Bitcoin Skyrockets Past $47K, Surpasses Meta in Market Cap Amid ETF Speculation and Intense Trading

Bitcoin's Impressive Rally

On Monday, Bitcoin broke through the $47K mark, driven by increasing excitement surrounding the potential launch of a U.S. spot Bitcoin exchange-traded fund (ETF). The leading cryptocurrency started the day at $43,247 per unit and reached a peak of $47,281 by 2:10 p.m. Eastern Time (ET).

Bitcoin's Market Cap Surges

In the afternoon of Monday, Bitcoin's market cap experienced a significant surge, occurring around 2 p.m. ET. Bitcoin (BTC) saw an increase of over $3,600 from its daily low, with many analysts attributing this upward trend to the potential approval of multiple spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Current market data reveals that Bitcoin last touched this price range in December 2021, after dropping from its all-time high of $69K.

The market valuation of this digital currency skyrocketed to a precise $917 billion, surpassing Meta (formerly known as Facebook) in market size and solidifying its position as the ninth-largest asset by market valuation. The trading volume for BTC has also intensified, contributing $37.17 billion to the total daily trades of $144 billion. As of 3:10 p.m. ET, Bitcoin's market value stands at $46,922, which is approximately 32% lower than its all-time high of $69K achieved on November 10, 2021.

Impact on Short Trading Positions

This surge in price has resulted in the closure of numerous short trading positions. According to Coinglass's four-hour data, $73.62 million in BTC shorts were liquidated, with approximately $13.75 million occurring after surpassing the $47K mark. The increase in Bitcoin's price has also lifted other cryptocurrencies, elevating the overall crypto market economy to a value of $1.80 trillion. Bitcoin dominates this figure with a 50.8% market share, while Ethereum (ETH) holds a 15.6% stake in the combined market.

What are your thoughts on Bitcoin's value surge on Monday afternoon? Feel free to share your opinions and insights in the comments section below.

Frequently Asked Questions

Can I get physical ownership of gold in 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.

If you take a closer look at the law, there is nothing that can stop you from having gold in your IRA.

Most people don’t realize just how much they could save by putting your gold in an IRA, rather than keeping it at home.

It's very easy to dispose of gold coins, but much harder to make an IRA. If you decide to keep your gold in your own home, you'll pay taxes on it twice. The IRS will collect once and the state where your residence is located will collect the other.

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?

It might seem that you want the security of knowing your gold is safe inside your home. To protect yourself from theft, store your gold somewhere that is more secure.

If you plan on visiting often, you shouldn't leave your precious gold at home. If you leave your precious gold unattended thieves will easily steal it.

You can store your gold in an insurance vault. Then, your gold will be protected from fire, flood, earthquake, and robbery.

A vault can also be beneficial because you don't need to pay property tax. Instead, you'll have to pay income tax on any gains you make from selling your gold.

An IRA is a way to avoid paying taxes on gold. An IRA allows you to keep your gold free from income taxes, even though it earns interest.

You don't have to pay capital gains taxes on gold. This means that you can cash out the entire value of your investment at any time you like.

Because IRAs have federal regulation, it won't be difficult to transfer your gold to another bank if there is a move.

Bottom line: An IRA can allow you to own gold. Fear of theft is all that holds you back.

Is a gold IRA worth interest?

It all depends on how big your investment is. If you have $100,000, then yes. You will not be able to answer if your income is less than $100,000

The amount you deposit into an IRA will affect its potential to earn interest.

You should consider opening a regular brokerage account instead if you put in more than $100,000 per year for retirement savings.

There you will earn more interest, but also be exposed to higher risk investments. If the stock market crashes you don't wish to lose your entire investment.

A IRA will be more beneficial if you can only contribute $100,000 annually. At least, until the market begins to grow again.

Is it possible to make money with 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.

You shouldn't trade if you don't have the right information.

Find a broker that offers the best service to your account type.

There are many accounts available, including Roth IRAs and standard IRAs.

A rollover may be an option if you have other investments like stocks or bonds.

What proportion of your portfolio should you have in precious metals

Investing in physical gold is the best way to protect yourself from inflation. You can invest in precious metals to buy into their future value, and not just the current price. Your investment will increase in value as the prices rise.

