Cryptocurrency update: Solana jumps 13.9%; Binance Coin slips 4.4%

Solana registered the highest gain of 13.92% for the second consecutive day among its peers and was trading at $113.96. The incline comes after the crypto moved two spots higher and became the eighth largest cryptocurrencies in the world yesterday, by pushing USD Coin and Polkadot to ninth and tenth positions respectively. Meanwhile, Binance Coin decreased by 4.40% to  $456.37 in the last 24 hours. The biggest and the oldest cryptocurrency Bitcoin slipped by 3.08% to $47, 039.55 levels, while the second-largest virtual token, Ethereum increased by 0.51%  to $3,220.00. Others like Dogecoin, XRP, Cardano and Plokadot were trading in red on August 31.

*All prices as of 31 August 2021, at 8:30 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 73.30

Cryptocurrencies will become worthless as they are a bubble: John Paulson

Despite being one of the hottest commodities in the market, cryptocurrencies have drawn sharp criticism from billionaire hedge fund manager John Paulson who called it a bubble and would prove to be worthless.

In an interview on Bloomberg TV, he said that the segment is too volatile by pointing out that Bitcoin went from $5,000 to $45,000 in a short period of time. Adding to that, there is no intrinsic value attached with cryptocurrencies except for a limited amount, he said.

Further, prices would go up only to the extent, where the demand is more than the limited supply, he adds.

In the last couple of years, cryptocurrencies have garnered a lot of interest, though they are yet to be considered as legal tender in any major economy.

Dallas Mavericks gives free e-gift cards to customers buying merchandise using cryptos

Free e-gift cards are being issued to those who purchase merchandise of the Dallas Mavericks basketball team using select cryptocurrencies, Business Insider reported.

In a move to promote cryptocurrencies, the National Basketball Association (NBA) team has dubbed the giveaway as Mavs Cryptomania. The team recently added Dogecoin to its list of accepted coins for payment of tickets and merchandise.

Mavericks owner Mark Cuban said the team had completed more than 20,000 transactions in Dogecoin after the announcement was made. The NBA team is now the largest merchant of the meme-based cryptocurrency. Fans can also buy lower level tickets with cryptocurrencies, he added.

Also, BitPay from Bitcoin, Ether, Bitcoin Cash, Doge and USD Coin is used by the team to process cryptocurrency purchases.