Introduction
In the past few weeks, leading stablecoins have witnessed a significant increase in market value. The total economy of these fiat-pegged tokens has grown from $123.66 billion to $129.14 billion, marking a substantial growth of nearly $6 billion. This growth comes after the stablecoin industry experienced a decline of tens of billions in the previous year. Notably, tokens like BUSD, USDP, and USDC have seen significant redemptions in the past 12 months.
The Expansion of the Stablecoin Market
Recent data reveals that from November 2 to November 24, 2023, spanning 22 days, the stablecoin market has expanded by $5.48 billion. In the last 24 hours, fiat-pegged cryptocurrencies achieved a trading volume of $50.74 billion, compared to the global total trading volume of $88.65 billion.
Stablecoin Swaps Take the Lead
Stablecoin swaps now constitute 57.23% of the overall trading volume worldwide. Tether (USDT) remains the leader in the market with a value of $88.59 billion, comprising 68.59% of the total $129.14 billion market capitalization. USDT also accounts for 5.93% of the entire $1.4 trillion crypto economy.
Market Cap Changes
Over the past 22 days, USDT's market cap has increased by 4.24%. Meanwhile, USD Coin (USDC) has experienced a modest growth of 0.81%, rising from $24.5 billion to the current value of $24.7 billion.
DAI's market value has risen significantly by 43.2%, while TrueUSD (TUSD) has seen a decrease in supply by 5.38% since November 2. On the other hand, BUSD has been on a decline throughout the year due to Paxos's decision to halt the minting of BUSD.
Changes in Market Cap
Twenty-two days ago, BUSD's market cap stood at $1.95 billion, but it has now fallen to $1.74 billion, reflecting a 10.76% drop. The newcomer First Digital USD (FDUSD) has witnessed a rise in market value from $590 million to $733 million, marking a 24.23% increase.
Tron's USDD experienced a slight decrease from $725 million to the current value of $719 million, a decline of 0.82%. Frax Dollar (FRAX) also saw a minor decrease of 0.44%, going from $671 million to $668 million in the same period.
Paxos, the issuer of Paypal's PYUSD, observed a 1.10% reduction in the supply of Pax Dollar (USDP) from $453 million to $448 million. The tenth-largest stablecoin by market value, Liquity USD (LUSD), experienced a drop in supply from $220 million to $205 million. The market capitalizations of Alchemix USD (ALUSD) and Paypal USD (PYUSD) remained relatively unchanged.
Share Your Thoughts
What are your thoughts on the recent growth in the stablecoin market? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What precious metals could you invest in to retire?
It is important to know what you have already saved and where money you are saving for retirement. Take a look at everything you own to determine how much you have left. This includes all savings accounts and stocks, bonds or mutual funds. It also should include certificates of Deposit (CDs), life insurance policies. Annuities, 401k plans, real-estate investments, and other assets like precious metals. Then add up all of these items to determine how much you have available for investment.
If you are between 59 and 59 1/2 years, you might consider opening a Roth IRA. A Roth IRA is not able to allow contributions to be deducted from your taxable earnings, but a traditional IRA can. However, you will not be able take tax deductions on future earnings.
If you decide to invest more, you will most likely need to open a second investment account. Begin with a regular brokerage.
How can I choose an IRA?
Understanding your account type is the first step in finding the right IRA for you. This includes whether you are looking for a traditional IRA or Roth IRA. Also, you should know how much money is available for investment.
Next, you need to determine which provider is best suited for your needs. Some providers offer both accounts and others only specialize in one.
Finally, you should consider the fees associated with each option. There may be annual maintenance fees, as well as other fees. Fees for each provider can vary widely. For example, some providers charge a monthly fee based on the number of shares you own. Others may only charge one quarter.
How much should precious metals be included in your portfolio?
The best way to avoid inflation is to invest in physical gold. Because precious metals are a long-term investment, you can not only buy in to the current value but also the future potential of these assets. The value of your investment increases with rising prices.
Any gains you make from investments that you hold onto for at least five year will be tax-free. If you decide to sell your investments after that period, you will be subject to capital gains tax. If you want to learn more about how to buy gold coins, visit our website.
Is it possible to take physical ownership of gold from my IRA
Many people wonder if they are allowed to possess physical gold within an IRA account. This is a fair question because there isn't any legal way to do 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'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. Two taxes will be charged: one to the IRS, one to the state you live in.
Of course, you can also lose your gold in your house and pay taxes twice. So why would you choose to keep it in your home?
You may argue that it is necessary to have the assurance that your gold safe in your home. But to protect yourself against theft, you should consider storing your gold somewhere more secure.
If you're planning on visiting frequently, it is best to keep your gold safe at home. Theft can easily take your gold when you're not home.
Better yet, store your gold inside an insured vault. Your gold will be safe from fire, flood and earthquake as well as robbery.
A vault can also be beneficial because you don't need to pay property tax. You will have to pay income taxes on any gains from the sale of your gold.
A IRA can be a great option if you want to avoid paying tax on your gold. You won't be subject to income tax if you earn interest from your gold with an IRA.
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.
