Mystery Whale Wallet Rockets to Top Bitcoin Ranks
This week, the crypto community has been closely following the progress of a prominent bitcoin whale address. In just two weeks, this address has climbed from the 492nd position to become the 72nd largest bitcoin holder. The whale has accumulated over 10,000 bitcoins during this time, which has sparked speculation about how exchange-traded funds (ETFs) like Blackrock may acquire bitcoin. Some speculate that the whales may be purchasing directly from miners.
Blockchain data reveals that the bitcoin wallet known as "bc1qc" has rapidly accumulated a significant number of bitcoins within a short timeframe. Discussions and posts about this address have flooded social media platforms, drawing attention to this new whale.
Initially discovered on October 31, 2023, the wallet made its first move by acquiring 109.81 BTC. Just ten days later, it further expanded its holdings by adding 736.69 BTC. By mid-November, the wallet had already secured its place among the top 500, ranking at 492nd.
Fast forward to the present day, and this bitcoin whale wallet now stands as the 72nd largest globally. On November 28, 2023, it added to its growing collection with two separate deposits of 163.67 BTC and 376.28 BTC. The wallet currently holds approximately 10,393.22 BTC, valued at around $397 million based on current exchange rates.
What adds to the intrigue is that this address remains unidentified on blockchain explorers like Arkham Intelligence and OXT, making the identity of the entity behind it a mystery. Nevertheless, it continues to be closely monitored. The emergence of this new whale aligns with the ongoing speculation surrounding miners selling their bitcoin to financial institutions rolling out spot bitcoin ETFs.
These institutions are expected to require substantial quantities of bitcoin (BTC) to generate sufficient interest in their funds. There is speculation that ETF managers may already be acquiring BTC from miners through over-the-counter (OTC) transactions, aiming to avoid impacting the spot market with such significant BTC acquisitions. As a result, whale wallets like "bc1qc" could appear unexpectedly.
What are your thoughts on this bitcoin whale address acquiring over 10,000 bitcoins in the past two weeks? Share your opinions in the comments section below.
Frequently Asked Questions
What proportion of your portfolio should you have in precious metals
Physical gold is the best investment to protect yourself against inflation. Because you are buying into the future value of precious metals and not the current price, when you invest in them, it is a way to protect yourself from inflation. So as prices rise, so does the value of your investment.
Tax benefits will accrue if your investments are kept for at most five years. And if you sell them after this period, you will have to pay capital gains taxes. Our website has more information about how to purchase gold coins.
Can you keep precious metals inside an IRA
The answer to this question depends on whether the IRA owner wants to diversify his holdings into gold and silver or keep them for safekeeping.
He has two options if he wishes to diversify. He could buy physical bars of gold and/or silver from a dealer or sell these items back to the dealer at the end of the year. Let's say he doesn’t want to sell back his precious metal investment. He could keep the precious metals as long as he wants to.
What are the pros & cons of a Gold IRA?
For those who don't have the ability to access traditional banking services but want to diversify their portfolios, a gold IRA can be a great investment option. It allows investors to invest in precious materials such as gold and silver without paying tax on gains until they are withdrawn.
There is a downside to this: if you withdraw your earnings early, you'll be subject to normal income tax. But because these funds are held outside of the country, there is little chance of them being seized by creditors when you default on your loan.
If you are looking to own gold without worrying about taxes, a golden IRA could be for you.
Is it a good idea to have an IRA that holds gold and silver?
This could be a good option for anyone looking to quickly invest in both silver or gold. But there are other options. You can contact us at any time with questions about these types investments. We're always happy to help!
Is it possible to make money with a gold IRA.
To make money from an investment you must first understand how it works and secondly what products are available.
If you don't know, you shouldn't start trading until you are sure you have enough information to trade successfully.
A broker should offer the best service for each account type.
There are many accounts available, including Roth IRAs and standard IRAs.
If you have other investments such as bonds or stocks, you might also consider a rollover.
What are the 3 types IRAs?
There are three types of IRAs. There are three types of IRAs: Roth, Traditional, and SEP. Each has its own advantages and disadvantages. Each type will be covered in detail below.
Traditional Individual Retirement Account (IRA)
A traditional IRA allows you to contribute pre-tax money to an account where you can defer taxes on contributions made now while earning interest. When you retire, your withdrawals are not subject to tax.
With a Roth IRA, you deposit after-tax dollars into an account, which means any earnings grow tax-free. You can also withdraw money from the account to retire your funds tax-free.
This is similar to a Roth IRA but requires additional contributions from employees. These extra contributions are subject to income tax but any earnings will grow tax-deferred again. When you leave the company the whole amount may be converted to a Roth IRA.
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- 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)
- 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)
How to buy gold for your Gold IRA
Precious metal can be used to refer to gold, silver or platinum as well as osmium and ruthenium. It can be any element naturally occurring between atomic numbers 7 and 110 (excluding the helium). This is valuable due to its beauty and rarity. Gold and silver are the most popular precious metals. Precious metals are used in jewelry, money, industrial goods and art objects.
Gold's price fluctuates each day due to supply/demand. As investors seek safety from unstable economies, there has been an increase in demand for precious metals in the last decade. This increased demand has caused prices to rise significantly. However, the increasing cost of production has made some people concerned about investing in precious metals.
Gold is a solid investment as it is both rare and long-lasting. Unlike many investments, gold never loses value. You can also sell or buy gold without paying any taxes. There are two ways to invest in gold. You have two options: you can buy gold bars and coins, or you can invest in futures contracts.
Instant liquidity is provided by physical gold coins and bars. They are easy for you to store and trade. 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 stored in vaults that are protected against theft and fire.
If you prefer owning shares of gold rather than holding actual gold, you should consider buying gold futures. Futures give you the opportunity to speculate about what might happen to gold's value. You can purchase gold futures to get exposure to the gold price, but not the actual commodity.
If I wanted to speculate about whether gold's price would rise or fall, I could buy a gold contract. My position at the expiration of the contract will be either “long-term” or “short-term.” A long contract means that I believe the price of gold will go higher, so I'm willing to give someone else money now in exchange for a promise that I'll get more money later when the contract ends. On the other hand, a short contract means that I think the price of gold will drop. I'm willing now to accept the money in exchange for the promise of making less later.
I'll be paid the amount of gold and interest specified in the contract when it expires. By doing this, I can get exposure to the market price for gold without actually owning it.
Precious metals are a great investment as they are hard to counterfeit. Precious metals can't be counterfeited like paper currency. However, new bills can be printed to make them look more authentic. Precious metals have remained stable over time because of this.
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