On Saturday, December 2, 2023, the cryptocurrency market experienced a positive trajectory, with a 1.91% increase, bringing the total market value to $1.48 trillion. The standout performer was bitcoin, which reached a peak of $39,705, the highest value it has achieved since late April 2022.
Cryptocurrency Market Sees 2% Growth, Reaches $1.48 Trillion Valuation
The overall cryptocurrency market witnessed a surge on Saturday, with an approximate 2% increase in value over the past day. Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, while ethereum (ETH) climbed 3.58% within the same 24-hour period. Other cryptocurrencies also experienced notable gains, with solana (SOL) increasing by 7% and dogecoin (DOGE) escalating by 9.11% against the dollar.
Bitcoin soared to a peak of $39,705, while ethereum (ETH) reached $2,195 per token. Solana (SOL) advanced to $63.31 on Saturday, and dogecoin (DOGE) ascended to $0.08612 per coin. Alongside these impressive performances, several other cryptocurrencies, including BLUR, RUNE, TIA, IOTA, and ORDI, experienced substantial growth, with gains ranging from 11.3% to 54.9%. PYTH, THETA, XRD, and WEMIX also reported noteworthy increases.
Despite the positive market movement, the global trading volume in the past 24 hours stood at approximately $49.94 billion, representing a 7% decrease from Friday's figures. Tether dominated the trading volume with $29.42 billion, while bitcoin's trade volume reached $14.52 billion. Currently, bitcoin's market dominance stands at around 52% this weekend, with ethereum's dominance at 17.5%.
Crypto Fear and Greed Index Indicates "Greed" Sentiment
The crypto fear and greed index (CFGI) on Saturday registered a score of 74, symbolizing a state of "greed." This sentiment has remained consistent since yesterday and throughout the past week. Following bitcoin's surge to $39,705, a significant portion of the day's liquidations occurred in the past four hours, with a total of $71 million liquidated from short positions out of the $101 million total. In the last 24 hours, a total of $122.48 million in both long and short positions have been eradicated.
What are your thoughts on the recent surge in the crypto economy? Share your opinions in the comments section below.
Frequently Asked Questions
Is physical gold allowed in an IRA.
Not just paper money or coins, gold is money. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Many Americans now invest in precious metals. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.
Gold has historically performed better during financial panics than other assets. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Gold is one of the few assets that has virtually no counterparty risks. Your shares will still be yours even if your stock portfolio drops. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, the liquidity that gold provides is unmatched. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows one to take advantage short-term fluctuations within the gold price.
How much tax is gold subject to in an IRA
The fair value of gold sold to determines the price at which tax is due. If you buy gold, there are no taxes. It's not considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
Loans can be secured with gold. Lenders try to maximize the return on loans that you take against your assets. For gold, this means selling it. It's not guaranteed that the lender will do it. They may just keep it. They may decide to resell it. Either way you will lose potential profit.
You should not lend against your gold if it is intended to be used as collateral. It is better to leave it alone.
Can I keep a Gold ETF in a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
You can also get an Individual Retirement Annuity, or IRA. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs can be made without tax.
How does a Gold IRA account work?
You can buy physical gold bullion coins at any time. You don’t have to wait to begin investing in gold.
An IRA allows you to keep your gold forever. When you die, your gold assets won't be subjected to taxes.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you have done this, an IRA custodian will be assigned to you. This company acts as a mediator between you, the IRS.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual returns.
After you have established your gold IRA you will be able purchase gold bullion coin. Minimum deposit required is $1,000 You'll get a higher rate of interest if you deposit more.
Taxes will apply to gold that you take out of an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. If you do, you could face severe financial consequences.
What are the benefits of a gold IRA
There are many benefits to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You decide how much money is put in each account and when it is withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This makes for an easy transition if you decide to retire early.
The best part is that you don't need special skills to invest in gold IRAs. They're readily available at almost all banks and brokerage firms. You don't have to worry about penalties or fees when withdrawing money.
There are also drawbacks. Gold has historically been volatile. Understanding why you want to invest in gold is essential. Are you seeking safety or growth? Is it for security or long-term planning? Only once you know, that will you be able to make an informed decision.
You might want to buy more gold if you intend to keep your gold IRA for a long time. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.
You don't have to buy a lot of gold if your goal is to sell it. You can even manage with one ounce. These funds won't allow you to purchase anything else.
Should You Buy Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Some experts believe that this could change very soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
Here are some things to consider if you're considering investing in gold.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. However, you can still save for retirement without putting your savings into gold.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each account offers different levels of security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. You may lose your gold coins and never be able to recover them.
Do your research before you buy gold. If you already have gold, make sure you protect it.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
The best place online to buy silver and gold
You must first understand the workings of gold before you can purchase it. The precious metal gold is similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
There are two types currently available: legal tender and bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.
They are not exchangeable in any currency exchange system. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. Each dollar spent earns the buyer 1 gram gold.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are a few options if you wish to buy gold directly from a dealer. First, go to your local coin shop. Another option is to go through a reputable site like eBay. You may also be interested in buying gold through private sellers online.
Individuals who sell gold at wholesale and retail prices are called private sellers. Private sellers charge a 10% to 15% commission per transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This is a great option for gold investing because you have more control over the item’s price.
Another way to buy gold is by investing in physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
When buying gold on your own, you can visit a bank or a pawnshop. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. These are small businesses that let customers borrow money against the items they bring to them. Banks charge higher interest rates than those offered by pawn shops.
You can also ask for help to purchase gold. Selling gold can also be done easily. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
By: Jamie Redman
Title: Bitcoin Surges Past $39K, Reaches Highest Value in 19 Months
Sourced From: news.bitcoin.com/bitcoin-surpasses-39k-achieving-19-month-peak-in-saturdays-crypto-market-surge/
Published Date: Sat, 02 Dec 2023 22:00:25 +0000