Ripple has been one of the best performing crypto currencies of 2017, started 2018 on a high now crashed more than 50% since Jan 4, after reaching an all-time high price of $3.8
Crypto market started 2018 on a very high note, on Jan 1st, total market cap of all crypto currencies was at around $600 billion which reached the level of as much as $800 billion 4rth Jan, best performing currencies of 2018 were TRON, Stellar,Ripple, NEO, Monero and many others. Most of these currencies saw their all-time highs during first week of 2018.
XRP crashed 50%
Ripple aka Banker’s coin (XRP) started this year with a bang and reached the level of $3.8 (all-time high) on 4rth Jan 2018, crossed $100 billion in market cap and became 2nd most valuable crypto currency in the world, but then the crash started and as of today XRP is trading at the level of $1.9 and crashed to as low as $1.5
Ripple’s hype got busted by Coinbase
On January 4, Coinbase announced that they are not listing ripple on their exchange, news came in as a negative signal for the market as most of the investors already priced in the listing of Ripple on Coinbase and its availability to US investors, crash started from that date then later on many hypes about the Currency got busted as people realized that Ripple is not as big a product as many investors expected at the start.
Coinbase rejection played a vital role in correction of crypto currency, later on Coinmarketcap announced that they are discounting prices from the Korean Market about crypto currencies because most of the times there are too much of difference between Korean markets and rest of the markets combined, making it more confusing for the investors to follow and analyse the rates, initiative from coin market cap spread more panic among investors as they push selling in the market.
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