Okx Removes Trading Pairs for Privacy Tokens
In response to the recent removal of privacy coins by Binance, Okx, a cryptocurrency exchange, has announced that it will also be removing various spot trading pairs associated with privacy tokens such as monero, zcash, and dash. The decision to delist these tokens is based on user feedback and Okx's established guidelines for delisting.
Privacy Coins Face Delisting Wave
Privacy coins have been facing increased scrutiny and regulatory pressure throughout 2023, leading to their removal from several exchanges. Okx is the latest exchange to join this delisting wave, announcing the removal of 20 trading pairs that will cease operation on January 5, 2024. Deposits for privacy coins such as ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC have already been halted, with withdrawals for these coins scheduled to be suspended on March 5, 2024.
Okx's Decision Based on User Feedback and Listing Criteria
Okx states that it constantly monitors the performance of its listed trading pairs and regularly reviews their listing qualifications to maintain a robust spot trading environment. The exchange's decision to delist certain trading pairs is in accordance with feedback from users and its own Token Delisting / Hiding Guideline, which outlines the listing criteria that must be fulfilled.
Discontent and Indifference Among Privacy Advocates
The delisting moves by Okx and Binance have sparked mixed reactions among privacy advocates. Some express discontent with the removal of privacy coins, while others argue that these coins will continue to thrive regardless of exchange support.
Market Dip Following Delisting Announcement
The announcement of Okx's delisting of privacy coins has had an immediate impact on the market, with the value of many privacy coins experiencing a significant dip. In a 24-hour period, XMR fell 3.6%, ZEC decreased by 11.3%, and DASH lost 9% against the U.S. dollar.
Share your thoughts and opinions on Okx's delisting of privacy coins in the comments section below.
Frequently Asked Questions
What's the advantage of a Gold IRA?
A gold IRA has many benefits. It can be used to diversify portfolios and is an investment vehicle. 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 is that you don't need special skills to invest in gold IRAs. They're readily available at almost all banks and brokerage firms. You do not need to worry about fees and penalties when you withdraw money.
That said, there are drawbacks too. The volatility of gold has been a hallmark of its history. Understanding why you invest in gold is crucial. Do you want safety or growth? Do you want to use it as an insurance strategy or for long-term growth? Only then will you be able make informed decisions.
You might want to buy more gold if you intend to keep your gold IRA for a long time. One ounce doesn't suffice to cover all your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. These funds won't allow you to purchase anything else.
Can I hold physical gold in my IRA?
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
Another reason is that gold has historically outperformed other assets in financial panic periods. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During those turbulent market conditions, gold was among the few assets that outperformed 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.
Finally, the liquidity that gold provides is unmatched. 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 you take advantage of the short-term fluctuations that occur in the gold markets.
What is the tax on gold in an IRA
The tax on the sale of gold is based on its fair market value when sold. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
Loans can be secured with gold. Lenders seek to get the best return when you borrow against your assets. In the case of gold, this usually means selling it. There's no guarantee that the lender will do this. They might just hold onto it. They might decide that they want to resell it. The bottom line is that you could lose potential profit in any case.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. Otherwise, it's better to leave it alone.
What are the fees for an IRA that holds gold?
$6 per month is the Individual Retirement Account Fee (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. The type of IRA you choose will determine the fees. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Many providers also charge annual management fees. These fees range from 0% to 1%. The average rate per year is.25%. However, these rates are typically waived if you use a broker like TD Ameritrade.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
cftc.gov
finance.yahoo.com
investopedia.com
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Tips for Investing in Gold
Investing in Gold is a popular investment strategy. There are many benefits to investing in gold. There are many ways to invest gold. Some people choose to purchase gold coins physically, while some prefer to invest with gold ETFs.
Before you purchase any type or gold, here are some things to think about.
- First, make sure you check if your country allows you own gold. If it is, you can move on. Otherwise, you can look into buying gold from abroad.
- You should also know the type of gold coin that you desire. You can go for yellow gold, white gold, rose gold, etc.
- Third, consider the cost of gold. It is best to start small and work your way up. It is important to diversify your portfolio whenever you purchase gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Don't forget to keep in mind that gold prices often change. Therefore, you have to be aware of current trends.
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By: Jamie Redman
Title: Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip
Sourced From: news.bitcoin.com/okx-to-cut-ties-with-privacy-coins-amid-regulatory-heat-triggering-market-dip/
Published Date: Fri, 29 Dec 2023 18:00:11 +0000
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