Litecoin continues with its bearish bias intact. The price continues to trend below $45.50. The technical picture provides for a bearish outlook in the near-term.
Litecoin Futures at ErisX
Charlie Lee had, in the past, expressed that “he wished there will be Litecoin Futures one day.” Things are unfolding his way. “ErisX, a CFTC-regulated Designated Contract Market, is attempting to launch LTC spot trading and a futures contract this year.
Fidelity and TD Ameritrade may also launch an LTC trading product by year’s end.”
Institutional members will be able to process the futures contracts using the already existing back-office workflows. However, for the process to move smoothly, the clearinghouse and exchanges should be supported by FIS services.
ErisX feels that their intermediary friendly vision is coming to fruition.
Thomas Chippas stated, “The start of testing at FIS signifies an important milestone for ErisX and necessary groundwork to prepare for the digital asset futures we plan to launch before the end of the year.”
Charlie Lee Does Not Speculate Price
Charlie Lee, in the past, stated that he would not like to speculate on the price as he was mostly wrong. When investors are watching the market keenly, expecting the prediction to show up, if they do not see the predicted rate, they are upset.
Lee has warned people not to spend all savings in cryptocurrency. He directs the investors to think of the situation, when “in case it drops 80 percent.”
Lee has been pro-regulation for quite a long time. He believes regulation is essential to bring down the volatility of cryptocurrency.
Sylvain Saurel, the entrepreneur, predicts the end of Litecoin (LTC) as he opines that the ideology will not last in time. He further states that Lee’s vision of delivering a fast and light version of Bitcoin will fail, despite his intentions to build a “Digital Silver.”
Saurel pulls out three arguments. The first argument being that someone is in charge of LTC, therefore, probable abuse of power.
The second argument is that Mr. Lee treats LTC as a copy of Bitcoin. Therefore, he states that LTC has all the vulnerabilities of Bitcoin. If any security breach should occur for Bitcoin, it will likely affect LTC. Diversification of both the coins will be affected. He also accuses Lee of selling all of his LTC.
In his third argument expresses, BTC does not need a company for its adoption as there will not be yet another market demand for a replica of BTC soon.