Bitcoin price had a wild ride in previous 24 hours in one of the most volatile days in the history of world’s largest crypto currency.
Bitcoin started the day by breaching $10000 mark for the first time on major US exchanges and was hovering around the $10000 mark during the start of the London session, things picked up later before the start of US session where Bitcoin started inching towards the $11000 mark, just as the US session started, price started shattering records by reaching the level of $11441 at major bitcoin exchange Bitfinex, and then price started falling down as just as we started believing that Bitcoin price is stabilizing, Price dropped $1000 in just few minutes to $10400, there was some buying again towards the $11000 mark, and as price hit the $11000 level second time, Bears came into the market and price dropped below the $10000 mark very quickly, but it didn’t stopped there as price went to as low as $9000 on Bitfinex, making one day move of $2400 in Bitcoin, although price recovered a bit in late US session and went above the $10000 mark, but as we write, Bitcoin is now at $9900 fighting bears to stay above $10000
Bitcoin is a wild ride
There is no doubt about the fact that Bitcoin is a wild ride and you must be prepared for heavy movements towards upside or downside, retail traders need to take a little extra care because they trade within day and 20% move in a single day can thrash any portfolio.
If we look at Bitcoin prices going forward, Bitcoin is poised to have an upside trend in future, in fact this correction has been a healthy sign for bulls to keep their belief intact in Bitcoin, so an upside trend is there and things will move in upward direction in coming weeks.
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