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- Detroit's Adoption of Cryptocurrency for Tax Payments
Detroit's Adoption of Cryptocurrency for Tax Payments
News on the Blockchain
November 08, 2024
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@newsontheblockchain, 08/11/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 761
Market Cap: $2.5T (↓ 1.34%)
24h Volume: $136.84B (↓ 37.95%)
Bitcoin Dominance: 59.9% (↑ 1.14%)
Ethereum Dominance: 14.0%
ETH Gas Price: 14.54 Gwei
Fear & Greed Index: 72/100 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $75,884.58 | +0.75% | $1.50T | $61.66B |
Ethereum (ETH) | $2,915.98 | +3.20% | $351.04B | $33.73B |
Tether (USDT) | $1.00 | +0.03% | $122.05B | $110.07B |
BNB (BNB) | $600.60 | -0.58% | $86.55B | $1.92B |
Solana (SOL) | $197.79 | +3.95% | $93.27B | $4.92B |
💹 Market Highlights:
Total DeFi Volume: $7.48B (5.46% of total volume)
Stablecoins Volume: $130.65B (95.48% of total volume)
Coin with Highest % Change: SXCH (+128.34%)
🔥Heat Map:
📈 Preview On Today’s News:
- Detroit's Adoption of Cryptocurrency for Tax Payments
- Kidnapping of Crypto CEO Highlights Ransomware Issues
- Market Reactions to Trump's Victory and Changpeng Zhao's Wealth Surge
Keep reading for more!
Today’s Important News:
1)
Detroit's Adoption of Cryptocurrency for Tax Payments
Detroit is set to become the largest city in the U.S. to accept cryptocurrency for tax and city fee payments, starting mid-2025. This initiative, managed by PayPal, aims to modernize payment systems and enhance accessibility for residents, especially those without traditional banking services. Additionally, the city encourages blockchain innovators to propose ideas for enhancing city services through blockchain technology, furthering its commitment to create a tech-friendly environment for both residents and entrepreneurs.
Key Initiative: Detroit will accept cryptocurrency for taxes and city fees via a PayPal-managed platform starting in mid-2025, promoting accessibility and modernizing payment systems.
Innovation Encouragement: The city invites blockchain innovators to pitch applications that could improve city services, fostering a technology-friendly atmosphere for residents and entrepreneurs.
2)
Kidnapping of Crypto CEO Highlights Ransomware Issues
In a concerning incident, Dean Skurka, the CEO of WonderFi, was kidnapped in downtown Toronto during rush hour, with a $1 million ransom paid electronically for his release. Following the abduction, which occurred near University Avenue and Richmond Street West, Skurka was found unharmed at Centennial Park, assuring clients that their funds and data remained secure. This incident underscores the growing problem of ransomware, which has reached record levels, with extortionists demanding over $1 billion in cryptocurrency payments in 2023 alone.
Dean Skurka, CEO of WonderFi, was kidnapped in Toronto and released after a $1 million ransom was paid, with no suspects identified yet.
The incident reflects the rising threat of ransomware, which saw a record $1 billion extorted in crypto payments in 2023, marking a 10% increase from the previous year.
3)
Market Reactions to Trump's Victory and Changpeng Zhao's Wealth Surge
The cryptocurrency market experienced significant volatility following Donald Trump's election victory on November 6, 2024, leading to a remarkable increase in Binance founder Changpeng Zhao's net worth by $12.1 billion in a single day. Despite recent legal challenges and his resignation as CEO, Zhao's wealth primarily comes from his holdings in Binance (BNB), benefiting from increased trading activity as investors responded to the anticipated regulatory changes and favorable economic policies. Meanwhile, the overall market reacted positively, with Bitcoin reaching all-time highs, driven by heightened investor optimism and speculation regarding the approval of alternative cryptocurrency ETFs.
Changpeng Zhao's Wealth Surge: Following Donald Trump's election victory, Zhao's net worth increased by $12.1 billion, largely due to his holdings in Binance amidst rising cryptocurrency market activity.
Market Volatility and Optimism: The stock and crypto markets experienced volatility post-election, with Bitcoin hitting all-time highs and optimism growing around regulatory changes and potential approval for alternative cryptocurrency ETFs.
