Bitcoin Prices Drop 0.60% Early Monday Morning, Above $48,000

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Bitcoin traded 0.60% lower Monday morning with a price above USD 48,000.

The price was around $48,204 per coin, while rivals Ethereum and Dogecoin traded around $3,203 (-0.21%) and 28 cents (+0.46%) per coin, respectively, according to Coindesk.

Hedge fund billionaire John Paulson, who made a fortune in 2008 shorting the housing bubble, said in an interview published Sunday that he believes cryptocurrencies will eventually go bankrupt.

PAULSON SAYS CRYPTOCURRENCES WILL BE ‘WORTHLESS’ ONLY

Paulson, 65, told Bloomberg Wealth with David Rubenstein that he would not recommend the investment to anyone. He said there is a cryptocurrency bubble that “will eventually turn out to be worthless”.

Bitcoin prices drop 2

Bitcoin traded 0.60% lower early Monday morning with a price above $48,000. (istock/iStock)

“I would describe them as a limited supply of nothing,” he said. “So to the extent that there is more demand than the limited supply, the price would rise. But as the demand falls, the price would fall. There is no intrinsic value to any of the cryptocurrencies except that there is a limited number. “

In other cryptocurrency news, Solana’s SOL token has emerged as one of the largest cryptocurrencies by market value, thanks to growing institutional interest and the boom in non-replaceable tokens (NFTs) and decentralized finance (DeFi), Coindesk reported.

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At $93, the token’s market cap stands at $26.86 billion, or the ninth largest in the crypto markets and ahead of polkadot’s $25.7 billion, per data source Messari. The price of the cryptocurrency hit an all-time high of $96 early Sunday and has more than doubled since August 15.

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