Crypto Market Sees Positive Growth, Valued at $1.48 Trillion
On Saturday, December 2, 2023, the cryptocurrency market experienced a significant surge, with a 1.91% increase, bringing the total market value to $1.48 trillion. Notably, bitcoin reached a peak of $39,705 on the same day, marking its highest value since late April 2022.
Bitcoin (BTC) and Ethereum (ETH) Lead the Way
Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, while ethereum (ETH) climbed 3.58% within a 24-hour period. Ethereum reached $2,195 per token, while bitcoin soared to a peak of $39,705. These impressive gains indicate a positive trend in the crypto market.
Altcoins also Experience Growth
Other cryptocurrencies also witnessed notable increases in value. Solana (SOL) recorded a 7% uptick, and dogecoin (DOGE) escalated by 9.11% against the dollar. Additionally, BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, with gains ranging from 11.3% to 54.9%. PYTH, THETA, XRD, and WEMIX also reported significant increases in value.
Global Trading Volume Sees a Slight Decrease
Although the crypto market experienced significant growth, the global trading volume for Saturday decreased by approximately 7% compared to the previous day. The total trading volume stood at around $49.94 billion. Tether dominated the market with a trade volume of $29.42 billion, while bitcoin's trade volume reached $14.52 billion. BTC's market dominance remains at around 52%, with ethereum's dominance at 17.5%.
Crypto Fear and Greed Index Indicates "Greed" Sentiment
The crypto fear and greed index (CFGI) registered a score of 74 on Saturday, reflecting a state of "greed" among investors. This sentiment has been consistent throughout the past week. Following bitcoin's surge to $39,705, a significant amount of liquidations occurred within the last four hours, totaling $71 million out of $101 million in liquidated shorts. In the past 24 hours, a total of $122.48 million in both long and short positions have been eradicated.
What are your thoughts on the recent surge in the crypto market? Share your opinions in the comments section below.
Frequently Asked Questions
How much are gold IRA fees?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes account maintenance and any investment costs.
If you want to diversify, you may be required to pay extra fees. These fees vary depending on what type of IRA you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge an annual management fee. These fees vary from 0% to 11%. The average rate is.25% annually. These rates are often waived if a broker like TD Ameritrade is used.
What is the best precious metal to invest in?
This question depends on how risky you are willing to take, and what return you want. Gold is a traditional haven investment. However, it is not always the most profitable. You might not want to invest in gold if you're looking for quick returns. If you have the patience to wait, then you might consider investing in silver.
Gold is the best investment if you aren't looking to get rich quick. If you want to invest in long-term, steady returns, silver is a better choice.
Is gold a good IRA investment?
Anyone who is looking to save money can make gold an excellent investment. It is also an excellent way to diversify you portfolio. There's more to gold that meets the eye.
It has been used as a currency throughout history and is still a popular method of payment. It's often referred to as “the world's oldest currency.”
But unlike paper currencies, which governments create, gold is mined out of the earth. It's hard to find and very rare, making it extremely valuable.
The supply and demand factors determine how much gold is worth. The strength of the economy means people spend more, and so, there is less demand for gold. The result is that gold's value increases.
The flip side is that people tend to save money when the economy slows. This means that more gold is produced, which reduces its value.
This is why gold investment makes sense for both individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
Your investments will also generate interest, which can help you increase your wealth. In addition, you won’t lose any money if gold falls in value.
What are some of the advantages and disadvantages to 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.
If you withdraw too many funds from your IRA at once, you may lose all your accumulated assets. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. If you do withdraw funds, you'll need to pay a penalty.
Another problem is the cost of managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management charges ranging anywhere from $10 to $50.
Insurance is necessary if you wish to keep your money safe from the banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. 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 limit the number of ounces of gold that you can own. Others let you pick your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more costly than gold futures. Futures contracts offer flexibility for buying gold. You can set up futures contracts with a fixed expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. However, it does cover damage caused by natural disasters. If you live near a high-risk region, you might want to consider additional coverage.
Insurance is not enough. You also need to think about the cost of gold storage. Storage costs are not covered by insurance. Safekeeping costs can be as high as $25-40 per month at most banks.
A qualified custodian is required to help you open a Gold IRA. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians can't sell assets. Instead, they must keep your assets for as long you request.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. You should also specify how much you want to invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. The company will review your application and send you a confirmation letter.
A financial planner is a good idea when opening a gold IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can help you find cheaper insurance options to lower your costs.
How is gold taxed in Roth IRA?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules that govern these accounts differ from one state to the next. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you to wait until April 1. New York has a maximum age limit of 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
What Precious Metals Can You Invest in for Retirement?
Silver and gold are two of the most valuable precious metals. Both are easy to sell and can be bought easily. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver is a popular investment choice. This is a great choice for people who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It's however much more costly than any of its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It's also used in jewelry making. It is also quite affordable compared with other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It is also cheaper. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates are also a factor.
Gold prices are volatile due to their limited supply. Physical gold is not always in stock.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- 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)
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
Tips for Investing In Gold
Investing in Gold remains one of the most preferred investment strategies. This is due to the many benefits of investing in gold. There are many ways to invest gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
Before buying any type gold, it is important to think about these things.
- First, you must check whether your country allows you to own gold. If the answer is yes, you can go ahead. Or, you might consider buying gold overseas.
- The second is to decide which kind of gold coin it is you want. There are many options for gold coins: yellow, white, and rose.
- Thirdly, it is important to take into account the gold price. It is best to start small and work your way up. It is important to diversify your portfolio whenever you purchase gold. Diversifying your portfolio should be a priority, including stocks, bonds and real estate.
- Remember that gold prices are subject to change regularly. You need to keep up with current trends.
By: Jamie Redman
Title: Bitcoin Reaches 19-Month High, Surpasses $39K in Saturday's Crypto Market Surge
Sourced From: news.bitcoin.com/bitcoin-surpasses-39k-achieving-19-month-peak-in-saturdays-crypto-market-surge/
Published Date: Sat, 02 Dec 2023 22:00:25 +0000