Bitcoin Breaks $35,000 Barrier on ETF Optimism
Bitcoin has reached its highest level since May 2022, with bullish sentiment sweeping through the market. Traders are anticipating an announcement from the United States Securities and Exchange Commission (SEC) regarding a potential bitcoin exchange-traded fund (ETF), possibly from Blackrock. Meanwhile, Ethereum has also experienced gains, surpassing the $1,800 mark.
Bitcoin bulls have driven the cryptocurrency above the $35,000 threshold, fueled by growing optimism surrounding the potential approval of an ETF.
After starting the week at a low of $30,433.32, BTC/USD surged to a peak of $35,150.43 earlier today.
This surge has propelled bitcoin to its highest level since May 7, 2022, when its price was trading above $36,000.
Despite these gains, there are indications that the market may be cooling off, as the relative strength index (RSI) has entered overbought territory.
Currently, the RSI is at 88.60, its highest reading so far this year.
As traders look to secure profits, BTC is now trading at $34,528.51.
Ethereum Reaches $1,800 Amid Positive Market Sentiment
Ethereum (ETH) has seen a surge in price, reaching $1,800 for the first time in several months.
ETH/USD reached an intraday high of $1,845.99 earlier today, following a recent low of $1,664.58.
This peak marks Ethereum's highest point since August 13, when its price was slightly below $1,860.
The upward momentum in Ethereum's price has continued for the fifth consecutive session, coinciding with the RSI breaking through a resistance level at 60.00.
Similar to bitcoin, Ethereum's price strength has entered overbought territory, with an RSI of 76.79.
Although the price briefly exceeded 68.00 in the past few hours, it is unlikely to be sustained as profit-taking begins to take effect.
Could Ethereum reach $1,900 before the end of the month? Share your thoughts in the comments below.
Frequently Asked Questions
How Much of Your IRA Should Be Made Up Of Precious Metals
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don’t need to be rich to make an investment in precious metals. There are many methods to make money off of silver and gold investments.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. Also, you could buy shares in companies producing precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. These metals are not stocks, but they can still provide long-term growth.
Their prices rise with time, which is a different to traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
What precious metals can you invest in for retirement?
Gold and silver are the best precious metal investments. Both are easy to sell and can be bought easily. These are great options to diversify your portfolio.
Gold: One of the oldest forms of currency, gold, is one of mankind’s most valuable. It’s stable and safe. This makes it a good option to preserve wealth in uncertain times.
Silver: The popularity of silver has always been a concern for investors. This is a great choice for people who want to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. It’s however much more costly than any of its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used in jewelry-making. And, it’s relatively cheap compared to other types of precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It’s also less expensive. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
How much gold do you need in your portfolio?
The amount of capital that you require will determine how much money you can make. If you want to start small, then $5k-$10k would be great. Then as you grow, you could move into an office space and rent out desks, etc. You don’t need to worry about paying rent every month. Rent is only paid per month.
Consider what type of business your company will be running. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
You won’t get a monthly paycheck if you work freelance. This is because freelancers are paid. Therefore, you might only get paid one time every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k-$2k in gold and working my way up.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
investopedia.com
bbb.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
cftc.gov
How To
The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. In addition, because of its value, it was traded internationally. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. The result was a decrease in foreign currency demand, which led to an increase in their price. In this period, large amounts of gold coin were minted by the United States, which caused the gold price to drop. The U.S. government was unable to pay its debts due to too much money being in circulation. They decided to sell some excess gold to Europe in order to do this.
Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. After World War I, however, many European countries started using paper money to replace gold. The price of gold rose significantly over the years. Today, although the price fluctuates, gold remains one of the safest investments you can make.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC Surges Above $35,000 Amid ETF Speculation
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-explodes-above-35000-as-etf-speculation-intensifies/
Published Date: Tue, 24 Oct 2023 12:45:34 +0000
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