Bitcoin approached $37,000, and Guggenheim Partners believes that it can grow to $600,000

Bitcoin has risen in price by $2,000 in 24 hours

The bitcoin price was approaching the $37,000 level. The price of the coin on the Binance crypto platform increased by $2,000 in a day. According to Coinmarketcap, BTC is up 15% and is worth $36,337 at the time of writing.

Together with the main crypto coin, all popular tokens demonstrate growth. The most significant of growth was shown by ETH and LTC, which rose in price by 12% and 14%, respectively.

“The index of greed and fear for bitcoin and the largest cryptocurrencies rose by several points over the course of a day to a value of 78, which corresponds to the “extreme greed” regime. Although this should mean an approaching correction, in the current market, such a reaction can happen with a significant delay, “ said the FxPro analyst team.

CIO of Guggenheim Partners: BTC may rise to $600,000

Scott Minerd, chief investment officer of Guggenheim Partners, believes that the main cryptocurrency can grow to $600,000. He also does not exclude the possibility of a significant correction in Bitcoin in the near future.

“If you consider the supply of bitcoin relative … to the supply of gold in the world, and what the total value of gold is, if bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per bitcoin,” the crypto enthusiast said.

Minerd still insists that institutional support is not strong enough to hold Bitcoin above its current level. According to him, the price of BTC has seriously accelerated, and he “won’t be surprised” to see a 50% correction.

“However, the cryptocurrency’s rapid rise in just weeks from $20’000 to $40,000 “smacks of short-term speculation,” Minerd said.

Binance launches its own payment service

Cryptocurrency exchange Binance has announced the launch of a beta version of its payment service. As Changpeng Zhao, CEO of the trading platform said, “payments are one of the most obvious use cases for cryptocurrencies.”

The Binance Pay service can be used by registered users. The mechanism for creating a personal account in the system provides for the need to go through KYC procedures.

According to company representatives, the beta version of the service supports its own cryptocurrency token BNB, BUSD, BTC, ETH, Euro, as well as Swipe (SXP). The maximum transfer amount is $10,000 or limited to 10 transactions within 24 hours.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store