Crypto market lost more than $10 billion in just 12 hours as the biggest cryptocurrency dropped more than 5% on 21 August. There’s a big fight going on between Bitcoin Bulls and Bitcoin Bears at $10,000 level.
Overall, 2019 has been a year of revival for the crypto market, market cap rose from $125 billion at the start of 2019 to $265 billion as of 21 August. Bitcoin has been the biggest gainer this year, while growth from other cryptocurrencies like Ethereum and XRP slowed down, Bitcoin gained the market cap from altcoins. Current market dominance of Bitcoin stands at around 69%, the highest level in more than 2 years.
The Importance of $10,000 Level
$10,000 is probably the most important price level for Bitcoin as far as price action is concerned. Many analysts believe that if Bitcoin stays above $10k, there is more potential for an upside move as market sentiments will change from Bullish to Bearish below $10K.
Hourly price chart of BTC/USD shows that the price is well below the 50-Period Simple Moving Average with negative MACD, both supports the bearish sentiment in the price. However, RSI reading on the hourly chart is below 30 which shows that the Bitcoin is oversold on the hourly chart and it can reverse the trend at any point of time.
The fight between Bulls and Bears is gaining strength as volume has started to pick up.
Strong Fundamentals for Bitcoin
Fundamentals for Bitcoin are getting stronger and stronger by the time, yesterday we reported that
Bitcoin reached an all-time high for hash rate, a whopping number of 82.5 TH/s.
Coinbase recently reported that they are getting $200-$400 million in crypto deposits every week and large part of that is Bitcoin. All these indicators are pointing towards a positive picture for the future of Bitcoin, which makes Bitcoin Bulls happy but in this market, nothing is 100%, bears will keep their pressure as well with market corrections.
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