The Crypto Economy Soars to $1.4 Trillion as Top Assets Witness Gains

The Rise and Fall: Analyzing This Week's $1.4 Trillion Crypto Market

The crypto economy has reached a staggering valuation of $1.4 trillion, with a trading volume of $85.36 billion in the past 24 hours as of Saturday. Bitcoin (BTC) experienced a 6.5% increase, while ethereum (ETH) saw an 11.8% surge in the preceding week.

However, the growth of several digital currencies surpassed that of BTC and ETH, with 15 of the top 200 cryptos witnessing declines during the same period.

FTT and ORDI Take the Lead as Top Gainers

FTX Token (FTT) emerged as the most impressive performer, skyrocketing by 291% against the U.S. dollar. Despite its association with a defunct exchange and concentrated ownership, FTT continues to defy expectations. Notably, the founder's fraud conviction has not hindered its remarkable ascent.

ORDI, a BRC20 token operating on the Bitcoin network, secured the second spot with an impressive 158% surge. Similar to FTT, ORDI also shares a limited supply. Kujira Network's token, Kujira (KUJI), claimed third place with a substantial gain of 141%.

LUNA 2.0, Terra's Luna token, clinched the fourth position with a 68% rise against the dollar. Following closely behind, STORJ witnessed a 67% increase, securing the fifth spot.

Other Notable Climbers and Decliners

In addition to the top gainers, other significant climbers during the week included KAS, CRO, and ILV. However, it was not all smooth sailing. SNT experienced the largest decline, dropping by 27.97%. TRB and POLY also faced losses, falling by 22.39% and 13.21%, respectively.

The week's volatile swings highlight the ever-evolving and precarious nature of the crypto market. Crypto traders operate in a high-stakes environment where fortunes can be made or lost.

What are your thoughts on the week's biggest gainers and losers in the world of crypto trading? Share your opinions in the comments section below.

Frequently Asked Questions

Can I hold a gold ETF in a Roth IRA?

This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).

Traditional IRAs allow for contributions from both employees and employers. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.

An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual’s hands.

Also available is an Individual Retirement Annuity. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.

How much money should my Roth IRA be funded?

Roth IRAs allow you to deposit your money tax-free. You can’t withdraw money from these accounts before you reach the age of 59 1/2. However, if your goal is to withdraw funds before that time, there are certain rules you must observe. First, you can’t touch your principal (the initial amount that was deposited). This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you are able to take out more that what you have initially contributed, you must pay taxes.

The second rule says that you cannot withdraw your earnings without paying income tax. When you withdraw, you will have to pay income tax. For example, let’s say that you contribute $5,000 to your Roth IRA every year. Let’s also assume that you make $10,000 per year from your Roth IRA contributions. On the earnings, you would be responsible for $3,500 federal income taxes. 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.

Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. You’d also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.

There are two types: Roth IRAs that are traditional and Roth. A traditional IRA allows for you to deduct pretax contributions of your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. You have the option to withdraw any amount from a traditional IRA.

A Roth IRA doesn’t allow you to deduct your contributions. But once you’ve retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.

What are the advantages of a IRA with a gold component?

The benefits of a gold IRA are many. It can be used to diversify portfolios and is an investment vehicle. You control how much money goes into each account and when it’s 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? You don’t need to have any special skills to invest into gold IRAs. They’re available at most banks and brokerage firms. Withdrawals can happen automatically, without any fees or penalties.

There are, however, some drawbacks. Gold has historically been volatile. It’s important to understand the reasons you’re considering investing in gold. Are you looking for safety or growth? Are you looking for growth or insurance? Only then will you be able make informed decisions.

If you are planning to keep your Gold IRA indefinitely you will want to purchase 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.

You don’t have to buy a lot of gold if your goal is to sell it. Even one ounce is enough. However, you will not be able buy any other items with those funds.

What are the pros and cons of a gold IRA?

An Individual Retirement Account (IRA), unlike regular savings accounts, doesn’t require you to pay tax on interest earned. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. This type of investment has its downsides.

You could lose all of your accumulated money if you take out too much from your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do decide to withdraw funds from your IRA, you’ll likely need to pay a penalty fee.

You will also need to pay fees for managing your IRA. Many banks charge between 0.5% and 2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.

If you prefer to keep your money outside a bank, you’ll need to purchase insurance. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.

If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit the number of ounces of gold that you can own. Some providers allow you to choose your weight.

It’s also important to decide whether or not to buy gold futures contracts. Physical gold is more expensive than gold futures contracts. However, futures contracts give you flexibility when buying gold. You can set up futures contracts with a fixed expiration date.

It is also important to choose the type of insurance coverage that you need. Standard policies don’t cover theft protection, loss due to fire, flood or earthquake. However, it does cover damage caused by natural disasters. If you live near a high-risk region, you might want to consider additional coverage.

Insurance is not enough. You also need to think about the cost of gold storage. Storage costs will not be covered by insurance. In addition, most banks charge around $25-$40 per month for safekeeping.

If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians cannot sell your assets. They must instead keep them for as long as you ask.

Once you’ve chosen the best type of IRA for you, you need to fill in paperwork describing your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. You should also specify how much you want to invest each month.

You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. After reviewing your application, the company will send you a confirmation mail.

If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.

Statistics

  • 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)
  • (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)
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)

External Links

law.cornell.edu

cftc.gov

irs.gov

forbes.com

How To

Three Ways to Invest In Gold For Retirement

It’s crucial to understand where gold fits in your retirement strategy. There are several options to invest in precious metals if your employer has a 401k. You might also be interested to invest in gold outside the workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.

These are three easy rules to remember if you invest in gold.

  1. Buy Gold with Your Money – You don’t need credit cards, or to borrow money to finance your investments. Instead, invest in cash. This will protect your against inflation and increase your purchasing power.
  2. Physical Gold Coins: You should own physical gold coins, not just a certificate. It’s easier to sell physical gold coins rather than certificates. You don’t have to store physical gold coins.
  3. Diversify Your Portfolio – Never put all of your eggs in one basket. In other words, spread your wealth around by investing in different assets. This can reduce market volatility and help you be more flexible.

—————————————————————————————————————————————————————————————-

By: Jamie Redman
Title: The Crypto Economy Soars to $1.4 Trillion as Top Assets Witness Gains
Sourced From: news.bitcoin.com/weekly-market-recap-crypto-economy-surges-to-1-4t-as-ftt-and-ordi-outshine-the-rest/
Published Date: Sat, 11 Nov 2023 13:30:58 +0000

Recent Posts
Latest Featured Posts
Latest News Posts