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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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Weekly chart of Ethereum shows serious concerns

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World’s second biggest cryptocurrency, Ethereum showing no signs of recovery on the weekly chart as price is making lower highs and lowers lows.

2017 saw a boom in crypto market, leading cryptocurrencies like Bitcoin, Ethereum and XRP jumped more than 500% within a year.  Ethereum was one of the biggest gainers in the booming market. ETH jumped from $10 (15 Jan 2017) to $1380 (15 Jan 2018), a staggering boom which left everyone speechless, But

It’s always hard to maintain such growth for a longer period of time, and that’s what happened with Ethereum as well. The price reached a low of $85 in December 2018, more than 90% of correction in the price. Price did make a recovery in 2019 but still lagging way behind industry leader Bitcoin.

Price Chart 

Technical Analysis 

Let’s discuss the weekly chart of Ethereum which shows serious concerns about the price growth in future.

ETH on the weekly chart seems like a delight for short sellers, price has been making lower lows in recent weeks. The price dipped below the 50 period moving average last week and currently hovering around the crucial price level of $184, if price falls below $180, then it will open new doors for bears in the market.

RSI and Momentum 

RSI is currently below 50 level which shows that there is negative sentiment in the market. Current RSI level stands at around 42.6

Momentum is also an important indicator, which shows the trend in the market, a reading below 100 shows that bearish view is stronger. Current momentum level of Ethereum on the weekly chart stands at around 78.5, which is way below 100.

Overall, key indicators like Moving Average, RSI and Momentum shows that Ethereum on the weekly chart is a serious concern for buyers in the market as bearish outlook is getting stronger by the time.

 

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