price of $39,292 per Bitcoin, MicroStrategy’s Bitcoin investment strategy has delivered a 133% gain, highlighting its steadfast commitment to the cryptocurrency.
  • On 20/11/2024, The launch of options contracts for BlackRock’s iShares Bitcoin Trust ETF (IBIT) generated nearly $2 billion in notional exposure on its first day, significantly surpassing previous records and contributing to Bitcoin’s surge to an all-time high of over $94,000. Bloomberg analysts highlighted the unprecedented trading volume of 354,000 contracts and a put/call ratio of 0.225, indicating overwhelmingly bullish sentiment. The activity contrasts sharply with the ProShares Bitcoin Strategy ETF’s $363 million on its debut. Analysts attributed the rally to traders buying options, prompting market makers to hedge by purchasing the spot ETF, which fueled demand for Bitcoin itself, amplifying the price surge.
  • On 21/11/2024, Bitcoin surged past $95,000 for the first time on Wednesday evening, closing at $97,646.68 after hitting a peak of $97,788. The rally, driven by optimism over Donald Trump’s anticipated second presidency, has fueled speculation of crypto-friendly policies, such as supportive regulations and a potential national Bitcoin reserve. Shares of Bitcoin proxies like MicroStrategy and mining stocks also rose, reflecting broader enthusiasm. Analysts cite factors such as improved liquidity, rising institutional adoption, and a shift toward pro-crypto regulation. Bitcoin has gained 127% in 2024 and is expected to surpass $100,000 by year-end, with potential to double by 2025.
  • On 22/11/2024, Bitcoin surged past $99,000 for the first time on Thursday, reaching a high of $99,046.94 before settling at $98,273.50, fueled by optimism over a potential second Trump presidency. This rally, up 130% in 2024, reflects expectations of pro-crypto policies, including supportive regulation and a possible national Bitcoin reserve. Recent gains were driven by rising futures market activity and short liquidations exceeding $100 million. While crypto stocks like Coinbase and MicroStrategy fell amid profit-taking, mining stock Mara Holdings rose 6.9%. Analysts predict Bitcoin could soon test the psychological $100,000 level, signaling the continuation of its bullish momentum.
  • SEC Chair Gary Gensler, known for his stringent cryptocurrency regulatory approach, will step down on January 20, 2025, coinciding with President-elect Donald Trump’s inauguration. During his tenure since 2021, Gensler oversaw over 100 enforcement actions against crypto firms, pushing for stricter compliance with securities laws. Despite approving Bitcoin ETFs, he criticized many crypto issuers for neglecting regulatory standards. Trump’s administration aims to adopt a more crypto-friendly approach, with plans to appoint pro-industry officials like Summer Mersinger to key regulatory roles and potentially create a dedicated White House crypto policy position. Gensler’s departure marks a shift in U.S. crypto policy direction.
  • MicroStrategy has completed a $3 billion offering of 0% convertible senior notes due December 2029, with plans to allocate some or all of the proceeds to buying more Bitcoin. These notes, which come at a 55% premium and carry no regular interest, will mature at face value if not converted before their due date. The offering allows MicroStrategy to potentially purchase around 30,600 Bitcoin at current prices. This initiative is part of the company’s ambitious “21/21” plan to raise $42 billion over three years, divided equally between equity and fixed-income securities, to further expand its Bitcoin holdings, which currently stand at 331,200 BTC valued at over $32.7 billion.
  • On 23/11/2024, Bitcoin remains poised to breach the $100,000 milestone despite concerns surrounding the $2.7 billion options expiry on Nov. 22, which posed a risk of a correction below $85,000. The cryptocurrency briefly hit a record high of $99,523 before settling at $97,805. Analysts like Blake Player of VALR suggest the reduction in market leverage following the options expiry could benefit Bitcoin’s rally. Meanwhile, strong inflows into U.S. spot Bitcoin ETFs—over $1 billion—and record monthly stablecoin flows of $9.7 billion to crypto exchanges provide further optimism for Bitcoin’s price trajectory, with many expecting the $100,000 mark to be reached by the end of November.
  • On 27/11/2024, Bitcoin retreated from the $100,000 mark as investors booked profits following the cryptocurrency’s post-election rally, fueled by optimism over President-elect Donald Trump’s pro-crypto policies. Bitcoin fell over 2% to $92,277.19, while the broader crypto market, as measured by the CoinDesk 20 index, dropped nearly 6%. Long-term holders increased selling pressure, which had been offset by ETF inflows and large purchases by MicroStrategy, though ETFs saw $438 million in outflows on Monday. Analysts noted the psychological barrier of $100,000 and predicted a consolidation period before further gains, with growing institutional and retail interest poised to drive future price increases.

  • The Hong Kong Monetary Authority (HKMA) has introduced the Digital Bond Grant Scheme (DBGS) to subsidize up to 50% of eligible expenses for tokenized bond issuances, aiming to promote the adoption of tokenization in capital markets. Announced on November 28, the scheme provides a full grant cap of $321,184 (HK$2.5 million) for two issuances per company, with half grants available for smaller-scale projects. To qualify, bonds must be issued on platforms like the Central Moneymarkets Unit (CMU) and, for full grants, meet criteria such as a $128.5 million issuance size and listing on the Stock Exchange of Hong Kong. Running for three years, the DBGS follows the HKMA’s Project Evergreen research into distributed ledger technology, reflecting efforts to overcome barriers to tokenized bond adoption. This initiative builds on Hong Kong’s prior experience, including the issuance of $100 million in tokenized green bonds in February 2023 under its Green Bond Programme.

I am still on vacation this month, but I will try to have a very brief description to describe this month’s performance:

  • Everything went up after Trump’s election, and Bitcoin was about to break 100k. I took the chance and cashed a bit of profit from my Bitcoin to fund my vacation. I also put some of those profits back into stock and mortgage payments.
This month’s contribution to my redraw account is $5,050.00, which makes the total amount in the redraw account $29,435.58. A significant jump in repayment, which we can see in the following breakdown of this month’s interest charge:
 
  • $2,643.60 to $2,556.07 – fixed rate loan
  • $143.78 to $110.90 – variable rate loan (minimum repayment is $276.62).

With all the contributions to investments and to my redraw account, my total net worth is $493,777.31.

Some of the articles I use for the information above:

Passive Income

This month has produced about 15.199 ADA. The staking reward for AXS for this month is 1.465421 AXS. BAT Reward is BAT.

To sum up:

  • ADA Reward – 15.199 ADA.
  • AXS Staking – 1.465421 AXS.
  • BAT reward –  BAT
  • Dividend – No dividend.

What I have learnt

Keyword for this month – None

Still on holiday so no writing for this section.

One thought on “Portfolio Update – November 2024”

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