Bitcoin Surges Past $45K as Market Anticipates ETF Approval and Halving

The digital currency market has experienced a significant surge, reaching a valuation of $1.74 trillion within the past 24 hours. Bitcoin, in particular, has climbed above the $45K threshold, reflecting a 4.65% increase in comparison to the U.S. dollar. Additionally, global trading volume has seen a substantial 20% rise since Monday.

Crypto Economy Reaches $1.74 Trillion; Bitcoin Reaches $45K Amid ETF Speculation and Pre-Halving Optimism

Fueled by the anticipation of a potential approval for a spot bitcoin exchange-traded fund (ETF) this week, the crypto sector has witnessed a 4.65% growth within the last 24 hours. Bitcoin (BTC) achieved a peak of $45,922 during the day but has since receded to the vicinity of the $45,500 range. Notably, the top ten crypto assets, including solana (SOL), have experienced gains, with SOL leading the pack with over an 8% increase.

Bitcoin has risen by 6.4%, while ethereum (ETH) has spiked 4% higher as of Tuesday at 8 a.m. Eastern Time (ET). Bitcoin's market valuation dominates the market by 50.8%, while ether's market cap accounts for 16.5% of the $1.74 trillion crypto economy. The rise above the $45K range has caused a significant liquidation of short positions, amounting to nearly $84 million, according to coinglass.com statistics.

Ethereum shorts, on the other hand, saw $25.96 million wiped out, and solana (SOL) short positions witnessed $10 million being erased. Moreover, sei (SEI), astar (ASTR), and ordi (ORDI) have recorded double-digit gains between 15% to 22% over the past day. These three assets have also experienced impressive growth between 24% to 55% against the U.S. dollar in the past seven days.

Despite the overall market rise, the three biggest losers today were bitcoinsv (BSV), helium (HNT), and maker (MKR), shedding between 2.8% to 6.3%. As the market eagerly awaits the anticipated approval of a spot bitcoin ETF in the United States, optimism continues to fuel the recent market surge. With bitcoin surpassing the $45K mark, the upcoming halving in April holds the potential to further bolster its value. This event, combined with regulatory and technological advancements, paints a bullish picture for the future of cryptocurrencies.

What are your thoughts on the crypto economy's market action this week? Feel free to share your opinions and insights in the comments section below.

Frequently Asked Questions

What does gold do as an investment?

The price of gold fluctuates based on supply and demand. Interest rates can also affect the gold price.

Due to limited supplies, gold prices are subject to volatility. You must also store physical gold somewhere to avoid the risk of it becoming stale.

What precious metals do you have that you can invest in for your retirement?

Gold and silver are the best precious metal investments. Both are easy to sell and can be bought easily. These are great options to diversify your portfolio.

Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. 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. This is a great choice for people who want to avoid volatility. Silver, unlike gold, tends not to go down but up.

Platinium is another precious metal that is becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. It is however more expensive than its counterparts.

Rhodium. Rhodium is used as a catalyst. It’s also used in jewelry making. It’s also relatively inexpensive compared to other precious metals.

Palladium: Palladium has a similarity to platinum but is more rare. It is also cheaper. Investors looking to add precious and rare metals to their portfolios love it for these reasons.

Can the government take your gold

Your gold is yours, so the government cannot confiscate it. You worked hard to earn it. It belongs exclusively to you. But, this rule is not universal. If you are convicted of fraud against the federal government, your gold can be forfeit. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.

How much gold do you need in your portfolio?

The amount of capital required will affect the amount you make. You can start small by investing $5k-10k. As you grow, you can move into an office and rent out desks. Renting out desks and other equipment is a great way to save money on rent. Only one month’s rent is required.

It is also important to decide what kind of business you want to run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.

As freelance work requires you to be paid freelancers, your monthly salary won’t be as high as mine. You might get paid only once every six months.

Decide what kind of income do you want before you calculate how much gold is needed.

I would recommend that you start with $1k-2k worth of gold and then increase your wealth.

Statistics

  • (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)
  • You can only purchase gold bars at least 99.5% purity. (forbes.com)
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
  • If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)

External Links

finance.yahoo.com

wsj.com

investopedia.com

bbb.org

How To

Guidelines for Gold Roth IRA

The best way to invest for retirement is by starting early. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. It is essential to save enough money each year in order to maintain a steady growth rate.

You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. This makes them great options for people who don’t have access to employer matching funds.

Savings should be done consistently and regularly over time. You will lose any potential tax advantages if you don’t contribute enough.

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By: Jamie Redman
Title: Bitcoin Surges Past $45K as Market Anticipates ETF Approval and Halving
Sourced From: news.bitcoin.com/bitcoin-soars-past-45k-as-market-eyes-etf-approval-setting-stage-for-aprils-halving/
Published Date: Tue, 02 Jan 2024 14:30:46 +0000

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