FTT Records Colossal Gains Over the Past Fortnight
The exchange token FTT, originally developed by the now-defunct FTX cryptocurrency trading platform, has experienced a significant surge in value, surpassing the $3 per unit mark. Despite the challenges faced by FTX, including the fraud conviction of Sam Bankman-Fried and ongoing bankruptcy proceedings, FTT has shown remarkable market performance, making notable strides within the last two weeks.
Impressive Market Performance
Over the past fourteen days, FTT has seen a remarkable 200.2% increase against the U.S. dollar, despite a 6.3% decline in the past week. Currently ranking as the fifth largest exchange coin in terms of market capitalization, FTT has a 24-hour global trade volume of $230.85 million, securing its position as a prominent player in daily spot trading volume.
FTT's Trading Pairs and Supply Distribution
FTT's leading trading pairs include USDT, USD, ETH, USDD, and USDC. While the token boasts 29,221 holders, the majority of the supply is in the hands of the FTX estate and centralized exchanges. The top 100 holders control a staggering 98.83% of the total supply. This distribution has left many puzzled as to why a token associated with a convicted fraudster and a bankrupt exchange is performing exceptionally well.
Speculation on FTX's Future and FTT's Potential
Many speculate that a potential revival of FTX, referred to as FTX 2.0, could reintroduce FTT with new utility or broader possibilities. Investors are taking a gamble on acquiring FTT at low prices, betting on a potential win if FTX 2.0 incorporates the exchange token. However, it is important to note that the future of FTT remains uncertain, and there is a chance that a new FTX team may choose not to utilize the token for various reasons.
Despite these uncertainties and risks, speculative theories continue to fuel FTT's momentum, propelling its value based on potential long-term outcomes.
Share Your Thoughts
What are your thoughts on FTT's significant climb over the past two weeks? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What precious metal should I invest in?
This question depends on how risky you are willing to take, and what return you want. While gold is considered a safe investment option, it can also be a risky choice. You might not want to invest in gold if you're looking for quick returns. If you have time and patience, you should consider investing in silver instead.
Gold is the best investment if you aren't looking to get rich quick. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
How much gold can you keep in your portfolio
The amount of capital required will affect the amount you 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. This way, you don't have to worry about paying rent all at once. It's only one monthly payment.
It is also important to decide what kind of business you want to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. You might get paid only once every six months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k of gold and growing from there.
How Much of Your IRA Should Include Precious Metals?
You should remember that precious metals are not only for the wealthy. They don't require you to be wealthy to invest in them. You can actually make money without spending a lot on gold or silver investments.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
Regardless of your choice, you'll still benefit from owning precious metals. They are not stocks but offer long-term growth.
And unlike traditional investments, they tend to increase in value over time. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What are the benefits of having a gold IRA?
It is best to put your retirement money in an Individual Retirement Account (IRA). You can withdraw it at any time, but it is tax-deferred. You have total control over how much each year you take out. There are many types to choose from when it comes to IRAs. Some are better suited for people who want to save for college expenses. Some are better suited for investors who want higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. These earnings don't get taxed if they withdraw funds. This account is a good option if you plan to retire early.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. People who want to invest their money rather than spend it make gold IRA accounts a great option.
Another benefit to owning IRA gold is the ability to withdraw automatically. It means that you don’t have to remember to make deposits every month. You could also set up direct debits to never miss a payment.
Finally, the gold investment is among the most reliable. Because it isn't tied to any particular country its value tends be steady. Even in economic turmoil, gold prices tends to remain relatively stable. Gold is a good option for protecting your savings from inflation.
Statistics
- 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)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
External Links
finance.yahoo.com
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
irs.gov
How To
Investing In Gold vs. Investing In Stocks
It might seem risky to invest in gold as an investment vehicle these days. Many people believe that investing in gold is not profitable. This belief stems from the fact that most people see gold prices being driven down by the global economy. They fear that investing in gold will result in a loss of money. In reality, however, there are still significant benefits that you can get when investing in gold. Below are some of them.
Gold is one of the oldest forms of currency known to man. It has been used for thousands of years. People around the world have used it as a store of value. As a means of payment, South Africa and many other countries still rely on it.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
Noting that gold prices have fallen in recent years, it is worth noting that the cost to produce gold has gone up. So, although gold prices have declined in recent years, the cost of producing it has not changed.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. It is worth considering if you intend to use it for long-term investment. You can profit if you sell your gold at a higher price than you bought it.
We hope this article has given you an improved understanding of gold investment tools. We recommend you do your research before making any final decisions. Only then will you be able to make an informed decision.
—————————————————————————————————————————————————————————————-
By: Jamie Redman
Title: FTT Surges 200% in Two Weeks, Becoming the Fifth Largest Exchange Coin
Sourced From: news.bitcoin.com/exchange-token-ftts-200-spike-in-2-weeks-defies-bankruptcy-and-bankman-frieds-fraud-conviction-woes/
Published Date: Sun, 19 Nov 2023 18:30:31 +0000
Related posts:
FTX Crypto Exchange’s Settlement Plan: A Deep Dive into the Resolution of Customer Asset Disputes
The Alleged Misappropriation of FTX Client Funds: Insights from Former Alameda CEO
7 Best Gold IRA Companies 2023 (ranked by customer reviews).
The Crypto Economy Soars to $1.4 Trillion as Top Assets Witness Gains
