In just a fortnight, the stablecoin asset known as first digital USD (FDUSD) has experienced remarkable growth, with its supply increasing by 690 million coins. This surge has propelled FDUSD to become the fifth-largest fiat-pegged cryptocurrency in the market, with a market capitalization of $1.61 billion.
FDUSD's Market Growth and Onchain Movements
FDUSD has seen significant growth in the past two weeks, positioning itself as one of the top digital currencies. Its market activity and onchain movements are predominantly concentrated on the popular centralized crypto exchange, Binance.
As of December 17, FDUSD's supply reached 1.611 billion, marking a 74.92% increase from its previous supply of 921 million FDUSD on December 2. With a market capitalization of $1.61 billion, FDUSD now ranks as the 46th largest digital currency among the 11,500+ cryptocurrencies in existence.
Trading Volume and Pairs
Over the past 24 hours, FDUSD has witnessed a substantial global trade volume of $2.2 billion. This impressive trading volume is largely driven by the USDT and BTC pairs on Binance, which account for 90.45% of FDUSD's trading volume during this period.
While Binance is the primary exchange for FDUSD, other platforms such as Gate.io, Bingx, Cryptology, and Tokocrypto also offer FDUSD pairs, albeit on a smaller scale.
Supply Distribution and Wallets
Compared to other leading stablecoins, FDUSD's supply distribution is concentrated, with only 255 wallets holding FDUSD. Despite its high trade volume and numerous transactions, FDUSD's activity is primarily off-chain, as reflected in its modest count of 1,771 transactions.
The top three wallets holding FDUSD are under Binance's control, with the largest wallet containing 1.533 billion FDUSD, which amounts to 95.1450% of the total supply. The second wallet, also controlled by Binance, holds 4.3751% of the FDUSD supply. This indicates Binance's significant influence and control over FDUSD.
Binance's Dominance in the Stablecoin Market
Binance, the largest cryptocurrency exchange in terms of trade volume, not only controls a significant portion of FDUSD but also has dominance in other stablecoins. Binance holds 21.54% of the tether (USDT) supply and is the primary holder of the fourth and fifth largest stablecoins.
Furthermore, Binance maintains a majority hold over 1.2 billion BUSD stablecoins in circulation, controlling the two largest BUSD addresses.
The past two weeks have witnessed substantial growth for the stablecoin FDUSD. Its market capitalization has increased significantly, making it one of the top fiat-pegged cryptocurrencies. With its supply and trading volume on the rise, FDUSD is proving to be a promising asset in the digital currency landscape.
What are your thoughts on FDUSD's recent growth? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How much money should I put into my Roth IRA?
Roth IRAs are retirement accounts where you deposit your own money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. You cannot touch your principal (the amount you originally deposited). No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. When you withdraw, you will have to pay income tax. Let's assume that you contribute $5,000 each year to your Roth IRA. Let's also assume that you make $10,000 per year from your Roth IRA contributions. Federal income taxes would apply to the earnings. You would be responsible for $3500 So you would only have $6,500 left. Since you're limited to taking out only what you initially contributed, that's all you could take out.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types of Roth IRAs: Traditional and Roth. A traditional IRA allows for you to deduct pretax contributions of your taxable income. You can withdraw your contributions plus interest from your traditional IRA when you retire. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs do not allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal required, unlike a traditional IRA. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
How much gold should you have in your portfolio?
The amount you make will depend on the amount of capital you have. For a small start, $5k to $10k is a good range. As you grow, you can move into an office and rent out desks. You don't need to worry about paying rent every month. You just pay per month.
Also, you need to think about the type of business that you are going to run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. Therefore, you might only get paid one time every six months.
Before you can determine how much gold you'll need, you must decide what type of income you want.
I recommend starting with $1k-$2k of gold and growing from there.
Is gold a good investment IRA?
Anyone who is looking to save money can make gold an excellent investment. You can also diversify your portfolio by investing in gold. But gold is not all that it seems.
It has been used throughout history as currency and it is still a very popular method of payment. It's often referred to as “the world's oldest currency.”
But gold is mined from the earth, unlike paper currencies that governments create. It's hard to find and very rare, making it extremely valuable.
The supply and demand for gold determine the price of gold. When the economy is strong, people tend to spend more money, which means fewer people mine gold. As a result, the value of gold goes up.
On the flip side, people save cash for emergencies and don't spend it. This means that more gold is produced, which reduces its value.
This is why gold investment makes sense for both individuals and businesses. If you make an investment in gold, you can reap the economic benefits whenever the economy is growing.
In addition to earning interest on your investments, this will allow you to grow your wealth. If gold's value falls, you don't have to lose any of your investments.
Who has the gold in a IRA gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
You should consult a financial planner or accountant to see what options are available to you.
- 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)
- (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)
- 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)
- 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)
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads. Example. And Risk Metrics
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
Tips to Invest in Gold
Investing in Gold remains one of the most preferred investment strategies. Because investing in gold has many benefits. There are several options to invest in the gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
Before buying any type gold, it is important to think about these things.
- First, make sure you check if your country allows you own gold. If the answer is yes, you can go ahead. Or, you might consider buying gold overseas.
- You should also know the type of gold coin that you desire. You have the option of choosing yellow, white, or rose gold.
- Third, consider the cost of gold. It is best to start small and work your way up. When purchasing gold, diversify your portfolio. Diversifying your portfolio includes stocks, bonds, mutual funds, real estate, commodities, and mutual funds.
- Last but not least, remember that gold prices fluctuate frequently. Keep an eye on current trends.
By: Jamie Redman
Title: FDUSD Supply Surges by 74% in Two Weeks, Becoming the Fifth-Largest Fiat-Pegged Cryptocurrency
Sourced From: news.bitcoin.com/fdusd-rockets-to-1-6b-market-cap-becoming-fifth-largest-fiat-pegged-crypto-amid-binance-concentration/
Published Date: Sun, 17 Dec 2023 21:30:34 +0000