Bostoncoin market update December 2024
Merry Christmas and a happy new $188,000
This is the Christmas we have all been waiting for: crypto prices are up, we can dance in the streets, give to the needy and no longer be embarrassed to be a crypto investor at family gatherings
Throughout October, Jeremy toured the USA coast to coast, attending numerous investment events. He met with many millionaires and several billionaires who were heavily into real estate and talked to them about why they should allocate 5-10% of their portfolios to crypto.
We are not claiming that Jeremy’s whistle-stop tour of the USA was the only thing that shifted crypto markets up in November, but what else could make Bitcoin climb over 30% in a month? Let’s see…
November is named from the Latin word for nine, confusingly occurs in the eleventh month and in the USA is referred to as “the part between Halloween and Thanksgiving”. It was also a few days after Jeremy finished his 22-day speaking tour.
In November, Bitcoin (BTC) led the charge toward unprecedented highs of almost US$100 000. This was well over $150 000 in Australia and New Zealand and over $130 000 in Singapore. Here are some of the other events that shaped this dynamic period, sprinkled with the occasional dog joke to keep your attention.
Market Overview
Bitcoin flirted with the $100,000 milestone, reaching an all-time high of $98,739 on November 22, 2024. Ethereum (ETH) and other major cryptocurrencies rode the bullish wave, pushing the overall crypto market cap over US$3 trillion.
Factors Influencing Market Movements
Several factors played pivotal roles in these market dynamics:
- Political Developments: The re-election of former President Donald Trump signalled a more crypto-friendly administration, boosting investor confidence. Trump’s campaign promises to make the U.S. a “Bitcoin superpower” and to fire the anti-crypto SEC Chairman Gary Gensler added fuel to the crypto rally. Time will tell how many promises are kept, but things look good so far.
- Regulatory Changes: SEC Chair Gary Gensler announced his resignation, effective January 20, 2025. Known for his strict stance on crypto regulations, Gensler’s departure was celebrated across the crypto industry, with meme coins like “Gonesler” pumping in response.
- Institutional Investment: Approving options or derivatives over Bitcoin spot ETFs led to a $5.4 billion inflow, driving BTC to near-record highs. This surge in institutional participation enhanced market liquidity and stability. With over 70 000 BTC options contracts changing hands in the first hour, the IBIT options hit the top twenty most active trades, signalling to traditional Wall Street markets that crypto is here to stay.
- and of course, Jeremy’s tour of the USA, bringing crypto to the masses like some kind of Johnny Appleseed…
Notable Events and Standout Performers
– Dogecoin (DOGE): Following Elon Musk’s proposal for the Department of Government Efficiency (DOGE), Dogecoin’s market capitalisation nearly doubled post-election. Despite being a memecoin and massively inflationary, Musk’s influence always seems to send Dogecoin to the moon—or could that be the dog park?
Other Memecoins: The creation of other useless joke coins like the “PEANUT” coin, inspired by P’Nut the Squirrel, and its subsequent rise in value highlighted the ongoing trend of meme-based or animal-based cryptocurrencies. We have had doggy coins for a while, and now even squirrels are getting a piece of the crypto pie.
– Luxury Spending: Investors capitalised on the ‘Trump Bump,’ with Bitcoin nearing $100,000 and Dogecoin experiencing significant gains. This led to some investors taking profits, and increased spending on luxury items, such as private jets, high-end cars, and expensive watches. Who knew crypto gains could lead to such extravagant lifestyles?
Regulatory Developments
– United Kingdom: The UK government announced plans to introduce comprehensive crypto regulations, aiming to provide certainty and to help boost investor confidence. The Financial Conduct Authority (FCA) is set to expand its regulatory framework to include aspects like stablecoins and staking.
– Taiwan: Taiwan fast-tracked stricter anti-money-laundering rules for crypto, effective November 30, 2024, to enhance oversight and compliance within the industry. This should also help to make investors feel safer and bring maturity to the crypto industry in the east.
Gensler Get Out: Crypto Community Reactions
The crypto community, known for its dark humour and vibrant meme culture, didn’t hold back during November 2024. Following SEC chair Gary Gensler’s resignation announcement, social media platforms were flooded with memes depicting Gensler as the “Grim Reaper” of crypto, finally hanging up his scythe. One popular meme showed Gensler leaving the SEC building with the caption, “When you realize even Dogecoin has a brighter future than your career.”
The outgoing SEC chair famously led charges against numerous cryptocurrencies, including XRP, resulting in losses for investors and damaging the reputation of good projects. Gensler’s department prosecuted crypto exchanges, including Kraken, Coinbase, and Binance, with Binance CEO “CZ” going to jail for several months.
