Bitcoin reached a significant milestone on Saturday, December 2, 2023, as it achieved a peak value of $39,705. This marks the highest value for Bitcoin since late April 2022, highlighting its continued growth and dominance in the cryptocurrency market.
Crypto Economy Climbs Nearly 2% on Saturday, Hits $1.48 Trillion Valuation
The overall cryptocurrency market experienced a surge on Saturday, with a 1.91% increase in its total value, reaching a valuation of $1.48 trillion. This positive trajectory demonstrates the growing confidence and interest in cryptocurrencies among investors.
Bitcoin (BTC) and Ethereum (ETH) Lead the Way
Bitcoin (BTC) and Ethereum (ETH) were the frontrunners in Saturday's market surge. Bitcoin saw a 1.59% rise against the U.S. dollar, while Ethereum climbed by 3.58% in the same 24-hour span. These significant gains further solidify the position of both Bitcoin and Ethereum as leading cryptocurrencies.
Altcoins Show Promising Performance
Altcoins also had a noteworthy performance during Saturday's market surge. Solana (SOL) witnessed a 7% uptick, while Dogecoin (DOGE) escalated by 9.11% against the dollar. Other altcoins such as BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, with gains ranging between 11.3% and 54.9%. PYTH, THETA, XRD, and WEMIX also reported significant increases in their value.
Trading Volume and Market Dominance
Although the cryptocurrency market experienced a surge, the 24-hour global trading volume on Saturday decreased by 7% compared to the previous day. Tether dominated the trading volume with $29.42 billion, while Bitcoin's trade volume reached $14.52 billion. Currently, Bitcoin's market dominance is around 52%, with Ethereum's dominance at 17.5%.
Market Sentiment and Liquidations
The crypto fear and greed index (CFGI) on Saturday registered a score of 74, indicating a state of "greed" among investors. This sentiment has remained consistent since yesterday and throughout the past week. Following Bitcoin's surge to $39,705, a significant amount of liquidations occurred, totaling $71 million out of $101 million in liquidated shorts. In the last 24 hours, a total of $122.48 million in both long and short positions have been eradicated.
As the cryptocurrency market continues to evolve and gain momentum, it is essential to stay informed and monitor the latest developments. Share your thoughts on the recent surge in the crypto economy in the comments section below.
Frequently Asked Questions
Do you need to open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. It is impossible to get back money if you lose your investment. This includes losing all your investments due to theft, fire, flood, etc.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items can be lost because they have real value and have been around for thousands years. These items are worth more today than they were when first produced.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
When you open an account, keep in mind that you won't receive any returns until your retirement. Do not forget about the future!
Can I buy or sell gold from my self-directed IRA
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. They let you speculate on future price without having to own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
What is a gold IRA account?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase physical gold bullion coins anytime. You don't have a retirement date to invest in gold.
An IRA allows you to keep your gold forever. Your gold assets will not be subjected tax upon your death.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you have done this, an IRA custodian will be assigned to you. This company acts as a mediator between you, the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual returns.
Once you've set up your gold IRA, it's possible to buy gold bullion. Minimum deposit is $1,000 If you make more, however, you will get a higher interest rate.
You'll have to pay taxes if you take your gold out of your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
Even if your contribution is small, you might not have to pay any taxes. There are some exceptions, though. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
It's best not to take out more 50% of your total IRA investments each year. A violation of this rule can lead to severe financial consequences.
How much should you have of gold in your portfolio
The amount you make will depend on the amount of capital you have. For a small start, $5k to $10k is a good range. You could then rent out desks and office space as your business grows. This way, you don't have to worry about paying rent all at once. You only pay one month.
It is also important to decide what kind of business you want to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
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.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I recommend starting with $1k-$2k in gold and working my way up.
How does gold perform as an investment?
Gold's price fluctuates depending on the supply and demand. It is also affected negatively by interest rates.
Gold prices are volatile due to their limited supply. Additionally, physical gold can be volatile because it must be stored somewhere.
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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
irs.gov
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
How To
Three Ways to Invest In Gold For Retirement
It's essential to understand how gold fits into your retirement plan. If you have a 401(k) account at work, there are several ways you can invest in gold. You might also consider investing in gold outside your workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. If precious metals aren't your thing, you may be interested in buying them from a dealer.
These are the rules for gold investing:
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, deposit cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins are easier to sell than certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. Also, diversify your wealth and 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: Bitcoin Surpasses $39K, Achieving 19-Month Peak in Saturday’s Crypto Market Surge
Sourced From: news.bitcoin.com/bitcoin-surpasses-39k-achieving-19-month-peak-in-saturdays-crypto-market-surge/
Published Date: Sat, 02 Dec 2023 22:00:25 +0000
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