Amidst the ongoing discussion surrounding Binance's decision to remove privacy coins, another cryptocurrency exchange, Okx, has announced its plans to delist several spot trading pairs associated with privacy tokens such as monero, zcash, and dash. Okx cites user feedback and its own delisting guidelines as the reasons behind this move.
Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave
Privacy coins are once again facing removals as regulatory and compliance requirements have significantly tightened in 2023. Okx recently disclosed that it will be delisting 20 trading pairs, effectively ending their operations from January 5, 2024. Prior to this announcement, Okx had already suspended deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC on December 27. Withdrawals for these coins will be halted starting March 5, 2024.
The exchange explains, "To maintain a robust spot trading environment, we continuously monitor the performance of all listed trading pairs and regularly review their listing qualifications. Based on user feedback and our Okx Token Delisting / Hiding Guideline, we have decided to delist several trading pairs that do not meet our listing criteria."
Privacy advocates have expressed their dissatisfaction with Okx and Binance's delisting actions. However, others argue that the support from exchanges is not crucial for the success of certain privacy coins, suggesting that they will continue to thrive regardless.
Following the announcement, there was a significant decline in the value of many privacy coins. In a span of 24 hours, the entire privacy coin market dropped over 6% against the U.S. dollar. XMR experienced a 3.6% decrease, ZEC saw an 11.3% drop, and DASH lost 9%.
What are your thoughts on Okx's decision to delist privacy coins? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
How much of your portfolio should you hold in precious metals
First, let's define precious metals to answer the question. Precious elements are those elements which have a high price relative to other commodities. This makes them extremely valuable for trading and investing. Gold is currently the most widely traded precious metal.
There are many other precious metals, such as silver and platinum. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. However, they may not always move in synchrony with each other. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. These precious metals are rare and become more costly.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
Can I have a gold ETF in a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
Also available is an Individual Retirement Annuity. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs will not be taxed
What is the best precious-metal to invest?
This depends on what risk you are willing take and what kind of return you desire. While gold is considered a safe investment option, it can also be a risky choice. For example, if your goal is to make quick money, gold may not suit you. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren't looking to get rich quick. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
What is the value of a gold IRA
A gold IRA has many benefits. It's an investment vehicle that allows you to diversify your portfolio. You can control how much money is deposited into each account as well as when it's withdrawn.
You can also rollover funds from other retirement accounts to a gold IRA. This will allow you to transition easily if it is your decision to retire early.
The best thing about investing in gold IRAs is that you don’t need any special skills. They're available at most banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
There are also drawbacks. Gold is historically volatile. It is important to understand why you are investing in gold. Is it for growth or safety? Are you trying to find safety or growth? Only when you are clear about the facts will you be able take an informed decision.
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. You may need several ounces, depending on what you intend to do with your precious gold.
A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. However, you will not be able buy any other items with those funds.
How much do gold IRA fees cost?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance fees and investment costs for your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. These fees can vary depending on which type of IRA account you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Most providers also charge annual management costs. These fees are usually between 0% and 1%. The average rate for a year is.25%. However, these rates are typically waived if you use a broker like TD Ameritrade.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
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 market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
finance.yahoo.com
bbb.org
How To
How to hold physical gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. There is always the chance of them losing their money due to fluctuations of the gold price.
You can also buy gold directly. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's easier to track how much gold is in your possession. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. There's also less chance of theft than investing in stocks.
There are also some drawbacks. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, tax man may want to ask where you put your gold.
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: Jamie Redman
Title: Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip
Sourced From: news.bitcoin.com/okx-to-cut-ties-with-privacy-coins-amid-regulatory-heat-triggering-market-dip/
Published Date: Fri, 29 Dec 2023 18:00:11 +0000
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