The cryptocurrency market is currently valued at $1.42 trillion, with bitcoin (BTC) holding 49.9% of the overall market cap. However, this past week, both bitcoin and ethereum had stagnant performance in terms of their percentage changes. On the other hand, several other digital currencies stood out by outperforming the top two. Notably, BONK and TAO experienced significant gains, soaring by 136% and 97.3%, respectively.
A Week of Highs and Lows for Cryptocurrencies
During the past week, the spotlight in the crypto market was on BONK, TAO, and KAS, as they recorded impressive gains ranging from 70% to 136% over a seven-day period. Close behind were skale (SKL) and axelar (AXL), which climbed by 59% and 58%, respectively.
Interestingly, approximately 50 crypto assets saw upward movements exceeding 4% throughout the week. However, only 27% of cryptocurrencies exhibited positive trends during Monday's trading sessions.
The week also witnessed some notable declines. For instance, ZRX experienced a significant drop of 29%, while RBL declined by 18.9% over the week. LUNA and FIL also faced losses with weekly declines of 17.15% and 12.64%, respectively.
Overall, seven cryptocurrencies suffered double-digit declines during the past week. Other coins that experienced notable downturns include SUI, DFI, TWT, IOTX, SNT, and ATOM. On Monday, 50 digital currencies reported losses of 4% or more compared to the previous week's trading sessions.
In addition to USDT, BTC, and ETH, high trading volumes were observed in coins such as SOL, XRP, AVAX, and LINK. BNB, DOGE, NEAR, and MATIC also recorded significant trading volumes. While certain tokens flourished in the market, other markets showed a less receptive stance.
What are your thoughts on this week's market gainers and losers? Share your opinions in the comments section below.
Frequently Asked Questions
Is it possible to take physical ownership of gold from my IRA
Many ask themselves whether they can physically possess gold in an IRA account. This is a fair question because there isn’t any legal way to do it.
However, if you examine the law carefully, you will see that there are no restrictions on gold ownership in an IRA.
Problem is, most people don’t realize how much they can save by putting gold in an IRA and not keeping it in their home.
It’s easy to throw away gold coins but not so easy to put them in an IRA. You’ll have to pay twice taxes if you keep your gold in your home. Once for the IRS and once for the state where you live.
Of course, you can also lose your gold in your house and pay taxes twice. So why would you choose to keep it in your home?
You may argue that it is necessary to have the assurance that your gold safe in your home. You can protect your gold from theft by storing it somewhere more secure.
If you plan on visiting often, you shouldn’t leave your precious gold at home. If you leave your gold unattended, thieves can easily steal it while you’re out of town.
A better option is to store your gold in an insured vault. Your gold will be safe from fire, flood and earthquake as well as robbery.
You won’t be responsible for paying any property tax if you store your gold in a vault. Instead, you will have to pay income tax for any gains you make selling your gold.
An IRA is a way to avoid paying taxes on gold. With an IRA, you won’t have to pay income tax even though you earn interest on your gold.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
And since IRAs are federally regulated, you won’t have any trouble getting your gold transferred to another bank if you move.
Bottom line: An IRA can allow you to own gold. Only thing stopping you from owning gold in an IRA is your fear of getting it stolen.
Are precious metal IRAs a wise investment?
Answers will depend on the amount of risk you are willing and able to take in order for your IRA account to lose value. As long as your assets don’t grow very rapidly, these are a good option. These are not the best investments if there is a long-term plan for saving money (like gold) or if you want to invest more in assets that will rise in value over time. These investments can also be subject to fees that could reduce any gains.
What are the pros and cons of a gold IRA?
The gold IRA is a great way to diversify your portfolio, but you don’t have access the traditional banking services. You can invest in precious metals like gold, silver, or platinum, without having to pay taxes until the gains are withdrawn.
The downside is that withdrawing money early will pay ordinary income tax on the earnings. However, these funds are kept outside the country and cannot be seized by creditors if you default.
