Bitcoin Whale Wallet Climbs the Ranks
Observers in the cryptocurrency community have been closely monitoring the rise of a notable bitcoin whale address, which has quickly climbed from the 492nd spot to become the 72nd largest bitcoin holder in just two weeks. This significant increase of over 10,000 bitcoins comes at a time when there is widespread speculation about how exchange-traded funds (ETFs) will acquire bitcoin, with some suggesting that direct purchases from miners may be involved.
Mysterious Whale Wallet Tops the Charts
Blockchain data reveals that the bitcoin wallet known as "bc1qc" has rapidly accumulated a substantial number of bitcoins in a short period of time. This wallet has become a hot topic on social media platforms, with numerous discussions and posts across various channels, highlighting the emergence of this new whale.
The wallet was first noticed on October 31, 2023, when it acquired 109.81 BTC. Within just ten days, it expanded its holdings by adding an additional 736.69 BTC. By mid-November, the wallet had climbed to the top 500, securing the 492nd rank.
Fast forward to today, and this bitcoin whale wallet now holds the 72nd position globally. On November 28, 2023, it made two separate deposits of 163.67 BTC and 376.28 BTC, further increasing its collection. Currently, the wallet holds approximately 10,393.22 BTC, valued at around $397 million based on current exchange rates.
An Enigma in the Blockchain
Interestingly, this wallet remains unidentified on blockchain explorers such as Arkham Intelligence and OXT, adding an air of mystery to the entity behind it. Despite the anonymity, close attention is being given to this wallet. Its emergence coincides with a period filled with speculation and theories, particularly surrounding the possibility of miners selling their bitcoin to financial institutions that are launching spot bitcoin ETFs.
These institutions are expected to require significant amounts of bitcoin to generate enough interest in their funds. It is speculated that ETF managers may already be acquiring BTC from miners through over-the-counter (OTC) transactions, in order to avoid impacting the spot market with such large-scale BTC acquisitions. As a result of this trend, whale wallets like "bc1qc" could potentially surface unexpectedly.
What are your thoughts on the bitcoin whale address accumulating over 10,000 bitcoins in the past two weeks? Share your opinions in the comments section below.
Frequently Asked Questions
What is the best precious-metal to invest?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. Gold may not be right for you if you want quick profits. You should invest in silver if you have the patience and time.
If you don’t want to be rich fast, gold might be the right choice. Silver may be a better option for investors who want long-term steady returns.
What does a gold IRA look like?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
Physical gold bullion coin can be purchased at any time. To invest in gold, you don't need to wait for retirement.
An IRA allows you to keep your gold forever. Your gold holdings won't be subject to taxes when you pass away.
Your heirs inherit your gold without paying capital gains taxes. Your gold is not part of your estate and you don't have to include it in the final estate report.
To open a gold IRA, you will first need to create an individual retirement account (IRA). After you do this, you will be granted an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit is $1,000. You'll get a higher rate of interest if you deposit more.
Taxes will apply to gold that you take out of an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
You may not be required to pay taxes if you take out only a small amount. There are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. Otherwise, you'll face steep financial consequences.
What is the tax on gold in Roth IRAs?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. 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. Massachusetts allows you to wait until April 1. New York is open until 70 1/2. To avoid penalties, plan ahead so you can take distributions at the right time.
How do you withdraw from an IRA that holds precious metals?
First decide if your IRA account allows you to withdraw funds. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
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 you have completed these calculations, you need to open your brokerage account. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars are easier to store than individual coins. However, each coin will need to be counted individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some people prefer to keep their coins in a vault. Others prefer to store them in a safe deposit box. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Is it a good retirement strategy to buy gold?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
Physical bullion bars are the most popular way to invest in gold. However, there are many other ways to invest in gold. It's best to thoroughly research all options before you make a decision.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you need cash flow to finance your investment, then gold stocks could be a good option.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Can I have a gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
A Individual Retirement Annuity is also possible. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs can be made without tax.
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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
bbb.org
finance.yahoo.com
How To
Three ways to invest in gold for retirement
It's essential to understand how gold fits into your retirement plan. There are many ways to invest in gold if you have a 401k account at work. You might also be interested to invest in gold outside the workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If precious metals aren't your thing, you may be interested in buying them from a 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, instead, transfer cash to your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. Physical gold coins can be sold much faster than paper certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This is how you spread your wealth. You can invest in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.
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By: Jamie Redman
Title: Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz
Sourced From: news.bitcoin.com/bitcoin-whale-soars-to-72nd-rank-in-2-weeks-gathering-over-10000-btc-amid-etf-buzz/
Published Date: Tue, 28 Nov 2023 22:05:57 +0000
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