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Crypto market found a bottom or another lower top in the making?

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Crypto market is making a comeback, after falling to its lowest level in months, it saw a jump in recent days as $40 billion were added in market cap last week.

But is it a strong rally? or just another dead cat bounce?

According to coinmarketcap, current market cap of crypto currencies stands at around $224 billion with BTC’s market dominance at around 52%

Best Performers (last week) 

Ripple (XRP): 110%

Ethereum: 25%

Stellar: 20%

Bitcoin: 5%

Bitcoin is actually the least performing one among all the other major crypto currencies and that’s why Bitcoin’s market dominance dropped from 57% to 52% within one week.

Technical Analysis

Weekly or monthly chart of overall crypto market looks scary as far as bulls are concern. Let’s have a look at some of the charts

Crypto market cap since start of 2018

Market started 2018 on a very good note and added $200 billion within first week itself to reach the level of $800 billion, but then the market crash started and each and every time market made a lower top and a lower bottom, in technical terms if an asset is making lower tops and lower bottoms then trend is down and will remain down until breakout happens.

Let’s take a look at Bitcoin’s chart

source (investing.com)

If you ask any technical analyst about this chart, he will tell you that you will not see any better down trends than this, lower tops and lower bottoms is the story here, although support of $6000 stood firmly all the way through but now as the time is passing by, it’s looking a bit weak as there is not much interest from institutional investors yet, making it more and more difficult for Bitcoin to sustain this support level. On the bull side, psychological level of $10000 is a massive barrier for Bitcoin to break, once broken, we can officially say that Bitcoin is back to bull market but there is more possibility for continuation of down trend, as Bitcoin is getting more and more close to that support level of $6000 panic is building among investors. Bears are still in control of the market and if $6000 is broken then the next support is at $4950 and if that support is broken then we may see bitcoin in $3000’s , so if we talk about risk-reward ratio then there is more risk in buying as compared to selling.

So, if we sum up all the discussion that we had, we can say that Crypto market haven’t seen a bottom yet and it’s just making lower tops and lower bottoms, so traders need to be cautious.

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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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