If you are looking to own gold without worrying about taxes, a golden IRA could be for you.
Are gold IRAs a good option for investment?
You should buy shares in companies that produce gold. These companies can make you money by investing in precious metals and gold.
The downside to owning shares is that you can’t directly control them.
First, you can lose money by holding onto your stock for too long. Stocks fall faster than their underlying assets (like gold) when they are declining. You could lose your money, rather than make it.
Second, waiting until the market recovers before selling can result in missing potential profits. So you may need to be patient and let the market recover before you profit from your gold holdings.
But if you prefer to keep your investments separate from your finances, you can still benefit from owning physical gold. A gold IRA can help you diversify your portfolio, and protect against inflation.
Visit our website for more information on gold investing.
Statistics
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
- The IRS also allows American Eagle coins, even though they do not meet gold’s 99.5% purity standard. (forbes.com)
External Links
kitco.com
regalassets.com
takemetothesite.com
investopedia.com
How To
How to start buying silver with your IRA
How to start buying Silver with Your IRA – The best method to invest directly in silver or gold is through the direct ownership of physical bullion. The most popular investment form is silver bars and coins. This is because it offers diversification and liquidity.
There are many options to buy precious metals like silver and gold. They can be purchased directly from the producers (mining companies or refiners). You can also purchase them through a dealer, who buys and sellers bullion products, if you don’t want to deal directly with the producer.
This article will tell you how to start investing with your IRA in silver.
- Investing in Gold & Silver through Direct Ownership – The best way to purchase precious metals is to directly go to the source. This involves getting the bullion and having it delivered to your doorstep. Some investors store their bullion in their home. Others choose to store their bullion in a safe storage location that is insured and protected. Protect your precious metal by storing it correctly. Many storage facilities offer insurance that covers theft, fire, and damage. Even with insurance, your investments could be damaged by natural disasters or human error. For these reasons, storing your precious metals in a safe deposit box at a bank or credit union is always recommended.
- Buying Precious Metals Online – If you’d rather avoid carrying around heavy boxes of precious metal, then one alternative is to buy bullion online. Bullion dealers sell bullion online in many forms, including coins or bars. You can find coins in many sizes, shapes, or designs. Coins are usually easier to carry than bars, and they tend to be less expensive. Bars come with a range of weights and sizes. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. It is important to think about what you intend to use the bar for when choosing the type of bar that you should buy. A smaller size bar might work well if you are giving it away as a present. On the other hand, if you want to add it to your collection and display it proudly, you might want to spend a little extra money and get something larger.
- Buy Precious Metals from Dealers – Another option is to purchase bullion directly from a dealer. Dealers usually specialize in one market area, such as silver or gold. Some dealers specialize in particular types of bullion like rounds or minted currency. Others are specialists in specific regions. Others specialize in bulk sales. You will be able to find competitive prices and simple payment options no matter who dealer you choose.
- Buying Precious Metallics Through Retirement Accounts – While not technically considered an “investment,” another way to gain exposure to precious metals is by investing in retirement accounts. To qualify for tax benefits under Section 219 of the IRS Code, you must invest in precious metals through a qualified retirement account. These include IRAs, 401(k)s, and 403(b) plans. These accounts are often set up to help you save more for retirement. They offer higher returns than most other investment vehicles. Many of these accounts let you diversify your holdings across multiple types of metals. The problem? Retirement accounts don’t allow everyone to invest. Only employees who have been sponsored by an employer can invest in retirement accounts.
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By: Jamie Redman
Title: Crypto Market’s Mixed Fortunes — BONK, TAO, and KAS Rise as Several Other Cryptos Stagnate
Sourced From: news.bitcoin.com/crypto-markets-mixed-fortunes-bonk-tao-and-kas-rise-as-several-other-cryptos-stagnate/
Published Date: Mon, 20 Nov 2023 16:00:27 +0000
