Bitcoin along with the other cryptocurrencies today are currently down. There are many reasons for this. In fact, you can blame Japan’s tightened regulations as among the things that may have contributed to the drop. Litecoin has dropped to currently $76, it is the currency’s lowest in the past six months.
But there is still some reason to celebrate if you are holding Litecoin. Litecion has been listed on FXChoice. FXChoice is a trading platform that offers both CFD and Forex trading. Charlie Lee in an interview discussed Lightning Network, Bitcoin, and other pertinent topics. He mentioned that “What I’m most excited about is Lightning Network. Technically, Bitcoin has gotten stronger and stronger over the past few year. SegWit has activated, developers are working hard on getting Lightning Network which is the second layer solution for payments working on Bitcoin and Litecoin.
In addition to being included FXChoice, Litecoin Futures has also been launched by a UK-based crypto facility. This is the first ever LTCUSD futures. Launched by Crypto Facilities, the company mentioned that “LTCUSD futures launch has been a great success”. According to the tweet, they registered an estimated $15 million volume in just the first 12 hours. They also mentioned that they are using Segwit wallet and also use M-address for the deposits as well as Bech32 for the validation.
What this means is that Litecoin has now joined the likes of Bitcoin, Ripple, and Ethereum as among the other cryptocurrencies that also have crypto futures. Charlie Lee mentioned that “Litecoin futures will open up LTC trading to more institutional investors. This will add to the liquidity of Litecoin and make it easier for people to get in and out of Litecoin”.
These are contracts that make investors choose either going for long or short on Litecoin. This allows them to manage risks and also “express” their sentiments.
For the CEO of the company, Timo Schlafer, he said that “We are excited to be launching futures on Litecoin, one of the most widely traded cryptocurrencies. There has been strong client demand for this product and we believe our LTC-Dollar futures contracts will increase price transparency, liquidity, and efficiency in the cryptocurrency markets. As digital assets to continue to mature, we expect to see a greater number of institutional investors entering the marketplace”.
This is good news especially now that there are only a few other crypto futures available out there. In addition to this, there is growing adoption of Litecoin which makes Litecoin a great option for consumers.
Drastic Loss for Litecoin
This month alone, Litecoin has suffered significantly from losses. The cryptocurrency was valued at $125.43 on June 3, 2018. However, the cryptocurrency continued to decrease in value losing more than $40 in the process.
There are many reasons why Litecoin has lost a significant amount of value. From Japan’s strict regulations to the hacking incidences in the last two weeks, the cryptocurrency market has been losing billions-worth of dollars in the past weeks. But by looking at Litecoin, this can be considered a smart move on their part. Increasing adoption and increasing the number of platforms carrying the cryptocurrency can be a good way to ensure investors that Litecoin is doing its job.