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Alts are pumping

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Cryptocurrencies

Altcoins are pumping like never before, having the best week in recent months. All major crypto currencies are in green, XRP leading the charge with whopping 100% gain within this week.

In 2018, Crypto market had one of the worst years ever as the brutal bear market affected everyone. Bear market started in January when crypto market’s total market cap dropped from $800 billion to $400 billion within one month and market never recovered from that.

This week is an exception, with all major crypto currencies are in green, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, Stellar and many other crypto currencies are up but the biggest story of the week is Ripple (XRP) , second biggest crypto currency in the market gained a whopping 100% in value in just one week, leaving every other major currency behind and reached number 2 spot in market cap, leaving behind Ethereum.

Bitcoin is actually the least performing one, with almost 10% gain for the week, but all other currencies are up by more than 30% on average and that has changed things for Bitcoin as far as its market dominance is concerned. Bitcoin’s market dominance dropped from 57% from start of the week to 52%

Ripple gained second position 

 

Today, XRP surpassed the market cap of Ethereum to be the number 2 crypto currency in the world according to coinmarketcap.com

At the time of writing, XRP is at number 2 but Ethereum giving a tough fight to XRP

XRP gained in value due to recent news from the company about their new product called xRapid

What is xRapid?

Latest bull run in the crypto market shows that this market could be down but definitely not out yet, although this bull run need to sustain a bit in order to regain market confidence and it seems like market is gaining positive momentum, next week would be crucial as this bull market will face challenge from the sellers.

The Bitcoin Phenomenon 

Just like old days in the past, Bitcoin is not moving much in this bull market of Alt coins, Bitcoin is on wait and watch mode. Buyers are waiting for the decisions from regulatory authorities about the future of Bitcoin ETF’s , if that happens then we can enter a real Bull market with strong fundamentals, till then we can say that the market is a bit fragile and after this short bull run, consolidation is needed.

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Crypto Roundup

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Is Toronto Next to Accept Bitcoin for Property Taxes?

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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”

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Morning Crypto Roundup

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  1. Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
  2. Bitcoin stays above $10,000
  3. Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
  4. After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
  5. According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share

 

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