FTT Records Colossal Gains Over the Past Fortnight
The exchange token FTT, originally launched by the now defunct cryptocurrency trading platform FTX, has experienced an impressive surge in value over the past two weeks, surpassing the $3 per unit mark. Despite the challenges faced by FTX and its founder Sam Bankman-Fried, including fraud conviction and ongoing bankruptcy proceedings, FTT has shown remarkable resilience and market performance in recent times.
FTT's Market Performance
In the past fourteen days, FTT has witnessed a significant increase of 200.2% against the U.S. dollar, despite a minor decline of 6.3% in the last week. Currently, FTT holds the position of the fifth largest exchange coin based on market capitalization, trailing behind prominent counterparts like BNB, LEO, OKB, and CRO. With a 24-hour global trade volume of $230.85 million, FTT ranks 21st in terms of daily spot trading volume as of Sunday, November 19, 2023. Its leading trading pairs include USDT, USD, ETH, USDD, and USDC.
Exploring FTT's Potential
One of the intriguing aspects of FTT's success is the ownership distribution. While there are 29,221 FTT holders, the top 100 control a staggering 98.83% of the total supply. This raises questions about why a token developed by a convicted fraudster and a bankrupt exchange is performing exceptionally well. The answer lies in the belief that FTX could make a comeback under new management.
There is speculation that a potential FTX 2.0 could reintroduce FTT with new utility or broader possibilities. Investors are taking the chance to acquire FTT at low prices, anticipating a potential win if FTX 2.0 incorporates the exchange token. However, it is important to note that these theories are speculative, and the future of FTT remains uncertain. The new FTX team may choose not to utilize the token for various reasons.
FTT's Momentum and Speculative Theories
Despite the uncertainties and risks associated with the future of FTT, speculative theories continue to fuel its momentum. Investors are driven by the potential long-term outcomes that FTX 2.0 could bring, leading to the increase in FTT's value. It is crucial to closely monitor the developments surrounding FTT and FTX to gain a clearer understanding of the token's future trajectory.
What are your thoughts on FTT's recent climb? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How is gold taxed in Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. All gains, even if you have invested $1,000 in a mutual funds stock, are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York has a maximum age limit of 70 1/2. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
Should You Buy Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts think that this could change in the near future. They say that gold prices could rise dramatically with another global financial crisis.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Consider whether you will actually need the money that you are saving for retirement. It is possible to save enough money to retire without investing in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each type offers varying levels and levels of security.
- Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.
You should do your research before buying gold. If you already have gold, make sure you protect it.
What are the benefits of a gold IRA
There are many benefits to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This allows you to easily transition if your retirement is early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are readily available at most banks and brokerages. Withdrawals can be made instantly without the need to pay fees or penalties.
There are, however, some drawbacks. The volatility of gold has been a hallmark of its history. Understanding why you invest in gold is crucial. Are you seeking safety or growth? Is it for security or long-term planning? Only then will you be able make informed decisions.
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. You won't need to buy more than one ounce of gold to cover all your needs. You could need several ounces depending on what you plan to do with your gold.
A small amount is sufficient if you plan to sell your gold. You can even live with just one ounce. However, you will not be able buy any other items with those funds.
What is a Precious Metal IRA and How Can You Benefit From It?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This allows you to receive dividends every year.
Precious metal IRAs have no paperwork or annual fees. Instead, your gains are subject to a small tax. Plus, you can access your funds whenever you like.
Can I hold a gold ETF in a Roth IRA?
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
A Individual Retirement Annuity (IRA), is also available. An IRA allows for you to make regular income payments during your life. Contributions to IRAs do not have to be taxable
Is it a good idea to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items have been around for thousands of years and represent real value that cannot be lost. They are likely to fetch more today than the price you paid for them in their original form.
Consider a reputable business that offers low rates and good products when opening an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won't see any returns until after you retire. Don't forget the future!
How much gold should you have in your portfolio?
The amount of capital required will affect the amount you make. If you want to start small, then $5k-$10k would be great. As you grow, you can move into an office and rent out desks. This will allow you to pay rent monthly, and not worry about it all at once. It's only one monthly payment.
Consider what type of business your company will be running. My website design company charges clients $1000-2000 per month depending on the order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. Therefore, you might only get paid one time every six months.
Before you can determine how much gold you'll need, you must decide what type of income you want.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
- 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)
- 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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.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)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It's not exactly legal – WSJ
How to keep physical gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. But, this approach comes with risks. These companies may not survive the next few years. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
You can also buy gold directly. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. The advantages of this option include the ease of access (you don't need to deal with stock exchanges) and the ability to make purchases when prices are low. It is easier to view how much gold has been stored. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You are also less likely to be robbed than investing in stocks.
However, there are disadvantages. Bank interest rates and investment funds won't help you. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. Finally, the taxman might want to know where your gold has been placed!
Visit BullionVault.com to find out more about gold buying in an IRA.
By: Jamie Redman
Title: FTT: The Surging Exchange Token Defying the Odds
Sourced From: news.bitcoin.com/exchange-token-ftts-200-spike-in-2-weeks-defies-bankruptcy-and-bankman-frieds-fraud-conviction-woes/
Published Date: Sun, 19 Nov 2023 18:30:31 +0000
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