Mass Approvals: SEC Green-Lights 11 Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has approved 11 spot bitcoin exchange-traded funds (ETFs) for listing and trading on U.S. stock exchanges. After years of anticipation and regulatory hurdles, the approved spot bitcoin ETFs are set to start trading on Thursday on NYSE Arca, Nasdaq, and Cboe BZX Exchange. This historic move opens up new investment opportunities in the cryptocurrency market.
Ethereum Steals the Spotlight — SEC's Approval of 11 Bitcoin ETFs Meets Tepid Market Reaction
Following the historic announcement of spot bitcoin ETF approvals, the price of bitcoin remained stagnant. In contrast, ethereum experienced a rally, with a 9.1% increase on Wednesday, surpassing bitcoin's performance. This highlights the growing prominence and potential of ethereum in the cryptocurrency market.
Mystery Transfer — Unidentified Wallet Sends $1.19 Million in Bitcoin to Satoshi Nakamoto's Genesis Address
Just two days after Bitcoin's 15th anniversary, an unidentified wallet transferred approximately 26.917 bitcoin, worth $1.19 million, to Satoshi Nakamoto's Genesis wallet. The Genesis wallet, created on January 3, 2009, has mostly received small transactions over the years. This mysterious transfer adds to the intrigue surrounding the enigmatic creator of Bitcoin.
US Spot Bitcoin ETFs Rack up $4.6 Billion in Trading Volume on Day 1 — Blackrock Debuts With $1 Billion
On the first day of trading, U.S. spot bitcoin exchange-traded funds (ETFs) recorded a total trading volume of $4.6 billion. Blackrock, the world's largest asset manager, made a significant debut with over $1 billion in trading volume for its Ishares Bitcoin Trust. Grayscale's spot bitcoin ETF, which converted from the Grayscale Bitcoin Trust, also saw substantial trading volume, reaching $2.3 billion. This impressive response marks a significant milestone in the ETF industry.
Renowned Financial Expert Robert Kiyosaki Increases BTC Holdings After SEC Approval of Spot Bitcoin ETFs
Author of Rich Dad Poor Dad, Robert Kiyosaki, has disclosed that he purchased more bitcoin following the SEC's approval of spot bitcoin ETFs. This move by a well-known financial expert further adds to the growing interest and confidence in bitcoin as an investment.
What are your thoughts on the potential inflows resulting from the spot bitcoin ETF approvals? Share your opinions in the comments section below.
Frequently Asked Questions
What are the pros & cons of a Gold IRA?
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. An IRA is a good choice for those who want a way to save some money but don’t want the tax. This type of investment has its downsides.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. A penalty fee will be charged if you decide to withdraw funds.
Another problem is the cost of managing your IRA. Many banks charge between 0.5% and 2.0% per year. Other providers charge monthly management costs ranging from $10-50.
Insurance is necessary if you wish to keep your money safe from the banks. Insurance companies will usually require that you have at least $500,000. Insurance that covers losses upto $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers restrict the amount you can own in gold. Others allow you to pick your weight.
It's also important to decide whether or not to buy gold futures contracts. Futures contracts for gold are less expensive than physical gold. Futures contracts provide flexibility for purchasing gold. You can set up futures contracts with a fixed expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy does NOT include theft protection and loss due to fire or flood. However, it does cover damage caused by natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs will not be covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
To open a IRA in gold, you will need to first speak with a qualified custodian. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must hold them as long as you request.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. The plan should also include information about how much you are willing to invest each month.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. The company will then review your application and mail you a letter of confirmation.
You should consult a financial planner before opening a Gold IRA. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
What are some of the benefits of a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. It will be tax-deferred up until the time you withdraw it. You have total control over how much each year you take out. There are many types to choose from when it comes to IRAs. Some are better suited for people who want to save for college expenses. Others are designed for investors looking for higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. These earnings don't get taxed if they withdraw funds. So if you're planning to retire early, this type of account may make sense.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This eliminates the need to constantly make deposits. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. It is not tied to any country so its value tends stay steady. Even in economic turmoil, gold prices tends to remain relatively stable. It is therefore a great choice for protecting your savings against inflation.
Can I purchase gold with my self directed IRA?
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments based on the price of gold. You can speculate on future prices, but not own the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
What's the advantage of a Gold IRA?
There are many advantages to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You control how much money goes into each account and when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This makes for an easy transition if you decide to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They're readily available at almost all banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
But there are downsides. The volatility of gold has been a hallmark of its history. It's important to understand the reasons you're considering investing in gold. Do you want safety or growth? Are you trying to find safety or growth? Only by knowing the answer, you will be able to make an informed choice.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.
A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. But, those funds will not allow you to buy anything.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
bbb.org
cftc.gov
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads and Example. Risk Metrics
irs.gov
How To
How to Keep Physical Gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. This method is not without risks. There's no guarantee these companies will survive. There is always the chance of them losing their money due to fluctuations of the gold price.
An alternative option would be to buy physical gold itself. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. This option offers the advantages of being able to purchase gold at low prices and easy access (you don’t need to deal directly with stock exchanges). It's also easier to see how much gold you've got 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 be able to benefit from investment funds or interest rates offered by banks. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, the taxman might want to know where your gold has been placed!
If you'd like to learn more about buying gold in an IRA, visit the website of BullionVault.com today!
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By: Bitcoin.com
Title: Spot Bitcoin ETF Approvals, Ethereum's Outperformance, BTC Mystery Transfer, and More — Week in Review
Sourced From: news.bitcoin.com/spot-bitcoin-etf-approvals-ethereums-outperformance-btc-mystery-transfer-and-more-week-in-review/
Published Date: Sun, 14 Jan 2024 12:30:59 +0000
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