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Meme Coin Market Plummets $3.2 Billion in 2023: Dogecoin and Shiba Inu Lead Declines
New data has revealed that the meme coin market has experienced a significant decline of over $3 billion in value since the beginning of 2023. The leading meme coin, dogecoin (DOGE), witnessed a decrease of $2.46 billion from January onwards. Similarly, shiba inu (SHIB) saw a drop of approximately $1.22 billion over the past nine months.
Bridgewater Founder Ray Dalio Warns of 'Brutal World War III' — Says China and US Are at Brink of Hot War
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Unraveling the Online Legacy of Satoshi Nakamoto: Bitcoin's Mysterious Creator
The enigmatic figure known as Satoshi Nakamoto has made nearly 600 online appearances through emails and forum posts. Analysis of Nakamoto's writings indicates that he was most active during July and August. Notably, Nakamoto emerged to discuss new release candidates, address the addition of password protection to Bitcoin's JSON-RPC interface, and tackle the "overflow bug" in August 2010.
What are your thoughts on these stories? Let us know in the comments section below.
Frequently Asked Questions
Can I have physical gold in my IRA
Not only is gold paper currency, but it's also money. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
The best thing about gold investing is the fact that there's virtually no counterparty risk. Even if your stock portfolio is down, your shares are still yours. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Gold provides liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. You can buy gold in small amounts because it is so liquid. This allows one to take advantage short-term fluctuations within the gold price.
Is the government allowed to take your gold
Your gold is yours and the government cannot take it. You earned it through hard work. It belongs to you. There may be exceptions to this rule. If you are convicted of fraud against the federal government, your gold can be forfeit. Also, if you owe taxes to the IRS, you can lose your precious metals. You can keep your gold even if your taxes are not paid.
How Does Gold Perform as an Investment?
Gold's price fluctuates depending on the supply and demand. It is also affected negatively by interest rates.
Gold prices are volatile due to their limited supply. Additionally, physical gold can be volatile because it must be stored somewhere.
How much tax is gold subject to in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. When you purchase gold, you don't have to pay any taxes. It isn't considered income. If you sell it later, you'll have a taxable gain if the price goes up.
As collateral for loans, gold is possible. Lenders look for the highest return when you borrow against assets. For gold, this means selling it. There's no guarantee that the lender will do this. They may keep it. They may decide to resell it. In either case, you risk losing potential profits.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. It's better to keep it alone.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
