Bitcoin and ethereum experienced slight declines, ranging from 1.8% to 3.6%, against the U.S. dollar over the past week. However, several crypto assets showcased impressive double-digit growth, with ICP, HNT, BONK, and WOO leading the surge throughout these seven days.
16 Crypto Assets Record Double-Digit Gains, 8 Witness Double-Digit Losses
Starting on Monday, Dec. 18, 2023, the crypto market was valued at $1.61 trillion, which marked a slight decrease of 1.9% from the previous day. Despite the holiday season approaching and global trading volumes dipping, a notable $76.24 billion was traded in the past 24 hours, representing a significant 30% increase from the day before.
During the week, internet computer (ICP) emerged as the top performer, soaring by 85.5%. Helium (HNT) also saw a remarkable rise of 68.9%, while the meme coin bonk (BONK) escalated by 68%. Additionally, woo network (WOO) appreciated by 57.1% against the dollar. Out of the more than 11,000 cryptocurrencies listed, 16 experienced double-digit growth this week.
Other notable performers this week included OSMO, INJ, ASTR, FET, TKX, STX, TIA, BGB, and GT. Apart from BTC and ETH, XRP, SOL, and AVAX were prominent in trading volume. However, XRP dropped by 4.4% over the week, while SOL increased by 3.1% and AVAX surged by more than 10%. Other high-volume traders like DOGE, BNB, LINK, and ADA also remained in the spotlight.
On the other end of the spectrum, synthetix network (SNX) emerged as the week's most significant loser, declining by 21.1%. BTT fell by 16.7%, LUNC by 15.9%, and KAS by 13.9% over the same period. Eight cryptocurrencies in total registered double-digit losses, with MINA, XEC, EGLD, and LDO also among the notable decliners.
As the year draws to a close, market uncertainty remains prevalent, particularly in the altcoin sector. Historically, the holiday season often witnesses a stagnation in crypto trade volumes, with investors showing caution amidst festive distractions and year-end reflections. This period typically sees flat trading activity, underscoring the cautious sentiment prevalent in the market during these final weeks of the year.
What are your thoughts on the week's biggest crypto gainers and losers? Share your opinions in the comments section below.
Frequently Asked Questions
Who has the gold in a IRA gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
How do you withdraw from an IRA that holds precious metals?
First, decide if it is possible to withdraw funds from an IRA. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
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, you need to determine how much money is going to be taken out from your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. 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. Some storage facilities can accept bullion bar, while others require you buy individual coins. You will need to weigh each one before making a decision.
Bullion bars, for example, require less space as you're not dealing with individual coins. However, you'll need to count every coin individually. However, individual coins can be stored to make it easy to track their value.
Some prefer to keep their money in a vault. Others prefer to store their coins in a vault. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
How does a gold IRA work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
You can buy physical gold bullion coins at any time. You don’t have to wait to begin investing in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. When you die, your gold assets won't be subjected to taxes.
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 IRA for gold, you must first create an individual retirement plan (IRA). After you have done this, an IRA custodian will be assigned to you. 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 returns.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit is $1,000. If you make more, however, you will get a higher interest rate.
When you withdraw your gold from your IRA, you'll pay taxes on it. You will be liable for income taxes and penalties if you take the entire amount.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
Avoid taking out more that 50% of your total IRA assets each year. If you do, you could face severe financial consequences.
Statistics
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
External Links
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
irs.gov
How To
Investing in gold or stocks
It might seem risky to invest in gold as an investment vehicle these days. Many people believe that investing in gold is not profitable. This belief stems from the fact that most people see gold prices being driven down by the global economy. They believe they would lose their money if they invested gold. In reality, however there are still many significant benefits to gold investing. Below are some of them.
Gold is one of the oldest forms of currency known to man. Its use can be traced back to thousands of years ago. People around the world have used it as a store of value. As a means of payment, South Africa and many other countries still rely on it.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. You must determine how much gold bullion you can afford per gram before you consider buying it. If you don't know your current market rate, you could always contact a local jeweler and ask them what they think the price is.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. Although gold's price has fallen, its production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. It is worth considering if you intend to use it for long-term investment. If you sell your gold for more than you paid, you can make a profit.
We hope this article has given you an improved understanding of gold investment tools. We recommend you do your research before making any final decisions. Only after doing so can you make an informed decision.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Market Week in Review: Crypto's Highs and Lows With ICP and SNX Leading the Charge and Retreat
Sourced From: news.bitcoin.com/market-week-in-review-cryptos-highs-and-lows-with-icp-and-snx-leading-the-charge-and-retreat/
Published Date: Mon, 18 Dec 2023 16:30:25 +0000
Leave a Reply