You will be eligible for tax benefits if you keep your investments in place for at least five consecutive years. And if you sell them after this period, you will have to pay capital gains taxes. Visit our website to find out more about buying gold coins.

Is gold IRAs a good way to invest?

You should buy shares in companies that produce gold. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.

There are however two problems with owning shares directly.

The first is that you could lose money if your stock is held on for too long. Stocks will fall faster than the underlying asset (like a gold mine) when they drop. This could mean that you lose money rather than making it.

Second, waiting for the market to recover before selling your gold holdings could result in you missing out on 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 diversify your portfolio and protect against inflation.

Visit our website to find out more about investing in gold.

What is a Precious Metal IRA (IRA)?

Precious metals are an excellent investment for retirement accounts. They have been around since biblical times and continue to hold value today. It is a great way of diversifying your portfolio and protecting against inflation by investing in precious metals like gold, silver, or platinum.

Many countries also permit citizens to store money in foreign currencies. You can buy gold bars in Canada, and then keep them at the home. Then, you can buy gold bars in Canada and sell them for Canadian dollars when your family is home.

This is a quick and easy way of investing in precious metals. It's especially useful for anyone who lives outside North America.

What are the fees for an IRA that holds gold?

The average annual fee of an individual retirement account is $1,000. However, there are many different types of IRAs, such as traditional, Roth, SEP-IRAs, and SIMPLE IRAs. Each type has its own set requirements and rules. If you don't have tax-deferred investments, then earnings may need to be taxed. Also, consider how long the money will be kept. If you plan on holding onto your funds for longer, you'll likely save more money by opening a Traditional IRA rather than a Roth IRA.

A traditional IRA lets you contribute up to $5,500 each year ($6,500 if your age is 50+). A Roth IRA allows you to contribute unlimited amounts every year. The difference between them is simple: With a traditional IRA, you can withdraw the money after you retire without paying taxes. On the other hand, you'll owe taxes on any withdrawals made from a Roth IRA.


  • 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. (
  • The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (
  • 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. (
  • 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. (

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How To

How to Determine if a Gold IRA is Right for You

Individual Retirement account (IRA), is the most widely used type of retirement plan. IRAs are available through employers, banks, mutual funds, and financial planners. The IRS allows individuals to contribute up to $5,000 annually without tax consequences. This amount can be contributed to any IRA, regardless of your age. However, there are limits on how much money you can put into certain IRAs. You cannot contribute to a Roth IRA if you are under 59 1/2 years of age. Contributions must be made by those under 50 years old. Additional, employees who work for their employer might be eligible to receive matching contributions.

There are two types: Roth and Traditional IRAs. Traditional IRAs allow you to invest in stocks, bonds and other investments. A Roth IRA allows you to only invest in after-tax dollars. Roth IRA contributions can be made without tax, but they will still be subject to taxes if you withdraw from it. Some people may choose to use both. Each type has its advantages and disadvantages. There are pros and cons to each type of IRA. These are the three main things you need to remember:

Traditional IRA pros:

  • Each company has its own contribution options
  • Employer match possible
  • It is possible to save more than $5.000 per person
  • Gain tax-deferred until withdrawal
  • You may have income restrictions
  • The maximum annual contribution limit is $5.500 (or $6.500 if married filing jointly).
  • Minimum investment: $1,000
  • After age 70 1/2, you must begin taking mandatory distributions
  • For an IRA to be opened, you must have at least five-years-old
  • Cannot transfer assets between IRAs

Roth IRA Pros:

  • No taxes owed when contributing
  • Earnings increase tax-free
  • No minimum distribution required
  • Only stocks, bonds, mutual funds are available as investment options.
  • There is no maximum allowed contribution
  • There are no restrictions for transferring assets between IRAs
  • An IRA can only be opened by those 55 and older

It is important to understand that not all companies offer the exact same IRAs when opening a new IRA. Some companies offer the option of a Roth IRA, while others provide a choice between a Roth IRA and a traditional IRA. Others offer the possibility to combine them. It is also important to note that different types IRAs will have different requirements. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.

The Bottom Line

The key factor in choosing an IRA account is whether you wish to pay taxes now, or later. If you plan to retire in the next ten years, a traditional IRA might be the best choice. If you are not able to retire within ten years, a Roth IRA may work better for you. Either way, it's always a good idea to consult a professional about your retirement plans. Someone who understands the market will be able to recommend the best options.


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