Monero Faces 32% Value Slash as Binance Cuts Ties With Privacy Coin
Monero (XMR), the leading privacy-focused cryptocurrency, experienced a sharp 32% decline within the last day after news broke that Binance intends to remove the coin from its platform. Binance, the globe's leading cryptocurrency exchange by trade volume, announced the delisting of monero, along with three other cryptocurrencies, due to non-compliance with its listing criteria. The removal is scheduled to take place on February 20, 2024.
Binance's Decision Causes Significant Plunge in XMR's Market Value
Binance's decision to remove XMR from its listings follows the lead of Okx, another cryptocurrency exchange that delisted monero back in December. The announcement had an immediate impact on the market, leading to a 32% drop in XMR's market value within the 24-hour statistics. XMR trading pairs on Binance, including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT will cease trading on February 20, 2024.
Technical Indicators Signal Caution for XMR Investors
Technical indicators for XMR paint a cautious picture for investors. Oscillators like the relative strength index (RSI) and the Stochastic indicate bearish territories, suggesting a lack of upward momentum from bullish traders. The commodity channel index (CCI) and the momentum indicator signal stronger selling pressures, with the latter explicitly indicating negative action. These mixed signals require a vigilant approach from XMR traders as they could potentially lead to either stabilization or further declines.
Bearish Outlook Reinforced by Moving Averages
XMR's moving averages (MAs) unanimously support a bearish outlook, with all monitored timeframes aligning in bearish regions. This consensus among the MAs reinforces the negative market sentiment observed, indicating that the path of least resistance for XMR's price is downwards. The combination of monero's high trading volume during the price drop and the absence of visible historical support levels complicates the potential for a quick recovery. Investors and traders should brace themselves for potentially more turbulence ahead.
What are your thoughts on Binance's decision to delist monero and the subsequent 32% plunge in XMR's market value? Share your opinions in the comments section below.
Frequently Asked Questions
What is the value of a gold IRA
A gold IRA has many benefits. It's an investment vehicle that allows you to diversify your portfolio. You have control over how much money goes into each account.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This will allow you to transition easily if it is your decision to retire early.
The best part about gold IRAs? You don't have to be an expert. They're available at most banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
There are, however, some drawbacks. Gold has historically been volatile. Understanding why you invest in gold is crucial. Are you looking for safety or growth? Are you looking for growth or insurance? Only once you know, that will you be able to make an informed decision.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce won't be enough to meet all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
A small amount is sufficient if you plan to sell your gold. You can even live with just one ounce. But you won't be able to buy anything else with those funds.
How Do You Make a Withdrawal from a Precious Metal IRA?
You first need to decide if you want to withdraw money from an IRA account. Then make sure you have enough cash to cover any fees or penalties that may come with withdrawing funds from your retirement plan.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, figure out how much money will be taken out of your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Once you have completed these calculations, you need to open your brokerage account. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. However, a debit card is better than a card. This will save you unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. Before choosing one, consider the pros and disadvantages of each.
Bullion bars are easier to store than individual coins. You will need to count each coin individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some prefer to store their coins in a vault. Some prefer to keep them in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These are “precious metals” because they are hard to find, and therefore very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Bullion is often used for precious metals. Bullion refers actually to the metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, your gains are subject to a small tax. You can also access your funds whenever it suits you.
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Experts think this could change quickly. They say that gold prices could rise dramatically with another global financial crisis.
They also point out that gold is becoming popular because of its perceived value and potential return.
Here are some things to consider if you're considering investing in gold.
- First, consider whether or not you need the money you're saving for retirement. You can save money for retirement even if you don't invest in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each offer varying degrees 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. Protect your gold if you already have it.
What are the fees associated with an IRA for gold?
$6 per month is the Individual Retirement Account Fee (IRA). This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees can vary depending on which type of IRA account you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Many providers also charge annual management fees. These fees can range from 0% up to 1%. The average rate is.25% per year. However, these rates are typically waived if you use a broker like TD Ameritrade.
Should you open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. There are no ways to recover the money you lost in an investment. This includes losing all your investments due to theft, fire, flood, etc.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items have been around thousands of years and are irreplaceable. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
Consider a reputable business that offers low rates and good products when opening an IRA. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
Remember that you will not see any returns unless you are retired if you open an Account. Keep your eyes open for the future.
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.
The most popular form of investing in gold is through physical bullion bars. However, there are many other ways to invest in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you need cash flow to finance your investment, then gold stocks could be a good option.
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.
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)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads. Example. And Risk Metrics
bbb.org
How To
A growing trend: Gold IRAs
Investors seek diversification and protection against inflation by using gold IRAs.
The gold IRA allows investors to purchase physical gold bars and bullion. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
Investors can manage their assets with a gold IRA without worrying about market volatility. The gold IRA can be used to protect against inflation or other potential problems.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
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By: Jamie Redman
Title: Monero's Market Plummets 32% as Binance Announces Delisting, Sparking XMR's Turbulence
Sourced From: news.bitcoin.com/moneros-market-plummets-32-as-binance-announces-delisting-sparking-xmrs-turbulence/
Published Date: Tue, 06 Feb 2024 18:32:26 +0000
