'Unstoppable momentum' in silver prices…Binance launches '50x leverage' futures contract
Summary
- Binance said it launched a silver-based perpetual futures contract offering up to 50x leverage.
- The launch was said to show that, following gold prices, silver prices are soaring, indicating investors' interest is expanding into precious metals.
- Bank of America analyzed that silver prices could rise more than threefold from current levels.
Global cryptocurrency exchange Binance launched a silver futures contract with up to 50x leverage on the 7th (local time).
Binance said it supports silver-based perpetual futures trading. The contract unit is 1 troy ounce and supports up to 50x leverage. A funding fee is charged every four hours for the trades.
CoinDesk said, "This launch came just weeks after Binance began supporting gold-based perpetual futures trading," adding, "it shows that cryptocurrency investors are expanding their investment scope into precious metals."
Binance launched silver-based perpetual futures following gold because precious metal prices have been soaring. Spot silver prices jumped nearly 150% just last year. Global investment bank Bank of America (BofA) recently analyzed that silver prices could rise more than threefold from current levels.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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