UK Crypto Exchange to Launch Litecoin Futures
UK-based crypto futures exchange Crypto Facilities is launching Litecoin (LTC) derivatives contracts this Friday, according to a Coindesk report on Wednesday, June 20.
The new US dollar-named contracts will offer both long and short trading terms, with week by week, month to month and quarterly developments. Remarkably, the contracts will have Litecoin as their basic guarantee, unlike the effectively existing Bitcoin (BTC) futures contracts on such exchanges as CME and CBOE.
Crypto Facilities CEO Timo Schlaefer has said that the trading platform settled on its choice in light of “strong client demand”:
“We believe our LTC-dollar futures contracts will increase price transparency, liquidity, and efficiency in the cryptocurrency markets.”
The release of LTC futures comes a month after Crypto Facilities started offering Ethereum (ETH) futures contracts to investors, alongside its current crypto derivatives based on Ripple (XRP) and Bitcoin (BTC).
Earlier this month, CBOE Global Markets president Chris Concannon uncovered that Ethereum (ETH) futures could soon be offered on its platform after good news from a senior U.S. Securities and Exchange Commission (SEC) official recommended that Ethereum won’t be directed as a security under U.S. law.
Crypto futures contracts have pulled in a lot of discussion this month, with Fundstrat’s Tom Lee crediting Bitcoin’s terrible price shortcoming and critical instability to the timing of CBOE futurea contract expirations.
On June 13, a research paper released by scholastics at the University of Texas alleged that transaction patterns demonstrate that US-dollar back digital currency Tether (USDT) is being utilized “to provide price support and manipulate…prices,” misleadingly flattening the price of Bitcoin to maximize short term returns on future contracts.
However, further reports have surfaced for this present month proposing that the U.S. commodity Futures Trading Commission (CFTC) has been examining major U.S. crypto exchange as its very own investigation concerning possible price control on Bitcoin futures markets.