The bottom line is that you can own gold in your IRA. The only thing holding you back is your fear of having it stolen.
How do you withdraw from an IRA that holds precious metals?
If you have a precious metal IRA account such as Goldco International Inc., it may be worth considering withdrawing your funds. When you sell your metals, the value of those funds will be higher than if it was kept in the account.
This article will help you understand how to withdraw funds from an IRA that holds precious metals.
First, find out whether your precious metal IRA provider allows withdrawals. This option is available from some companies, but not all.
The second step is to determine if selling your metals will allow you tax-deferred gain. Many IRA providers provide this benefit. But, not all IRA providers offer this benefit.
Third, you should check with the provider of your precious metal IRA to determine if there are fees for these steps. The withdrawal may cost extra.
Fourth, make sure you keep track for at least three consecutive years of the precious metal IRA investments after you have sold them. This means that you must wait until January 1st of each year to calculate capital gain on your investment portfolio. Next, fill out Form 8949 to determine the amount you gained.
In addition to filing Form8949, you must also notify the IRS about the sale or purchase of precious metals. This ensures you pay tax on any profits from your sales.
Finally, consult a trusted accountant or attorney before selling your precious metals. They can assist you in following the correct procedures and avoiding costly mistakes.
Statistics
- 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)
- Silver must be 99.9% pure • (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- 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)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
wsj.com
en.wikipedia.org
How To
IRA-Approved Precious Metals
IRA-approved precious metallics are great investments, whether you want to save for retirement and invest in your next venture. You have many options to diversify your portfolio, protect yourself against inflation, and from silver coins to gold bars, there are many.
Precious metal investments products can be purchased in two forms. Physical bullion products such bars or coins are considered to be physical assets, as they exist in tangible form. Exchange-traded funds (ETFs), on the other side, are financial instruments which track the price movements for an underlying asset like gold. ETFs trade like stocks on stock exchanges, which means investors can buy shares of them directly from the company issuing them.
There are many kinds of precious metals you can buy. Silver and gold are frequently used for ornaments and jewelry making, while palladium and platinum are more often associated with luxury items. Palladium has a tendency to retain its value longer than platinum making it an ideal choice for industrial uses. While silver can be used for industrial purposes, it is more commonly preferred for decorative purposes.
Due to the high cost of refining and mining raw materials, physical bullion products are more expensive. These products are generally safer and more secure than paper currencies. One example is that consumers could lose trust in the currency, and may look for other currencies if the U.S. Dollar loses its purchasing power. Physical bullion products on the other side do not depend upon trust between countries and companies. They are instead backed by central banks and governments, which gives customers security.
Gold prices fluctuate based on supply and demand. The price of gold will rise if there is more demand. Conversely, a decrease in supply can cause the price to fall. This dynamic creates opportunities for investors to profit from fluctuations in the price of gold. This fluctuation is good news for investors who own physical bullion items as they earn a higher return.
Contrary to traditional investments, precious metals can not be affected by economic recessions and interest rate changes. The price of gold is likely to continue rising as long the demand for it remains strong. Precious metals, which are safe havens for times of uncertainty, are therefore considered to be safe havens.
These precious metals are the most in demand:
- Gold – The oldest form of precious metal, gold is also known as “yellow” metal. While gold is a well-known element, it is very rare to find underground. Most of the gold reserves in the world are located in South Africa.
- Silver – Silver, which is second in value after gold, is silver. Silver can be mined from naturally occurring deposits, much like gold. However, silver is more commonly extracted from ore than from rock formations. Silver is widely used in both industry and commerce due to its durability, conductivity and resistance against tarnishing. The United States accounts for more than 98% global silver production.
- Platinum – Platinum is the third-most valuable precious metal. It can be used in many industrial applications, including fuel cells, catalysts, and high-end medical devices. You can also use platinum in dentistry to make dental crowns and bridges.
- Palladium: Palladium is the 4th most valuable precious metallic. Because of its strength, stability and popularity, Palladium is rapidly gaining in value among manufacturers. Palladium can also be used in electronics, military technology, and automobiles.
- Rhodium – Rhodium has been ranked fifth among precious metals. Rhodium is a rare metal, but it is highly sought-after because of its use as a catalyst for automobile engines.
- Ruthenium: Ruthenium is sixth most valuable precious metallic. While palladium and platinum are scarce, ruthenium has a large supply. It is used to make steel and engines for aircraft, as well chemical manufacturing.
- Iridium – Iridium ranks seventh in the list of most valuable precious metals. Iridium plays an important role in satellite technology. It is used to construct orbiting satellites that transmit television signals, telephone calls, and other communications.
- Osmium – Osmium, the eighth most precious precious metal, is also known as Osmium. Osmium has a high resistance to extreme temperatures, which is why it is used frequently in nuclear reactors. It is also used in cutting tools, jewelry, and medicine.
- Rhenium – Rhenium has been ranked as the ninth most valuable precious metallic. Rhenium is used in refining oil and gas, semiconductors, and rocketry.
- Iodine- Iodine ranks as the tenth most precious precious metal. Iodine is used in photography, radiography, and pharmaceuticals.
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