An exciting twist occurred as the weekend dawned, marking major gains for two widely-recognized cryptocurrencies, Bitcoin Cash (BCH) and Tron (TRX). This rise concluded a period of slump for both digital currencies, stimulating positive momentum within the market. These notable gains seemingly signal promising potential for the digital currency market, fueled largely by the broader market sentiment following the latest U.S. nonfarm payrolls report.
Bitcoin Cash (BCH)'s Weekend Resurgence
Standing as a notable contender among cryptocurrencies, Bitcoin Cash (BCH) stirred the market on Saturday with a significant recovery. Resilience shone as BCH bounced back following its recent downturn. Bitcoin Cash demonstrated surefire recovery, waking from a slumber of continuous dips to post an impressive 2% gain, soaring as high as $234.82 at the outset of the weekend from a low of $227.13 the previous day.
The surge in price points towards an uptrend, where bullish market participants persistently drive the token upwards from a fresh support position at the $225.00 benchmark. The rebound aligns with an episode of buying the recent slump, where the relative strength index (RSI) coincided with a support line at 56.00.
As it stands, Bitcoin Cash's price strength stands at 58.60, setting the sights of the bulls on the next resistance point at 60.00. To soar over the $240.00 mark, which is reputedly the next bullseye for traders, the bulls need to overpower the aforementioned resistance level.
The Turnaround of Tron (TRX)
Simultaneously, another digital currency making headlines for the right reasons is Tron (TRX). Sailing away from a one-week low, the TRX commenced the weekend by terminating a chain of winless days that lasted for three consecutive days. The TRX to USD index marked a high watermark of $0.08818, recovering remarkably from its recent low of $0.08558 in less than 24 hours.
Paralleling Bitcoin Cash's trajectory, Tron's propelling to its day's peak was prompted by a brief surmounting of a crucial support level, positioned at $0.08550. Tron's price strength also showed an uphill trajectory on Saturday, rising back over the ground level at the 58.00 zone to now site at 58.45.
The upcoming milestone for Tron appears to sit at 61.00. Looking farther down the road, the digital currency has set its sights on a longer-term target of 68.00. If the TRX conquers these points in the forthcoming days, we might see Tron trading above the $0.09000 mark.
Behind the Recovery of BCH and Tron
The weekend resurgence of BCH and TRON has certainly rekindled the sparks in the cryptocurrency market. It's debatable as to what prompted this recovery, and insights on this development are more than welcome.
Frequently Asked Questions
Can I have physical possession of gold within my IRA?
Many people wonder if they are allowed to possess physical gold within an IRA account. This is a valid question as there is no legal route to it.
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. If you decide that you want to keep your gold at home, you'll be responsible for two tax payments. One for the IRS, and one for your state.
Of course, you can also lose your gold in your house and pay taxes twice. So why would anyone want to keep their gold in their home?
You might argue that it is important to know that your gold remains safe in your house. It is important to store your gold somewhere safer in order to prevent theft.
If you're planning on visiting frequently, it is best to keep your gold safe at home. Thieves can easily steal your gold if you don't keep it safe.
An insured vault is a better choice for gold storage. Your gold will be protected against fire, floods, earthquakes, and robbery.
You won't be responsible for paying any property tax if you store your gold in a vault. You will have to pay income taxes on any gains from the sale of your gold.
An IRA is a way to avoid paying taxes on gold. You won't be subject to income tax if you earn interest from your gold with an IRA.
Capital gains tax doesn't apply to gold. That means you have the right to cash your investment at whatever time you choose.
You won't have to move your gold because IRAs are federally regulated.
Bottom line: You can have gold in an IRA. Only thing stopping you from owning gold in an IRA is your fear of getting it stolen.
What Precious Metals Can You Invest in for Retirement?
Understanding what you have now saved and where you are currently saving money is the first step in retirement planning. If you don't know how much you currently have saved, start by taking an inventory of everything you own. This should include any savings accounts, stocks, bonds, mutual funds, certificates of deposit (CDs), life insurance policies, annuities, 401(k) plans, real estate investments, and other assets such as precious metals. Add all these items together to calculate how much money you have for investment.
If you haven't already done so, you may want to consider opening a Roth IRA account if you're younger than 59 1/2 years old. Traditional IRAs allow you to deduct contributions out of your taxable income. Roth IRAs don't. However, you can't take tax deductions from future earnings.
You may need additional money if you decide you want more. You can start with a regular brokerage account.
How Much of Your IRA Should Include Precious Metals?
Protect yourself from inflation by investing in precious metallics like silver and gold. It's not just for retirement. It can also be used to prepare for economic downturns.
The prices of gold and silver have increased substantially over the past few decades, but they remain safe investments because they do not fluctuate as frequently as stocks. These materials are also in high demand.
Silver and gold prices are typically predictable and stable. They tend to rise during economic growth and drop during recessions. This makes them excellent money-savers, and long-term investment options.
Precious metals should make up 10 percent of your portfolio. If you wish to diversify further, this percentage could be higher.
Are gold and Silver IRAs a good idea or a bad idea?
If you are looking for an easy way to invest in both gold and silver at once, then this could be an excellent option for you. But there are other options. Please feel free to reach out to us with any questions. We're always glad to help!
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.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)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
The Best Precious Metals Ira 2022: Things to Remember
Precious Metals Ira, one of the most preferred investment options among investors, is one. This article will help you understand what makes this asset class so attractive and how to make wise decisions when investing in precious metals.
These assets' main appeal is their potential for long-term, sustainable growth. If we look at historical data, gold prices show incredible returns. Over the past 200 years, gold has increased from $20 per ounce to almost $1900 per ounce. In comparison, the S&P 500 Index only grew by around 50%.
Gold is also considered a haven during times of economic uncertainty. Stock market downturns cause people to sell their stocks and seek safety in gold. Gold is also seen as a hedge against inflation. Many economists believe that there will always be some degree of inflation. As such, physical gold is an excellent way to protect your savings and prevent future price increases.
But before buying any precious metal like silver, gold, platinum, or palladium, there are certain things to consider. First, consider whether you would prefer to invest in bullion or coins. Bullion bars can be bought in large quantities (like 100-ounces) and kept aside until required. Coins are smaller versions of bullion bars, which can then be used to buy small amounts of bullion.
You should also consider where your precious metals will be stored. Some countries are more safe than others. For example, you might consider storing precious metals overseas if your home country is the United States. You might also want to consider why you would store them in Switzerland if they aren't already.
Finally, you need to decide whether you want precious metals investments directly or through “precious Metals Exchange-Traded Funds” (ETFs). ETFs are financial instruments which track the performance and price movements of different commodities like gold. These can be used to gain exposure to precious metals, without the need to own them.
By: Eliman Dambell
Title: Unraveling the Weekend Gains of Bitcoin Cash and Tron
Sourced From: news.bitcoin.com/biggest-movers-bch-trx-snap-losing-streak-to-start-the-weekend/
Published Date: Sat, 07 Oct 2023 14:30:17 +0000