Monero (XMR) Faces 32% Value Slash as Binance Cuts Ties With Privacy Coin
The market for Monero, the leading privacy-focused cryptocurrency, has experienced a significant decline of 32% within the last day. This drop in value comes in response to the news that Binance, one of the world's largest cryptocurrency exchanges, intends to remove Monero from its platform. Alongside three other cryptocurrencies, Monero is scheduled to be delisted by Binance on February 20, 2024.
Binance's Decision Causes 32% Plunge in XMR's Market Value
Binance's announcement regarding the removal of Monero from its listings follows a similar move by Okx in December. The decision by Binance has had a profound impact on the market value of Monero, with a 32% drop observed within 24 hours of the news going live. Prior to the delisting announcement, Binance's trading of XMR with its USDT pair accounted for 29% of the total XMR volume, amounting to $64,332,318. The price of Monero fell sharply from an opening of $166.45 to a low of $108.
Technical Indicators Suggest Caution for XMR Investors
Various technical indicators provide insights into the market sentiment surrounding Monero. Oscillators, including the relative strength index (RSI) and the Stochastic, currently hover in bearish territories, indicating a lack of upward momentum from bullish traders. The commodity channel index (CCI) and the momentum indicator signal stronger selling pressures, with the latter explicitly indicating negative action. These mixed signals necessitate a vigilant approach from Monero traders, as they could potentially lead to either stabilization or further declines.
Monero's moving averages (MAs) unequivocally support a bearish outlook, with all monitored timeframes aligning in bearish regions, from the 10-day to the 200-day averages. This consensus among the MAs reinforces the negative market sentiment observed and suggests that the path of least resistance for Monero's price is downwards. The combination of Monero's high trading volume accompanying the price drop and the absence of visible historical support levels further complicates the potential for a quick recovery. Therefore, investors and traders should prepare for potentially more turbulence ahead.
What are your thoughts on Binance delisting Monero and the subsequent 32% plunge in the coin's value? Share your opinions in the comments section below.
Frequently Asked Questions
How to Open a Precious Metal IRA?
It is important to decide if you would like an Individual Retirement Account (IRA). Open the account by filling out Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. This form should not be completed more than 60 days after the account is opened. After this, you are ready to start investing. You can also choose to pay your salary directly by making a payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, it will be the same process as an ordinary IRA.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS says you must be 18 years old and have earned income. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. Additionally, you must make regular contributions. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, you won't be able purchase physical bullion. This means you won't be allowed to trade shares of stock or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. Some IRA providers offer this option.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they aren't as liquid than stocks and bonds. They are therefore more difficult to sell when necessary. Second, they are not able to generate dividends as stocks and bonds. So, you'll lose money over time rather than gain it.
What precious metals can you invest in for retirement?
Silver and gold are two of the most valuable precious metals. They are both easy to trade and have been around for years. They are a great way to diversify your portfolio.
Gold: Gold is one of man's oldest forms of currency. It's stable and safe. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver has been a favorite among investors for years. It's a great option for those who want stability. Silver tends instead to go up than down, which is unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's durable and resists corrosion, just like gold and silver. It is however more expensive than its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used in jewelry-making. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It's also less expensive. This is why it has become a favourite among investors looking for precious metals.
Should You Invest in Gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you are unsure of which option to invest in, consider both.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
Gold is more volatile than most other investments. This causes its value to fluctuate over time.
This doesn't mean that you should not invest in gold. It is important to consider the fluctuations when planning your portfolio.
Another advantage of gold is its tangible nature. Gold is much easier to store than bonds and stocks. It can be easily transported.
You can always access gold as long your place it safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold usually rises when the stock market falls.
Gold investment has another advantage: You can sell it anytime. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Don't buy too many at once. Start small, buying only a few ounces. Then add more as needed.
Don't expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
And while gold might not be the best investment for everyone, it could be a great supplement to any retirement plan.
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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (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)
- 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
irs.gov
investopedia.com
finance.yahoo.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Investing with 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 comes from the fact most people see gold prices falling due to the global economy. They feel that gold investment would cause them to lose money. In reality, however there are still many significant benefits to gold investing. We'll be looking at some of these benefits below.
One of the oldest forms known of currency is gold. It has been used for thousands of years. It is a valuable store of value that has been used by many people throughout the world. It is still used as a payment method by South Africa and other countries.
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. You could contact a local jeweler to find out what their current market rate is.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. So, although gold prices have declined in recent years, the cost of producing it has not changed.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. This is not a wise decision if you're looking to invest in long-term assets. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. We recommend that you investigate all options before making any major decisions. Only then can informed decisions be made.
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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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