Mass Approvals: SEC Green-Lights 11 Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has made history by approving 11 spot bitcoin exchange-traded funds (ETFs) for listing and trading on U.S. stock exchanges. This long-awaited move comes after years of anticipation and regulatory hurdles. The approved spot bitcoin ETFs are set to begin trading on Thursday on NYSE Arca, Nasdaq, and Cboe BZX Exchange.
Ethereum Steals the Spotlight — SEC’s Approval of 11 Bitcoin ETFs Meets Tepid Market Reaction
Following the announcement of the spot bitcoin ETF approvals, the price of bitcoin experienced little movement. In contrast, ethereum witnessed a significant rally, with a 9.1% rise on Wednesday, overshadowing bitcoin's underperformance in the market.
Mystery Transfer — Unidentified Wallet Sends $1.19 Million in Bitcoin to Satoshi Nakamoto’s Genesis Address
In an intriguing development, an unidentified wallet transferred approximately 26.917 bitcoin, valued at $1.19 million, to Satoshi Nakamoto's Genesis wallet. This transfer took place two days after Bitcoin's 15th anniversary. The Genesis wallet, which originated on January 3, 2009, has mainly accumulated nominal dust transactions over the years.
US Spot Bitcoin ETFs Rack up $4.6 Billion in Trading Volume on Day 1 — Blackrock Debuts With $1 Billion
On the first day of trading, U.S. spot bitcoin exchange-traded funds (ETFs) recorded a total trading volume of $4.6 billion. Blackrock, the world's largest asset manager, made a remarkable debut with its Ishares Bitcoin Trust, generating over $1 billion in trading volume. Grayscale's spot bitcoin ETF, which transitioned from the Grayscale Bitcoin Trust, also showed strong performance, with a total trading volume of $2.3 billion. This impressive start has been hailed as the biggest Day One splash in ETF history by industry analysts.
Robert Kiyosaki Increases BTC Holdings After SEC Approval of Spot Bitcoin ETFs
Renowned financial expert and author of "Rich Dad Poor Dad," Robert Kiyosaki, has announced that he has purchased additional bitcoin following the SEC's approval of spot bitcoin ETFs. Kiyosaki's move reflects growing confidence in the potential of bitcoin as an investment instrument.
In conclusion, the approval of 11 spot bitcoin ETFs by the SEC has marked a significant milestone in the cryptocurrency market. While the immediate market response has been mixed, with ethereum stealing the spotlight, the high trading volumes on the first day indicate a strong interest in bitcoin ETFs. It remains to be seen how these ETFs will impact the market and whether they will attract significant inflows. As the industry continues to evolve, it is crucial to stay informed and monitor the developments in the digital asset space. Share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
Can you make money on a gold IRA?
If you want to make money on an investment, you need to do two things firstly, understand how the market operates, and secondly, know what kind of products are available.
Trading should not be started if you don’t have sufficient information.
You should also find a broker who offers the best service for your account type.
Many different accounts are available, including standard IRAs and Roth IRAs.
If you have other investments such as bonds or stocks, you might also consider a rollover.
Do You Need to Open a Precious Metal IRA
This will depend on whether or not you have an investment objective and what level of risk you are willing to accept.
You should start an account if you intend to retire with the money.
Precious metals will appreciate over time. They offer diversification advantages.
The prices of silver and gold tend to be linked. This makes them better choices when you want to invest in both assets.
Do not invest in precious metals IRAs if your goal is to save money or take on any risk.
What kind of IRA can you use to hold precious metals in?
Many financial institutions and employers offer an individual retirement account (IRA) as an investment option. An IRA lets you contribute money that will grow tax-deferred to the time it is withdrawn.
An IRA lets you save taxes and pay them off later. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.
An IRA has the advantage of allowing contributions and earnings to grow tax-free until you withdraw your funds. You can face penalties if you withdraw funds before the deadline.
After age 50, you can make additional contributions to an IRA without penalty. If you decide to withdraw your IRA from retirement, you will owe income taxes as well as a 10% federal penalty.
Withdrawals before age 59 1/2 will be subject to a 5% IRS penal. Between the ages of 591/2 and 70 1/2, withdrawals are subject to a 3.4% IRS penal.
The IRS will penalize withdrawals of more than $10,000 annually.
Can I get physical ownership of gold in my IRA
Many ask themselves whether they can physically possess gold in an IRA account. This is a legitimate question since there is no legal way.
But when you look closely at the law, nothing stops you from owning gold in an IRA.
Most people don't realize the cost savings they could make by putting their gold into an IRA rather than keeping it in their homes.
It is easy to toss gold coins, but it's not easy to place them in an IRA. You'll have to pay twice taxes if you keep your gold in your home. You will pay taxes twice: once to the IRS and one for the state in which you live.
