In a significant development on Monday, Shiba Inu took an unexpected turn south, plunging as much as 5%. This dip hinted at a bigger picture of cautious investor behavior, with the tide seemingly turning towards reliable reserves like gold. In the wake of this, Ripple's XRP also experienced a downtrend, reaching a three-week low.
Shiba Inu's (SHIB) Downturn
Shiba Inu (SHIB) experienced a dramatic downturn at the week's outset, reaching its lowest in months amid geopolitical strains in the Middle East affecting markets.
The SHIB/USD pair nose-dived to a low of $0.000006894 on Monday, a stark contrast from the previous day's high of $0.000007221.
The downturn has caused SHIB to slump to its lowest since June 16, the last occasion the crypto token dipped below $0.00000690.
Interestingly, the relative strength index (RSI) also underwent a drop, gliding beneath the 37.00 support point.
At this juncture, the SHIB's price strength stands at 34.90 and appears to be heading towards the 30.00 territory.
If this downward trajectory continues below 30.00, SHIB could enter an oversold state, sparking a potential resurgence as investors seize the opportunity to 'buy the dip.'
XRP's Downward Movement
Notably, XRP, once known as Ripple, was another key player feeling the heat on Monday as it experienced a 4% dip.
After peaking at $0.5218 on Sunday, XRP/USD plummeted to a low of $0.4975 later on the same day.
This led to a shift in the crypto landscape, with the fifth largest cryptocurrency reaching its lowest since September 18.
This downturn unfolded against the backdrop of the RSI retreating towards a support level of 43.00, a phenomenon not observed in the past three weeks.
At the time of writing, the index stands at 43.60, and XRP finds itself trading at $0.5014 following a three-day losing trend.
Under the scenario that the RSI descends beneath 43.00, there's a likelihood that XRP could fall below $0.5000 in the coming days.
Frequently Asked Questions
Who owns the gold in a Gold IRA?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Is buying gold a good way to save money for retirement?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion bars are the most popular way to invest in gold. There are many ways to invest your gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
How do I open a Precious Metal IRA
The first step is to decide if you want an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form must be submitted within 60 days of the account opening. Once this is done, you can start investing. You can also choose to pay your salary directly by making a payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. 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. Contributions must be made regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
However, there are two significant drawbacks to investing in precious metals via an IRA. First, they are not as liquid or as easy to sell as stocks and bonds. This makes them harder to sell when needed. Second, they don't generate dividends like stocks and bonds. Therefore, you will lose more money than you gain over time.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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
- How do you keep your IRA Gold at Home? It's not legal – WSJ
The best way to buy gold (or silver) online
Understanding how gold works is essential before you buy it. Precious metals like gold are similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types currently available: legal tender and bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They aren't circulated in any currency exchange systems. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. Each dollar spent by the buyer is worth 1 gram.
Next, you need to find out where to buy gold. If you want to purchase gold directly from a dealer, then a few options are available. First, your local currency shop is a good place to start. You could also look into eBay or other reputable websites. You may also be interested in buying gold through private sellers online.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. Private sellers charge a 10% to 15% commission per transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This option can be a good choice for investing in gold because it allows you to control the price.
An alternative option to buying gold is to buy physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
You can either visit a bank, pawnshop or bank to buy gold. A bank can give you a loan up to the amount you intend to invest in Gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks usually charge higher interest rates that pawn shops.
The final option is to ask someone to buy your gold! Selling gold is simple too. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
By: Eliman Dambell
Title: Unsettling Tides: SHIB Plummets to a Four-Month Low Amid Crypto Market Uncertainty
Sourced From: news.bitcoin.com/biggest-movers-shib-hits-4-month-low-as-red-wave-washes-over-crypto/
Published Date: Mon, 09 Oct 2023 15:30:39 +0000