The virtual currency market experienced minor fluctuations in the current session, with Bitcoin's progress momentarily paused as traders secured profits from a recent two-month high. The worldwide market cap showed a marginal decrease of 0.01% at the time of writing, with Bitcoin sustaining its position above the $28,000 mark. Meanwhile, Ethereum's performance slightly improved, persistently hovering around the $1,580 mark.
Bitcoin's Performance
On Wednesday, Bitcoin bulls held onto their recent gains, indicating that traders are possibly securing profits following the recent surge. The trade value of BTC/USD dipped to a low of $28,172.91 in the current session, which is a decline from the previous day's high of $28,889.01. Today's price stability followed a significant rise of the world's leading cryptocurrency to a remarkable $30,000 earlier in the week.
Observing the chart, this decline accompanies the 14-day relative strength index (RSI) holding its position just above the 62.00 mark. At the time of writing, the index is registering a reading of 62.28, after an unsuccessful attempt to break the resistance of 65.00 on Monday. The price might continue to remain stable until either of the mentioned thresholds is breached.
Ethereum's Performance
Ethereum (ETH) marked minor improvements on Wednesday, consistently hovering around the $1,580 mark. Following Tuesday's low of $1,554.40, ETH/USD ascended to an intraday high of $1,584.73. However, earlier gains have since moderated, with Ethereum currently trading at $1,577.40, while short-term bulls continue to aim for the $1,600 zone.
This target might be challenging to achieve as the momentum seems to be bearish, with the 10-day moving average persistently trending downwards. With a reading of 45.75, a threshold anticipates Ethereum's price strength at the 49.00 zone. Should it cross this level, a likely influx of bulls is expected.
Considering the current scenario, is a breakout anticipated this week? Share your insights below.
Frequently Asked Questions
Should You Invest in gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure of which option to invest in, consider both.
In addition to being a safe investment, gold also offers potential returns. Retirement investors will find gold a worthy investment.
Gold is more volatile than most other investments. As a result, its value changes over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold can be stored more easily than stocks and bonds. It can also be transported.
You can always access your gold if it is stored in a secure place. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
Also, you'll reap the benefits of having some savings invested in something with a stable value. When the stock market drops, gold usually rises instead.
Another advantage to investing in gold is the ability to sell it whenever you wish. Like stocks, you can sell your position anytime you need cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Don't buy too many at once. Start with a few ounces. Continue adding more as necessary.
It's not about getting rich fast. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Is gold a good IRA investment?
For anyone who wants to save some money, gold can be a good investment. It's also a great way to diversify your portfolio. There is much more to gold than meets your eye.
It has been used throughout history as currency and it is still a very popular method of payment. It is often called “the oldest currency in the world.”
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-demand relationship determines the gold price. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. The value of gold rises as a consequence.
On the other hand, people will save cash when the economy slows and not spend it. This results in more gold being produced, which drives down its value.
It is this reason that gold investing makes sense for businesses and individuals. You will benefit from economic growth if you invest in gold.
You'll also earn interest on your investments, which helps you grow your wealth. Additionally, you won't lose cash if the gold price falls.
How can I withdraw from a Precious metal IRA?
You first need to decide if you want to withdraw money from an IRA account. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, calculate how much money your IRA will allow you to withdraw. This calculation depends on several factors, including the age when you withdraw the money, how long you've owned the account, and whether you intend to continue contributing to 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. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. 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. You'll have to weigh the pros of each option before you make a decision.
Bullion bars require less space, as they don't contain individual coins. But, each coin must be counted separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some prefer to store their coins in a vault. Others prefer to store their coins in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
What precious metals do you have that you can invest in for your retirement?
It is gold and silver that are the best precious metal investment. Both are easy to sell and can be bought easily. They are a great way to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It is also used for jewelry making. It is also very affordable in comparison to other types.
Palladium: Palladium is similar to platinum, but it's less rare. It's also less expensive. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
What are the benefits of having a gold IRA?
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). You can withdraw it at any time, but it is tax-deferred. You control how much you take each year. There are many types and types of IRAs. Some are better for those who want to save money for college. Some are better suited for investors who want higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. These earnings don't get taxed if they withdraw funds. This account may be worth considering if you are looking to retire earlier.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. People who want to invest their money rather than spend it make gold IRA accounts a great option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. That means you won't have to think about making deposits every month. To make sure you don't miss any payments, you can also set up direct deductions.
Gold is one of today's most safest investments. Its value is stable because it's not tied with any one country. Even during economic turmoil the gold price tends to remain fairly stable. It is therefore a great choice for protecting your savings against inflation.
Statistics
- 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)
- (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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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
irs.gov
cftc.gov
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads and Example. Risk Metrics
How To
How to hold physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. But this investment method has many risks as there is no guarantee of survival. There is always the chance of them losing their money due to fluctuations of the gold price.
An alternative option would be to buy physical gold itself. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's also easy to see how many gold you have. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You also have a lower chance of theft than stocks.
However, there are disadvantages. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. The taxman might also ask you questions about where your gold is located.
BullionVault.com offers more information on buying gold for an IRA.
—————————————————————————————————————————————————————————————–
By: Eliman Dambell
Title: Bitcoin and Ethereum Technical Examination: BTC Bulls Secure Profits, Following a Recent Multi-Month High
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-bulls-secure-gains-following-a-recent-multi-month-high/
Published Date: Wed, 18 Oct 2023 13:16:08 +0000
Leave a Reply