Litecoin receives another boost as Binance announces LTC/USDT perpetual contracts

Binance has been on an announcement spree for the last few days. It recently announced the launch of XRP/USDT Futures Contracts, along with its extension of perpetual swaps for five major cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, XRP, and EOS. On 8 January, Binance added another major crypto to its list of perpetual contracts – LTC/USDT.

Binance’s announcement read,

“#Binance Futures Will Launch LTC/USDT Perpetual Contract With Up to 75x Leverage”

The perpetual contracts will begin trading from 9 January and users will be able to select between 1-75x leverage. Litecoin, like its golden counterpart Bitcoin, has been noting upward spikes in its price since the new year began. LTC has surged by almost 12% over 6 days, its price climbing from $41.97 to $46.94. At press time, a large green candlestick had made its way into the LTC market, carrying its price to $47.51.

According to noted on-chain analyst, Willy Woo, Litecoin’s difficulty ribbon is undergoing recovery mode, a development that may pave the way for a bullish breakout for the digital asset. According to the analyst, LTC’s breakout may contribute to a positive impact in the BTC market.

Source: Twitter

Apart from LTC nearing a bullish breakout, the coin also faced its largest miner capitulation over the past few months.

Meanwhile, Binance is adding support for various fiat currencies, along with crypto. Earlier today, the world’s largest crypto-exchange by market cap announced a collaboration with Stang Corporation, one of the oldest digital asset exchanges in Thailand, in order to open a Thai Baht [THB] fiat channel. It also collaborated with Australia’s Banxa, a global fiat on-ramp solution, to support Australian Dollar [AUD]. According to a statement by Binance CEO Changpeng Zhao aka CZ, Binance plans on adding support for all 180 fiat currencies in 2020. He added,

“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto.”