Monero Faces 32% Value Slash as Binance Cuts Ties With Privacy Coin
The leading privacy-focused cryptocurrency, monero (XMR), has experienced a significant 32% decline within the last day. This drop in value comes after the announcement that Binance, one of the world's largest cryptocurrency exchanges, intends to remove monero from its platform. Along with three other cryptocurrencies, monero will be delisted from Binance on February 20, 2024.
Binance Removes XMR from Listings, Causing Market Plunge
Binance's decision to remove monero from its listings follows the lead of Okx, which made a similar move in December. This news had a major impact on monero's market value, resulting in a 32% plunge within 24 hours of the announcement. XMR's trading volume with its USDT pair on Binance accounted for 29% of the total volume, reaching $64,332,318. The price of monero dropped significantly from an opening of $166.45 to a low of $108.
Technical Indicators Point to Caution for XMR Investors
Various technical indicators suggest caution for monero investors. Oscillators such as the relative strength index (RSI) and the Stochastic indicate bearish territories, signaling a lack of upward momentum from bullish traders. The commodity channel index (CCI) and the momentum indicator also show stronger selling pressures, with the latter specifically indicating negative action. These mixed signals from the oscillators require vigilant monitoring by XMR traders, as they could lead to either stabilization or further declines.
Bearish Outlook Reinforced by Moving Averages
Monero's moving averages (MAs) consistently support a bearish outlook. MAs from the 10-day to the 200-day averages are all in bearish regions, reinforcing the negative market sentiment. This alignment of MAs indicates that the path of least resistance for monero's price is downward. The combination of a high trading volume accompanying the price drop and the absence of visible historical support levels complicates the potential for a quick recovery. Investors and traders should prepare for potentially more turbulence ahead.
What are your thoughts on Binance's decision to delist monero and the subsequent 32% drop in its market value? Share your opinions in the comments section below.
Frequently Asked Questions
What precious metals can you invest in for retirement?
The best precious metal investments are gold and silver. They're both easy to buy and sell and have been around forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: The oldest form of currency known to man is gold. It is very stable and secure. It is a good way for wealth preservation during uncertain times.
Silver: The popularity of silver has always been a concern for investors. It is an excellent choice for investors who wish to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used to make jewelry. It is relatively affordable when compared to other types.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
Is buying gold a good retirement plan?
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 best form of investing is physical bullion, which is the most widely used. However, there are many other ways to invest in gold. It is best to research all options and make informed decisions based on your goals.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you need cash flow to finance your investment, then gold stocks could be a good option.
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 often include stocks of gold miners, precious metals refiners, and commodity trading companies.
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. It is also affected negatively by interest rates.
Due to the limited supply of gold, prices for gold are highly volatile. Additionally, physical gold can be volatile because it must be stored somewhere.
Do You Need to Open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. If you lose money in your investment, nothing can be done to recover it. 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 are timeless and have a lifetime value. You would probably get more if you sold them today than you paid when they were first created.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
Remember that you will not see any returns unless you are retired if you open an Account. Don't forget the future!
How does a gold IRA work?
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 start investing in gold, it doesn't matter if you are retired.
The beauty of owning gold as an IRA is you can hold on to it forever. Your gold holdings won't be subject to taxes when you pass away.
Your heirs inherit your gold without paying capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
You'll first have to set up an individual retirement account (IRA) to open a gold 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 can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
Once you've set up your gold IRA, it's possible to buy gold bullion. The minimum deposit required to purchase gold bullion coins is $1,000 A higher interest rate will be offered if you invest more.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. 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.
It's best not to take out more 50% of your total IRA investments each year. You could end up with severe financial consequences.
How Much of Your IRA Should Include Precious Metals?
It's important to understand that precious metals aren't only for wealthy people. You don't need to be rich to make an investment in precious metals. You can actually make money without spending a lot on gold or silver investments.
You might think about buying physical coins such a bullion bar or round. Shares in precious metals-producing companies could be an option. You may also be interested in an IRA transfer program offered by your retirement provider.
You'll still get the benefit of precious metals no matter which country you live in. Even though they aren't stocks, they still offer the possibility of long-term growth.
And, unlike traditional investments, their prices tend to rise over time. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
irs.gov
investopedia.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
bbb.org
How To
Guidelines for Gold Roth IRA
The best way to invest for retirement is by starting early. As soon as you become eligible, which is usually around age 50, start saving and keep it up throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. These savings vehicles are great for those who don't have access or can't get employer matching funds.
It is important to save consistently over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.
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By: Jamie Redman
Title: Monero's Market Plummets 32% as Binance Announces Delisting, Sparking XMR's Turbulence
Sourced From: news.bitcoin.com/moneros-market-plummets-32-as-binance-announces-delisting-sparking-xmrs-turbulence/
Published Date: Tue, 06 Feb 2024 18:32:26 +0000
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