Top Cryptocurrency News On September 1: Major Stories On Bitcoin, Crypto Bubble And NFTs

Top Cryptocurrency News On September 1: Major Stories On Bitcoin, Crypto Bubble And NFTs

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Billionaire John Paulson says cryptocurrencies are a bubble, will prove to be worthless

Cryptocurrencies, despite being considered among the market’s hot commodities, have drawn sharp criticism from billionaire hedge fund manager John Paulson who described it as a “bubble” that would prove to be “worthless”. Paulson, while speaking at an episode of ‘Bloomberg Wealth with David Rubenstein’ aired on August 30, said there is no intrinsic value attached with cryptocurrencies except for a “limited amount”. The segment is “too volatile”, he said, pointing out that Bitcoin went from US$5,000 to US$45,000 within a short period. Read it here.

Cryptocurrency prices today: Bitcoin, Ether lose momentum as virtual coin market remains volatile

Popular cryptocurrency prices lost momentum on Monday after rebounding throughout the weekend. At the moment, trends in the broader crypto market remain mixed as trading momentum remains weak.

Bitcoin, the world’s most popular cryptocurrency, fell marginally today after rebounding during the weekend. Bitcoin was trading at $47,958, up over 1.17 per cent from its price 24 hours ago at 1:35 pm.

The market capitalisation of the cryptocurrency remains above $900 billion. However, the trading volume has remained weak at $616 million. At the same time, volatility remains high.

Ether, which is the second-most popular cryptocurrency, has also fallen over the past 24 hours. It is trading at $3,179 or nearly per cent lower than its price a day ago.

Decoded | What’s driving demand for cryptocurrencies in India

The market capitalisation of Ether has also fallen to $372.59 billion. Like Bitcoin, the trading volumes for Ether have remained low in the past 24 hours.

Popular altcoins such as XRP, Cardano, Dogecoin, Stellar, Polkadot, Uniswap, Chainlink, Polygon and Litecoin also remained weaker than their valuation 24 hours ago.

Lower trading activity seems to be the main reason why the cryptocurrency market slightly lost momentum today. However, the momentum may rise today due to some positive developments including Cuba’s intention to regulate cryptocurrency use.

Cuba said it would authorise and regulate the use of cryptocurrency for “reasons of socioeconomic interest”.

Meanwhile, the first cryptocurrency ATM has been opened in Honduras as Bitcoin backers sought to spur demand for virtual assets after neighbouring El Salvador became the first country to establish Bitcoin as legal tender.

Here are the latest prices and trends of popular cryptocurrencies:

Cryptocurrency Price (US Dollar) 24-hour change Market cap (Billion) Volume (24 Hours) Bitcoin 47,895.15 -1.46% $900.48 $616.19 million Ether 3,183.89 -0.99% $373.08 $385.34 million Dogecoin 0.281625 -0.59% $36.87 $1.36 billion Litecoin 173.50 -3.67% $11.87 $2.02 billion XRP 1.14 -0.64% $113.71 $3 billion Cardano 2.82 -0.50% $91.31 $4.35 billion

DISCLAIMER: The cryptocurrency prices have been updated as of 11:50 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.

Cryptocurrency Adoption in El Salvador: Congress Backs $150 Million Fund to Facilitate Bitcoin Conversions

El Salvador’s Congress approved a law to create a $150 million (roughly Rs. 1,095 crores) fund to facilitate conversions from Bitcoin to US dollars ahead of its planned adoption of the cryptocurrency as legal tender next week.

With 64 votes in favour and 14 votes against, Congress approved the fund as El Salvador, which already uses the US dollar, prepares to officially adopt Bitcoin on September 7. Bitcoin price in India stood at Rs. 36.7 lakhs as of 11:30am IST on September 1.

The Central American country will be the first in the world to use the cryptocurrency as legal tender.

Money for the new fund will redirected from the finance ministry’s current budget and administered by the state development bank of El Salvador (BANDESAL), lawmakers said.

“The purpose of this law is to financially support the alternatives that the state provides, without prejudice to private initiatives, that allow the user to carry out the automatic and instantaneous convertibility of Bitcoin to the United States dollar,” a congressional document said.

At least 200 ATMs and 50 consulting centres from the government digital wallet app “Chivo” are being installed in different parts of the country where users can deposit and withdraw money without paying commissions, according to El Salvador President Nayib Bukele, who announced the initiative in June.

© Thomson Reuters 2021