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Crypto Bulls are fighting Crypto Bears

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Crypto market is going through one of the worst times in recent years, since start of the year, market is in downtrend. Crypto bulls are now fighting crypto bears in order to overcome recent crash in prices of major crypto currencies.

Market Trading in a range 

Crypto market is currently trading in a range, all major crypto currencies like Bitcoin, Ethereum, Bitcoin cash, Ripple, Cardano and many others are trading in a particular price range and has been unable to break that range. Market started this year with a market cap of $600 Billion and reached as much as $800 Billion in first week of the year, but later on market started to crash, reached the market cap of as low as $450 billion, currently market cap stands at around $540 billion.

Bitcoin is the leading crypto currency in terms of market cap, with $190 billion in total market capitalization, Ethereum is at number 2 with $100 billion, followed by ripple at $50 billion.

Bulls are fighting bears 

There is no doubt about the fact that bears are in full control of the market, there has been situation of panic in recent days where negative news and sudden sell-offs are trending market downwards but there is still hope for crypto bulls, as in recent days all the attempts from bears to drag Bitcoin price below $10000 have failed as not even on a single day Bitcoin prices closed below the $10K mark, Bulls are buying into some cheap valuations as market selloff enabled buying from long term investors.

 

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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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