ORDI Token's Impressive Growth
In the midst of the recent surge in the cryptocurrency market, the BRC20 token ORDI has experienced a remarkable growth. This week, it has reached a significant milestone by surpassing the $1 billion threshold in market capitalization. Notably, its value has skyrocketed by 676% over the past month and an impressive 189% in just the last week alone.
ORDI Token's Market Valuation
ORDI, a BRC20 token and the first of its kind built on the Bitcoin network, currently holds a market valuation of $1 billion. Its trading price stands at $59 to $61 per unit, representing a notable 189% increase in value against the U.S. dollar. Throughout the day, the coin's trading range has fluctuated between $39.94 and $63, ultimately resulting in a current market value of $1.22 billion.
ORDI Token's Ranking and Performance
With a current market valuation of $1.22 billion, ORDI now holds the 57th position among the more than 10,000 cryptocurrencies in existence. Its impressive rise is evident in the 676% growth over the past month and a staggering 1,851% surge from its all-time low of $2.86 per coin recorded on September 11, 2023. In the last 24 hours, ORDI has experienced a 45% surge in value against the U.S. dollar, with a global trading volume reaching $945 million.
On December 5, 2023, ORDI stands out with the tenth-highest trading volume in the cryptocurrency market. The token has also made significant contributions to derivatives markets, particularly in the past 24 hours. This surge in the price of the BRC20 token has resulted in the liquidation of $12.70 million in short positions. Notably, the Turkish lira has played a substantial role in ORDI's trading volumes, followed closely by tether (USDT). Other leading trading pairs with ORDI include BTC, TUSD, FDUSD, and USD.
What are your thoughts on ORDI's exceptional market performance this month? We'd love to hear your opinions in the comments section below.
Frequently Asked Questions
How much do gold IRA fees cost?
$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.
Diversifying your portfolio may require you to pay additional fees. These fees can vary depending on which type of IRA account you choose. Some companies offer free checking, but charge monthly fees for IRAs.
Most providers also charge an annual management fee. These fees range between 0% and 1 percent. The average rate is.25% each year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
How is gold taxed by Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules that govern these accounts differ from one state to the next. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. In Massachusetts, you can wait until April 1st. New York is open until 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
What's the advantage of a Gold IRA?
Many benefits come with a gold IRA. It's an investment vehicle that allows you to diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You also have the option to transfer funds from other retirement plans into a 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. These IRAs are available at all banks and brokerage houses. Withdrawals are made automatically without having to worry about fees or penalties.
That said, there are drawbacks too. Gold is known for being volatile in the past. It's important to understand the reasons you're considering investing in gold. Are you looking for safety or growth? Is it for insurance purposes or a long-term strategy? Only after you have this information will you make an informed decision.
If you plan to keep your gold IRA indefinitely, you'll probably want to consider buying more than one ounce of gold. You won't need to buy more than one ounce of gold to cover all your needs. Depending upon what you plan to do, you could need several ounces.
If you're planning to sell off your gold, you don't necessarily need a large amount. Even a single ounce can suffice. These funds won't allow you to purchase anything else.
What should I pay into my Roth IRA
Roth IRAs can be used to save taxes on your retirement funds. These accounts are not allowed to be withdrawn before the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you cannot touch your principal (the original amount deposited). This means that you can't take out more money than you originally contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
You cannot withhold your earnings from income taxes. Withdrawing your earnings will result in you paying taxes. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's say you earn $10,000 each year after contributing. You would owe $3,500 in federal income taxes on the earnings. That leaves you with only $6,500 left. The amount you can withdraw is limited to the original contribution.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
There are two types if Roth IRAs: Roth and Traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. A traditional IRA can be withdrawn up to the maximum amount allowed.
Roth IRAs are not allowed to allow you deductions for contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. 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.
Is gold a good choice for an investment IRA?
For anyone who wants to save some money, gold can be a good investment. You can also diversify your portfolio by investing in gold. But there is more to gold than meets the eye.
It has been used as a currency throughout history and is still a popular method of payment. It's often referred to as “the world's oldest currency.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. It's hard to find and very rare, making it extremely valuable.
The supply and demand for gold determine the price of gold. The economy that is strong tends to be more affluent, which means there are less gold miners. As a result, the value of gold goes up.
The flip side is that people tend to save money when the economy slows. This causes more gold to be produced, which lowers its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you invest in gold, you'll benefit whenever the economy grows.
Also, your investments will earn you interest which can help increase your wealth. Plus, you won't lose money if the value of gold drops.
Can I have physical gold in my IRA
Gold is money and not just paper currency. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. During these turbulent market times, gold was among few assets that outperformed the stocks.
One of the best things about investing in gold is its virtually zero counterparty risk. Your stock portfolio can fall, but you will still own your shares. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Gold provides liquidity. This allows you to sell your gold whenever you want, unlike many other investments. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows for you to benefit from the short-term fluctuations of the gold market.
How much gold should your portfolio contain?
The amount of capital required will affect the amount you make. If you want to start small, then $5k-$10k would be great. As your business grows, you might consider renting out office space or desks. This way, you don't have to worry about paying rent all at once. Rent is only paid per month.
It is also important to decide what kind of business you want to run. In my case, we charge clients between $1000-2000/month, depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. You might get paid only once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I suggest starting with $1k-2k gold and building from there.
Statistics
- You can only purchase gold bars at least 99.5% purity. (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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
finance.yahoo.com
cftc.gov
investopedia.com
bbb.org
How To
3 Ways to Invest Gold for Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. You can invest in gold through your 401(k), if you have one at work. You might also consider investing in gold outside your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, cash in your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio. Never place all your eggs in the same basket. This is how you spread your wealth. You can invest in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
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By: Jamie Redman
Title: The Meteoric Rise of ORDI Token: Reaches $1 Billion Market Capitalization
Sourced From: news.bitcoin.com/brc20-token-ordi-hits-1b-market-cap-amid-crypto-surge-soaring-676-in-a-month/
Published Date: Tue, 05 Dec 2023 17:30:18 +0000
