Crypto Market just crossed the mark of $300 billion
Market Cap of crypto currencies is now worth more than entire assets of Bank of America
If crypto market was a company it would have been the 10th most valuable company of US
In recent bull rally of Crypto currencies, the market cap of crypto currencies just crossed the market of $300 billion overall valuation making it worth more than leading US bank, Bank of America, If crypto market was a company it would have been the 10th most valuable company of US.
According to Coin Market Cap, the market valuation of Crypto currencies is at $304 billion at the time of this article, and its due to recent bull rally in Bitcoin, Bitcoin which holds more than 50% of entire crypto market is now valued at around $160 billion.
US financial sector is now taking Crypto seriously
In recent days we have seen that many US financial institutions are now focusing on Crypto currencies, many US banks like Goldman Sachs, JPMorgan, Morgan Stanley along with others have spoken for support of Crypto currencies, but we have seen some criticism as well, but the main thing is that financial sector is adopting this technology, according to a report from CNBC earlier, there are more than 100 Hedge funds solely focusing in Crypto currencies in their portfolios, and now when Crypto market is Up more than 1300% this year, we can easily say that most of them are already in high profits with massive returns for their respective clients.
Crypto market has beaten Bank of America
Crypto market has beaten Bank of America in terms of Market Cap, Bank of America which was founded 1904, had history of more than 100 years and Crypto market has beaten that in just few years
Market cap of Bank of America: $277 Billion
Market Cap of Crypto currencies: $300 Billion
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