Bitcoin Cash and TRON gained significant momentum in the weekend market. Both these cryptocurrencies made an impressive comeback, ending their preceding losing streaks. The market's overall momentum aimed northwards, primarily as traders digested the latest nonfarm payrolls data from the U.S.
Bitcoin Cash (BCH): A Market Mover
Bitcoin Cash (BCH), a pivotal player in the cryptocurrency sector, announced its return to the 'green' zone over the weekend, successfully breaking its recent losing streak.
The BCH/USD pair experienced a sharp bounce from the recent low of $227.13 hit on Friday. By Saturday, the pair had escalated nearly 2%, touching the high of $234.82, starting off the weekend on a positive note.
This upward price drift represents the relentless efforts of the bulls to steer the token away from a recent support point sat at the $225.00 mark.
The upward momentum can be attributable to the bulls intent to purchase at the recent dip, primarily when the relative strength index (RSI) bumped into a support point of 56.00.
At the point of discussion, the price strength comfortably sits at 58.60, with a prospective resistance point set at 60.00.
Bulls need to convincingly break this point to push the Bitcoin Cash price beyond the anticipated $240.00 level, the next target zone for traders.
TRON (TRX): Breaking the Winless Streak
TRON (TRX) commenced the weekend with an affirmative sentiment, snapping the three-day winless streak as it bounced from a week-low level.
There was an early surge as the TRX/USD pair skyrocketed to $0.08818 during the day, signifying an incredible return from the previous day's low of $0.08558.
TRON's rally is indicative of traders' response to a breakout above a key support level at $0.08550, which mirrors Bitcoin Cash's behaviour.
Price strength witnessed an upward curve on Saturday, reclaiming a position above the 58.00 threshold, tracking at 58.45.
The next discernible resistance zone appears to nest at 61.00, with a long-term goal at a value of 68.00 also on the horizon.
If these points are overtaken in the following days, TRON might be sighted trading above the $0.09000 benchmark.
What do you think was the motive behind the weekend price rally of BCH and TRON? Feel free to share your thoughts in the comments!
Frequently Asked Questions
Can the government take your gold?
The government cannot take your gold because you own it. It's yours, and you earned it by working hard. It belongs to your. This rule could be broken by exceptions. You could lose your gold if convicted of fraud against a federal government agency. Your precious metals can also be lost if you owe tax to the IRS. 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 money should I put into my Roth IRA?
Roth IRAs are retirement accounts where you deposit your own money tax-free. You cannot withdraw funds from these accounts until you reach 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, your principal (the deposit amount originally made) is not transferable. This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you take out more than the initial contribution, you must pay tax.
The second rule is that you cannot withdraw your earnings without paying income taxes. When you withdraw, you will have to pay income tax. Let's assume that you contribute $5,000 each year to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. Because you can only withdraw what you have initially contributed, this is all you can take out.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. You can withdraw as much as you want from a traditional IRA.
Roth IRAs don't allow you deduct contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
Are gold investments a good idea for an IRA?
Any person looking to save money is well-served by gold. It's also a great way to diversify your portfolio. But gold is not all that it seems.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It's often referred to as “the world's oldest currency.”
But unlike paper currencies, which governments create, gold is mined out of the earth. It's hard to find and very rare, making it extremely valuable.
The supply and demand for gold determine the price of gold. The strength of the economy means people spend more, and so, there is less demand for gold. The value of gold rises as a consequence.
On the flipside, people may save cash rather than spend it when the economy slows. This increases the production of gold, which in turn drives down its value.
This is why gold investment makes sense for both individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
Your investments will also generate interest, which can help you increase your wealth. Plus, you won't lose money if the value of gold drops.
Is buying gold a good option for retirement planning?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
Physical bullion bar is the best way to invest in precious metals. There are other ways to invest gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. Owning gold stocks should work well if you need cash flow from your investment.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
How much should precious metals make up your portfolio?
This question can only be answered if we first know what precious metals are. Precious Metals are elements that have a very high relative value to other commodities. This makes them highly valuable for both investment and trading. Gold is currently the most widely traded precious metal.
There are also many other precious metals such as platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is also not affected by inflation and depression.
In general, all precious metals have a tendency to go up with the market. However, they may not always move in synchrony with each other. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors choose safe assets such Treasury Bonds over precious metals. They become less expensive and have a lower value because they are limited.
Diversifying across precious metals is a great way to maximize your investment returns. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Fraud Advisory: Precious Metals Fraud
By: Eliman Dambell
Title: A Weekend Surge: Bitcoin Cash and TRON's Noteworthy Rally
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