In a shocking incident, Changpeng Zhao (CZ), the CEO of Binance, one of the leading cryptocurrency exchanges, revealed that executives of a Binance client were kidnapped and coerced into emptying their crypto wallets. CZ shared the details of the incident and highlighted how Binance was able to track the stolen funds and freeze over 94% of them.
Blackrock Urges SEC to Approve Ethereum Exchange-Traded Funds (ETFs)
Blackrock, the world's largest asset manager, has made a strong case for the approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Nasdaq, which has filed for the listing and trading of Blackrock's spot ether ETF, believes that such approval would be a significant step towards protecting U.S. investors in the crypto space.
Kevin O'Leary Predicts Delay in Spot Bitcoin ETF Approval
Kevin O'Leary, popularly known as Mr. Wonderful from Shark Tank and an investor, has cautioned that it may take up to another year and a half for the SEC to approve a spot bitcoin exchange-traded fund (ETF). O'Leary emphasized that the U.S. will only see a spot bitcoin ETF when a crypto exchange complies with the SEC regulations.
Hive Digital Strengthens Mining Power with Bitmain Acquisition
Hive Digital, a bitcoin mining company based in Vancouver, recently announced its acquisition of 4,800 Bitmain S19k Antminer mining rigs. This strategic move is aimed at bolstering the company's operations and positioning it favorably for the upcoming reward halving.
What are your thoughts on the latest developments in the crypto world? Share your opinions in the comments section below.
Frequently Asked Questions
How is gold taxed within a Roth IRA
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
These rules vary from one state to another. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. You can delay until April 1st in Massachusetts. New York allows you to wait until age 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
Which precious metal is best to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. You might not want to invest in gold if you're looking for quick returns. Silver is a better investment if you have patience and the time to do it.
If you don't care about getting rich quickly, gold is probably the way to go. Silver might be a better investment option if steady returns are desired over a long period of time.
Can the government take your gold
Your gold is yours, so the government cannot confiscate it. You worked hard to earn it. It belongs entirely to you. This rule may not apply to all cases. Your gold could be taken away if your crime was fraud against federal government. Your precious metals can also be lost if you owe tax to the IRS. You can keep your gold even if your taxes are not paid.
How much are gold IRA fees?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes account maintenance and any investment costs.
Diversifying your portfolio may require you to pay additional fees. These fees will vary depending upon the type of IRA chosen. Some companies offer free checking, but charge monthly fees for IRAs.
Most providers also charge an annual management fee. These fees are usually between 0% and 1%. The average rate is.25% annually. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Is buying gold a good way to save money for retirement?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you require cash flow, gold stocks can work well.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
How to hold physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
An alternative option would be to buy physical gold itself. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It is easier to view how much gold has been stored. The receipt will show exactly what you paid. You'll also know if taxes were not paid. There's also less chance of theft than investing in stocks.
However, there are some disadvantages too. Bank interest rates and investment funds won't help you. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, tax man may want to ask where you put your gold.
BullionVault.com is the best website to learn about gold purchases in an IRA.
Title: Binance Client Executives Kidnapped and Forced to Empty Crypto Wallets: CEO Changpeng Zhao
Sourced From: news.bitcoin.com/cz-reveals-client-execs-kidnapped-hive-increases-mining-power-blackrock-on-eth-etfs-week-in-review/
Published Date: Sun, 19 Nov 2023 14:00:24 +0000