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Binance Futures Introduce New Litecoin Derivative Product

Binance Futures Introduce New Litecoin Derivative Product

 

  • A new Litecoin derivative product has been disclosed by one of the biggest crypto platforms in the space, Binance.
  • The LTC protocol is showing different bullish signs that could set it up for even more bullish highs.

 

A new Litecoin derivative product has been disclosed by one of the biggest crypto platforms in the space, Binance. The LTC protocol is showing different bullish signs that could set it up for even more bullish highs.

Litecoin & Binance

Yesterday, Binance announced the news that they are getting ready to release Litecoin perpetual contracts which are set to be leveraged and join together against the worlds biggest stablecoin, Tether.

The announcement cites, “Binance Futures will launch its sixth perpetual contract, LTC/USDT.”

Such swaps are set to start trading today, at 08:00 AM (UTC) with traders being able to select leverage up to 75x with a minimum of 1x. 

The Binance’s CEO, Changpeng Zhao, has come out to say that with the leverage being high on the contracts, there are goals to reach the professional traders’ demand for these kinds of products.

Zhao added:

“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance… The performance of the Binance Futures systems far outstrips many other platforms in the market, giving users a smooth trading experience. The market has been demanding a product with superior stability and performance; now we are providing one.”

This bullish news helped Litecoin make some gains on the day. According to one analyst Willy Woo, the Litecoin difficulty ribbon is recovering after experiencing a big loss. 

“Litecoin Difficulty Ribbon now in recovery. Should set up a bullish breakout of the bearish channel.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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