The cryptocurrency world experienced a wave of positive vibes recently as Bitcoin rallied to a three-month high. This surge in optimism stemmed from the growing anticipation that the U.S. Securities and Exchange Commission (SEC) could soon greenlight several Bitcoin spot ETFs. In recent news, the SEC Chair, Gary Gensler, revealed that the commission is currently scrutinizing up to ten applications for the product. Interestingly, this development coincided with the SEC's decision to withdraw its lawsuit against the senior leadership of Ripple (XRP).
Bitcoin's Bullish Movement
Bitcoin experienced a significant upswing in its recent trading session, fueling hopes that the SEC could soon give a thumbs-up to several spot bitcoin exchange-traded funds (ETFs). The BTC/USD pair soared above the $30,000 mark, indicating a growing positive sentiment among investors. It hit an apex of $30,104.09 in the session, a notable rise from the low of $28,449.96 recorded the previous day. This peak represents the strongest point Bitcoin has reached since July 23.
From a technical analysis perspective, the relative strength index (RSI), breaking through a ceiling of 69.00, also played a significant role in these gains. At present, the price strength displays a reading of 71.14, which indicates overbought conditions. However, the market also witnessed slight profit-taking, with Bitcoin now trading at $29,475.77.
Ethereum's Positive Trajectory
In concert with Bitcoin, Ethereum (ETH) also displayed an uptick on Friday. The cryptocurrency once again ascended above the $1,600 mark. After hitting a low of $1,553.03 the previous day, the ETH/USD pair jumped to a peak at $1,628.61 during the session. Ethereum's value has climbed to its highest point since the week's onset when the price was above $1,640.
This upswing comes a few days after bulls staved off a potential breakout below a support point of $1,540. They now seem to have set their sights on a resistance level of $1,650. To reach this target, the RSI, currently at 51.81, will need to surpass its ceiling of 55.00.
As the weekend approaches, it remains to be seen whether this momentum will continue. The current market dynamics present an intriguing scenario for investors and cryptocurrency enthusiasts alike.
Frequently Asked Questions
How much money should my Roth IRA be funded?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. The account cannot be withdrawn from until you are 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, your principal (the original deposit amount) cannot be touched. 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.
The second rule is that you cannot withdraw your earnings without paying income taxes. Withdrawing your earnings will result in you paying taxes. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's also say that you earn $10,000 per annum after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. You would have $6,500 less. Because you can only withdraw what you have initially contributed, this is all you can take out.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs do not allow you to deduct your contributions. Once you are retired, however, you may withdraw all of your contributions 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.
How much gold do you need in your portfolio?
The amount that you want to invest will dictate how much money it takes. If you want to start small, then $5k-$10k would be great. As you grow, it is possible to rent desks or office space. This way, you don't have to worry about paying rent all at once. You only pay one month.
You also need to consider what type of business you will run. In my case, we charge clients between $1000-2000/month, depending on what they order. This is why you should consider what you expect from each client if you're doing this kind of thing.
If you are doing freelance work, you probably won't have a monthly salary like I do because the project pays freelancers. 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.
Should You Invest Gold in Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. If you are unsure which option to choose, consider investing in both options.
In addition to being a safe investment, gold also offers potential returns. It's a great investment for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. This causes its value to fluctuate over time.
This doesn't mean that you should not invest in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another benefit to gold? It's a tangible asset. Unlike stocks and bonds, gold is easier to store. It's also portable.
You can always access your gold as long as it is kept safe. Additionally, physical gold does not require storage fees.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when the stock market falls.
Investing in gold has another advantage: you can sell it anytime you want. You can also liquidate your gold position at any time you need cash, just like stocks. 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 purchase too much at once. Begin by buying a few grams. Add more as you're able.
Remember, the goal here isn't to get rich quickly. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
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. There are other ways to invest gold. You should research all options thoroughly before making a decision on which option you prefer.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. Owning gold stocks should work well if you need cash flow from your investment.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Can the government take your gold
You own your gold and therefore the government cannot seize it. It's yours, and you earned it by working hard. It belongs to your. There may be exceptions to this rule. You can lose your gold if you have been convicted for fraud against the federal governments. Your precious metals can also be lost if you owe tax to the IRS. You can keep your gold even if your taxes are not paid.
Statistics
- 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)
- 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)
- 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)
- (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)
External Links
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
cftc.gov
How To
How to Hold Physical Gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
The alternative is to buy physical gold. You will need to either open an online or bank account or simply buy gold from a reliable seller. 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 is also easier to check how much gold you have stored. 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 can be some downsides. You won't get the bank's interest rates or investment money. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. Finally, the tax man might ask questions about where you've put your gold!
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: Eliman Dambell
Title: Bitcoin and Ethereum Surge: A Technical Analysis as Bitcoin Climbs Above $30,000 Amid ETF Approval Anticipation
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-above-30000-as-etf-hopes-intensify/
Published Date: Fri, 20 Oct 2023 13:30:37 +0000
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