You can also lose your gold and have to pay twice the taxes. So why would you choose to keep it in your home?
It might seem that you want the security of knowing your gold is safe inside your home. However, to guard yourself against theft, it is worth considering storing your gold in a more secure location.
If you intend to visit often, don't leave your gold unattended in your home. Thieves can easily steal your gold if you don't keep it safe.
An insured vault is a better choice for gold storage. This will ensure that your gold is protected against fire, flood, earthquake and robbery.
Another benefit to keeping your gold in vaults is that you won’t have to pay any property taxes. Instead, any gains that you make by selling your gold will be subject to income tax.
You may be interested in an IRA if you don't want to pay taxes on your gold. An IRA allows you to keep your gold free from income taxes, even though it earns interest.
Since you aren't required to pay capital gains tax on your gold, you'll have access to the full value of your investment whenever you want to cash it out.
Federally regulated IRAs mean that you won't face any difficulties in transferring your gold to another bank if it moves.
The bottom line is that you can own gold in your IRA. Your fear of it being stolen is what holds you back.
How Do You Make a Withdrawal from a Precious Metal IRA?
If you have a precious IRA company such Goldco International Inc. account, you may be tempted to withdraw your funds. When you sell your metals, the value of those funds will be higher than if it was kept in the account.
This article will help you understand how to withdraw funds from an IRA that holds precious metals.
First, verify that your precious metal IRA allows withdrawals. Some companies will allow withdrawals, while others won't.
Second, find out if you are eligible for tax-deferred gains from selling your metals. This benefit is provided by almost all IRA providers. However, some don't.
To find out if fees apply, thirdly check with your precious-metal IRA provider. It is possible that the withdrawal will be more expensive.
Fourth, keep track of your precious metal IRA investments for at least three years after you sell them. To put it another way, you should wait until January 1st every year to calculate capital gains from your investment portfolio. You will then need to file Form 8949 which contains instructions on how to calculate the amount of gain that you have realized.
In addition to filing Form8949, you must also notify the IRS about the sale or purchase of precious metals. This ensures you pay tax on any profits from your sales.
Before selling precious metals, it is a good idea to consult an attorney or trusted accountant. They will ensure you are following all the procedures and avoid making costly mistakes.
Statistics
- 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)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- 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)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
External Links
regalassets.com
wsj.com
investopedia.com
en.wikipedia.org
How To
How to Buy Gold To Your Gold IRA
Precious metal can be used to refer to gold, silver or platinum as well as osmium and ruthenium. It refers to any naturally occurring element with atomic numbers 79 through 110 (excluding helium), which is considered valuable because of its rarity and beauty. Precious metals that are most commonly used include silver and gold. Precious metals can be used to make money, jewelry, industrial products, and art objects.
Supply and demand affect the gold price daily. The demand for precious materials has increased dramatically over the last decade as investors seek to find safe havens in volatile economies. Prices have risen significantly due to this increased demand. Some are concerned about the increased cost of production and have resisted investing in precious materials.
Gold is a reliable investment due to its rarity and durability. Gold never loses its value, unlike other investments. Additionally, you can sell and buy gold without any taxes. There are two ways that you can invest your gold. You can either purchase gold bars and coins or invest in futures gold contracts.
Instant liquidity is provided by physical gold coins and bars. They are easy to trade and keep. They aren't very effective in protecting against inflation. You can protect yourself against rising prices by purchasing gold bullion. Bullion is physical gold that comes in different sizes and shapes. While some billions are sold in one-ounce portions, others come in larger pieces such as kilobars. Bullion is usually stored in vaults protected from theft and fire.
Gold futures can be a great way to buy shares rather than actual gold. Futures let investors speculate on the future price of gold. You can purchase gold futures to get exposure to the gold price, but not the actual commodity.
For instance, if my goal was to speculate on the movement of the gold price, I could purchase a contract. My position after the contract expires will be either “long” (or “short”) A long contract means I believe the gold price will rise, so I am willing to hand over money now in return for the promise of more money when the contract expires. A shorter contract would mean that I believe the gold price will fall. I'm willing and able to take the money now, in return for the promise that I will make less money later.
I'll get the contract's specified amount of gold plus interest when it expires. This gives me exposure to the gold price, but I don't have to own it.
Precious Metals are great investments as they are difficult to counterfeit. Paper currencies can be easily faked by printing new bills. Precious metals are not easy to counterfeit. Precious metals have held their value over the years because of this.
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By: Bitcoin.com
Title: The SEC Approves 11 Spot Bitcoin ETFs, Ethereum Rallies Amidst Market Shifts
Sourced From: news.bitcoin.com/spot-bitcoin-etf-approvals-ethereums-outperformance-btc-mystery-transfer-and-more-week-in-review/
Published Date: Sun, 14 Jan 2024 12:30:59 +0000
