Crypto Market Reaches $1.74 Trillion Valuation; Bitcoin Hits $45K Amid ETF Speculation
The cryptocurrency market has experienced a significant surge, reaching a valuation of $1.74 trillion in the past 24 hours. Bitcoin, the leading digital currency, has climbed above the $45K threshold, marking a 4.65% increase in comparison to the U.S. dollar. Additionally, global trading volume has seen a substantial 20% rise since Monday.
Bitcoin's Rise Fueled by ETF Approval Speculation and Pre-Halving Optimism
The recent surge in the crypto sector can be attributed to the anticipation of a potential approval for a spot bitcoin exchange-traded fund (ETF) this week. This news has sparked a 4.65% growth in the market over the past 24 hours. Bitcoin (BTC) reached a peak of $45,922 during the day, but has since settled around the $45,500 range. Other top cryptocurrencies have also witnessed gains, with solana (SOL) leading the pack with an increase of over 8%.
Bitcoin has experienced a 6.4% rise, while ethereum (ETH) has spiked 4% higher on Tuesday at 8 a.m. Eastern Time (ET). Bitcoin's market valuation currently dominates the market by 50.8%, while ether's market cap accounts for 16.5% of the $1.74 trillion crypto economy. The surge above the $45K range has resulted in approximately $84 million in short liquidations, according to coinglass.com statistics.
Short positions for ethereum have seen $25.96 million wiped out, and solana (SOL) shorts witnessed $10 million erased. In addition to these gains, sei (SEI), astar (ASTR), and ordi (ORDI) have recorded double-digit gains between 15% to 22% over the past day. These three cryptocurrencies have also seen an increase of 24% to 55% against the U.S. dollar in the past seven days.
Market Losers and Optimism for the Future
Despite the overall market rise, bitcoinsv (BSV), helium (HNT), and maker (MKR) have experienced losses between 2.8% to 6.3%. As the market eagerly awaits the potential approval of a spot bitcoin ETF in the United States, optimism continues to fuel the recent surge. Moreover, with bitcoin surpassing the $45K mark, the upcoming halving in April is expected to further boost its value. This event, along with regulatory and technological advancements, paints a bullish picture for the future of cryptocurrencies.
What are your thoughts on the recent market action in the crypto economy? Share your opinions and insights in the comments section below.
Frequently Asked Questions
Can you make money from a gold IRA
It is important to first understand the market in order to be able to invest and secondly to identify what products are currently available.
If you don’t know anything, it is best to wait until you have enough information so that you can trade effectively.
Also, you should find the broker that provides the best service possible for your account type.
There are many accounts available, including Roth IRAs and standard IRAs.
A rollover is also an option for those who already own stocks and bonds.
Are gold- and silver-IRAs a good idea.
This could be a great opportunity for those who want to easily invest in both gold or silver simultaneously. But there are other options. Contact us anytime if you have questions about these types investment options. We're always glad to help!
Are gold IRAs a good place to invest?
An investment in gold can be made by buying shares of companies that mine it. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.
Two drawbacks exist when you own shares directly.
If you hold on to your stock for too much time, you risk losing money. When stocks decline, they fall further than their underlying asset (like gold). This means that you might end up losing more money than you make.
You may also miss potential profits if the market recovers before you sell. Therefore, you might need patience and wait for the market recovery before making any profit from your gold investments.
However, if you want to separate your investments from your financial affairs, physical gold can still be a great investment option. A gold IRA can help you diversify your portfolio, and protect against inflation.
You can find out more information about gold investing on our website.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
- 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)
- 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)
External Links
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How To
How to buy silver with your IRA
How to purchase silver with your IRA – The best way of investing in silver and gold is to directly own physical bullion. Silver coins and bars are the most popular form of investment because they offer diversification, liquidity, and convenience.However, many prefer owning physical bullion over paper certificates or electronic currency.
There are several options for buying precious metals, such as silver and gold. You can either buy them directly from their producers like mining companies or refiners. If you don't want the hassle of dealing with a producer directly, you can purchase them from a dealer that buys and trades bullion products.
This article will tell you how to start investing with your IRA in silver.
- Investing Directly in Gold & Silver – This is the first way to get precious metals directly from their source. This involves getting the bullion and having it delivered to your doorstep. Some investors keep their bullion at home, while others store it in a secure storage unit. Protect your precious metal by storing it correctly. Many storage facilities offer insurance that covers theft, fire, and damage. However, even with insurance you could lose your investments due to natural catastrophes or human error. The safe storage of precious metals at a bank or credit card union is always recommended.
- Buy Precious Metals Online: If you don't want to carry around heavy boxes full of precious metals, there are other options. Bullion dealers sell bullion online in many forms, including coins or bars. Coins are available in a variety of sizes, shapes, designs, and colors. Coins are generally more convenient to carry than bars. Bars come in a variety of sizes and weights. Bars can weigh hundreds of lbs, while others weigh only a few ounces. A good rule of thumb when selecting which type of bar you should get is to look at what you plan to use it for. A smaller size bar might work well if you are giving it away as a present. On the other hand, if you want to add it to your collection and display it proudly, you might want to spend a little extra money and get something larger.
- Buying Precious metal from Dealers-A third option is buying bullion through a dealer. Most dealers have a specific area of expertise, usually in silver or gold. Some dealers specialize exclusively in certain types or bullion, like rounds or minted money. Others are more skilled in certain regions. Others are specialists in bulk purchases. Regardless of which dealer you choose, you'll likely find that they offer competitive prices and convenient payment methods.
- Purchase Precious Metals via Retirement Accounts – Although this is technically not an investment, it can be used as a way to increase exposure to precious materials. To qualify for tax benefits under Section 219 of the IRS Code, you must invest in precious metals through a qualified retirement account. These accounts include IRAs. These accounts can offer better returns than other investment options because they are specifically designed to help you save money for retirement. Most accounts allow you the ability to diversify between different metals. The drawback? Investments in retirement accounts aren't available to everyone. Only employees who have been sponsored by an employer can invest in retirement accounts.
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