Price of Ethereum classic gained as much as 50% overnight thanks to pump from South Korean exchanges
If you are thinking that Bitcoin is the only Crypto currency making headlines these days then you are mistaken, although gain in Bitcoin has been massive this year, but other crypto currencies are giving heavy competition to crypto market leader, one of them is Ethereum classic, price of Ethereum classic gained as much as 50% overnight on major South Korean exchanges, price of Ethereum classic currently stands at around $33 at the time this article is being written.
Impact of rise in Ethereum price?
Ethereum price has been on the rise since last week or so, Ethereum is inching closer and closer to the the $500 mark with its current market cap standing at around $46 billion mark, making it second biggest crypto currency in the world according to the data compiled by Coin market cap, While ethereum classic started on a high note with prices sky rocketed at launch, but later on saw a bit of downfall, but it has been evident in overall crypto market this year that whenever crypto market goes down, there is enough support from new investors to bring it back to high levels to make news all-time highs, same is the case with Ethereum classic as well, Its price is at all-time highs and looking forward to continue its trend in upward direction in future as well.
8th Biggest crypto currency by market cap
Ethereum classic has beaten NEO, Monero and IOTA to become 5th biggest crypto currency in the world, Its current market cap stands at around $3.2 billion, and with this pace it is looking forward to beat many in the future, so although its not as famous as Ethereum but its on its way to become one of the biggest crypto currencies around.
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