CryptoCurrency Watch – Update November 16, 2021

CryptoCurrency Watch – Update November 16, 2021

The crypto market continues to break records. Bitcoin and Ethereum have set all-time highs, as has the crypto market as a whole.

What else has happened throughout this crazy week in crypto? We’ll tell you below.

Bitcoin and Ethereum attain all-time highs…again

Less than a month after hitting all-time highs, Bitcoin and Ethereum are at it again. The two largest cryptocurrencies by market capitalization eclipsed their previous highs, recording prices above CAD $85,973 and CAD $6,024 respectively.

At one point, BTC rose as high as CAD $85,999, while ETH set a new record at CAD $6,074. These incredible moves within the market were part of a larger rally that saw the crypto market surge above CAD $3.7 trillion for the first time.

Of course, it’s difficult to tie price movement to certain events, but there are those within the market who believe Bitcoin and Ethereum will continue their upward trend during the weeks ahead.

Solana and Reddit Co-Founders Collaborating on Web3 Social Media Initiative

The co-founder of Reddit, Alexis Ohanian, and Solana Labs co-founder Raj Gokal, have teamed up to invest CAD $125.5 million toward decentralized social initiatives. Ohanian’s venture firm, Seven Seven Six, and Solana Ventures will both pony up a cool USD $50 million to fuel growth in the social crypto market.

Ohanian made the announcement in Lisbon, Portugal, at the Solana Breakpoint conference, with Gokal by his side to fuel the crowd. “Build the next Twitter, build the next Facebook, build the next Instagram,” the co-founder stated, spurring attendees into a frenzy.

The project will maintain a strong focus on the services available through Solana, however, Ohanian believes the future lies with cross-chain functionality. As a result, the collaboration between the two companies will consider all projects no matter what blockchain is in use.

However, the question that must be asked is ‘Can decentralization create an answer to today’s social media problems?’ Privacy and control are two concerns that need to be addressed in today’s online world. Will this be the catalyst that drives an innovative solution? We’ll have to wait and see.

Twitter jumps into the dApps marketplace

A new player has entered the decentralized apps space and it’s likely you’ve heard of them. Twitter announced a new team dedicated specifically to exploring and developing in the dApps space. The team – named Twitter Crypto – will have Tess Rinearson at the helm.

Rinearson stated on the platform that she is, “Thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchain, and other decentralized technologies.

Twitter Crypto will focus on decentralizing social media while providing content creators with an avenue to earn cryptocurrencies. Additionally, the team is expected to focus on the Web 3 space and all things that pertain to blockchain technology.

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New ROE (Record of Employment) submission process in QuickBooks Online Payroll

New ROE (Record of Employment) submission process in QuickBooks Online Payroll

The new ROE process in QuickBooks Online Payroll allows you to generate an ROE, download it as a .BLK file, and upload the file to Service Canada.

QuickBooks Payroll will guide you through ROE generation, ensuring the same level of validation as ROE Web. The benefit of having this process in QBP is that the product will help identify any issues in the form so you can correct before submitting. QuickBooks error identification is based on information provided by Service Canada.

If you wish to review and understand that information, Service Canada has a thorough block-by-block explanation of all ROE fields available here.

If an error is displayed while completing your ROE, you will need to close the ROE submission and go back into the product to fix the error. We have listed the necessary walkthroughs by ROE Block in order to guide you through error correction.

Block 4, 7 and 21

Update Business Information

Block 5

Update Federal Tax Information (CRA Payroll Number)

Block 6, 8, 9 and 10

Update Employee Details

Note: Block 6 edits can have significant impacts on Block 15C; it is advised that changes to Block 6 are discussed with your accountant.

Block 11 and 12

Update Last Day Worked and Final Pay:

To update these blocks, click Cancel at the bottom-left to exit the Review ROE screen. Navigate to the Employment section under the terminated employee’s profile and make the necessary updates.

Visit this link for instructions on each block.

Block 15 A, B and C

Review and Update Insurable Earnings

Block 16

Update employee details

Note: The first and last name, area code, and phone number must all be present. The first name must be 20 characters or less and the last name must be 28 characters or less.

Block 17 and 19

Update Other Payments (Separation Pay/Sick Leave/Paternity Leave, etc.)

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