Famously, the SEC did not protect investors from losing funds in the collapses of Terra Luna, Celsius or FTX. We are not starting any revenge-based conspiracy theories here, but it is known that Gensler applied to work at Binance in 2017 and was rejected. His desire to later prosecute Binance using non-existent or nonapplicable legislation may have been entirely coincidental.
Another interesting fact is that Gary Gensler’s former boss at MIT was Glenn Ellison. If that name sounds familiar, it’s because Glenn Ellison is the father of Caroline Ellison, the girlfriend of Sam Bankman-Fried (SBF) from FTX.
Despite being guilty of dodgy accounting and many criminal offences, SBF avoided prosecution for a long time. SBF and FTX donated to many politicians and political parties, using investor funds to pay those who influenced the regulators.
It could be a coincidence that Gensler seemed to favour the criminals who handed out cash and prosecuted the good guys who did not pay bribes; ahem: donations. Good riddance to Gensler and his rubbish.
As for President Trump’s influence on Bitcoin prices, the internet shared jokes like, “Trump isn’t building Mexican walls; he’s building Bitcoin’s price walls!” Another quip was, “Trump’s new campaign slogan: Make Bitcoin Great Again.” Barely a smile out of those; which is why we prefer dog jokes
Summary and Projections for 2025
The perfect storm of political support, regulatory easing, and increased institutional investment has positioned the cryptocurrency market for potential growth in 2025. Some analysts predict that Bitcoin could reach $180,000, driven by favourable market conditions and growing investor interest.
However, the inherent volatility of the crypto market necessitates cautious optimism. Investors are advised to maintain diversified portfolios and stay informed about regulatory changes and market dynamics to navigate the evolving landscape effectively.
Remember, in the world of crypto, it’s essential to stay informed and perhaps keep a few jokes or puns in your back pocket to lighten the mood during market turbulence. After all, who doesn’t enjoy a good “doge” joke?
How did we go this month?
Most of the attention has been on Bitcoin since January 2024, when Blackrock, Fidelity, Ark Invest, Wisdom Tree, and a bunch of Wall Street suits discovered BTC. With all the focus on Bitcoin, you could almost be forgiven for forgetting about the 20 000+ other crypto projects out there.
Bostoncoin
In November Bitcoin again rallied strongly, due to the above influences, which meant that the diversified portfolio trailed a little. We hold the line and believe that when Wall Street discovers that there is more to crypto than just Bitcoin, the altcoins will really pop. Some early indicators show that some of the “old school” cryptocurrencies from five to ten years ago, are starting to bounce back.
The flagship Bostoncoin fund had good gains from
Solana up 472%
SUI up 576%
XRP up 348%
As at Nov 30 2024
BOS Price AUD 110.0840032041
BOS Price USD 71.524229
1-year return 130.23%
3-year return -31.62%
5-year return 430.69%
DARTcoin
Our higher-risk DARTcoin fund continues to run well in a bull market and has again outperformed Bitcoin. We continue to monitor the fund, taking profits for safety and rebalancing for safety as we go.
Excellent returns from
BNB up 308%
Fantom up 373%
Pendle up 528%
As at Nov 30 2024
DART Price AUD 260.2225793303
DART Price USD 169.09247
1-year return 152%
2-year return 249%
POLLYcoin
For those who did not read to the end of the previous newsletter, our little POLLY girl has made some changes.
Rather than being 100% in stablecoins, she experimented with 5-10% in Bitcoin and a little sprinkling of AI trading. The AI trading has been done under the watchful eye of several experienced traders, one in Europe, one in Australia and one in New York; to cover most timezones
We do not fully trust the robots to work unsupervised 24/7, but the AI can come in handy for a few hours a day while our experienced traders sleep or shower.
Traders with 20+ years in the markets check the robot’s progress several times daily to ensure it is on track. We have safety measures and automated shutdown procedures in place so that the trading robot cannot lose more than 5%, even during substantial market drops, and she will exit the market if it gets too pricey.
As at Nov 30 2024
POLLY Price AUD 139.4497066533
POLLY Price USD 90.594251
New year, new YEAH
Moving forward into 2025, we aim to provide real-time indicative pricing updates on the BostonTrading.co website. A price update from BTC or ETH is as simple as getting one duck in a row. Because the Bostoncoin and DARTcoin portfolios both have 30-40 different assets inside each fund, and because the POLLYcoin AI fund may change prices 5-6 times per minute, it is a tricky procedure to have live reporting on almost 100 puppies simultaneously.
We are still working on it and will let you know when we are closer to implementing this feature.
Enjoy the festive season, stay safe if you are travelling and be sure to tell your friends and family that the easiest and best way to get into crypto is with Bostoncoin. We ask that you share the love over the holiday season, share our name in 2025, and connect your friends with experienced investors in the world’s first crypto fund. We still give away free crypto education and a free stock market book for all new introductions. Christmas gifts for the family: sorted! 🙂
See you next month
Jeremy
