$200 Billion have been wiped off from Crypto market in the worst day of 2018 for crypto currencies.
2018 started with a bang for all crypto currencies except Bitcoin, currencies like Ethereum, Ripple, Cardano, TRON and many others saw their all-time highs in first week of 2018. Market cap reached as much as $800 billion, smashed past all the expectations.
But, today 16th January 2018 will be marked as one of the worst days for crypto currencies as market saw huge sell-off with prices are down 30% on average on all major crypto currencies.
$200 Billion sell-off
Market opened today at the market cap of $720 and at the time we are writing this article, total market cap of overall crypto market is standing at around $530 billion.
Prominent Losers of Crypto Market are
Bitcoin: – 20%
Bitcoin Cash: -25%
Cardano: – 30%
Bloodbath is an opportunity to Buy
For Crypto market, this bloodbath is not new, in 2017 we have seen many times that market went down 30% on at least 5 different occasions and one thing that we saw is market coming back again stronger with more upside movements in coming days.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share