Litecoin Outlooks Launch Announces on UK Crypto Exchange
CoinDesk reported that Crypto Facilities, a UK-based cryptocurrency futures trading platform, announced to launch a Litecoin (LTC) derivative product.
In line with bitcoin (BTC) exchanges, the similar offerings such as for other altcoins have been narrowed. On Friday, the dollar-dominated outlooks will put the said cryptocurrency as their underlying will go live on Crypto Facilities platform.
These contracts will allow traders and investors to take long and short positions. Also, the maturity periods will be available on weekly, monthly, quarterly.
Bitcoin, Ethereum (ETH), ripple (XRP) and Litecoin are what the exchange currently supports in trading. Also, it provides up to 50 times available leverage for trading in bitcoin, Ethereum, and ripple.
A month ago, the Crypto Facilities added the Ethereum-based futures contracts. The cryptocurrency exchange expects to have a $150 million boost of its trading volume this year. Thus, it will constitute a trading volume of around 10%.
With Litecoin on the list, the exchange will offer a complete set of futures trading based on all supported currencies.
The launch of the said cryptocurrency is likely to provide a new market for both retail and institutional investors. They will now have a convenient way to arbitrage or to speculate on the price movements of Litecoin. This offering aims to further boost Litecoin’s liquidity.
Litecoin creator Charlie Lee believes that its futures will make it easier for people to get in and out of the said cryptocurrency.
Meanwhile, Crypto Facilities CEO Timo Schlaefer said that decision is a result of strong client demand.
“We believe our LTC-dollar futures contracts will increase price transparency, liquidity, and efficiency in the cryptocurrency markets,” he said.
With $5.48 billion market capitalizations, Litecoin placed 6th in the cryptocurrency list.
Bitcoin Fundamentals stay firm amid Bithumb Hack, according to Litecoin Founder
Litecoin Founder Charlie Lee told CNBC in an interview that the Bithumb hack doesn’t really change the Bitcoin fundamentals.
Considering the recent hack, Lee claimed that crypto exchanges right now are exploring and learning the ways to better protect customers’ funds. As per Lee, the process is improving, but still “there is a lot to improve.”
According to Lee, despite the drop by 60-70 percent over the past year, Bitcoin is still “going really well,” claiming that its network has become much stronger over the past few years.
Lee said that the current price of Bitcoin seems to be “disjointed from the actual development of Bitcoin.”
He suggests that the price will bounce back and “come back up fairly soon.”
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