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Cryptocurrency exchange Binance recently announced the new addition to its option contracts.
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The exchange revealed plans to add Litecoin (LTC) options, presumably due to large demand.
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LTC contracts, like other option contracts on Binance, will have expiration dates ranging from 10 minutes to 1 day.
Cryptocurrency exchange Binance recently announced plans to start offering options contracts for Litecoin (LTC). The exchange revealed this in yesterday’s blog post, noting that they will go live today, Wednesday, November 25, at 07:00 UTC.
Litecoin options coming to Binance
Binance is an exchange known for its huge ecosystem, large user base, as well as a great selection of supported cryptocurrencies and other resources available for trading.
However, its users are constantly requesting to add more, so Binance said the main reason for adding Litecoin options is its response to user demand.
Of course, the stock market also noted that options are an important hedging tool, particularly useful when it comes to market ups. These are financial instruments that allow traders to buy or sell underlying assets at a predetermined price and to do so before or on a specific date.
Binance’s contracts have expiration dates that can range from 10 minutes to 24 hours, which is significantly shorter than traditional options can offer. However, they can still be performed at any time before the contract expiration time and date.
Now, when it comes to Litecoin options, this is the exchange’s sixth list of options contracts. The exchange’s announcement also noted that the new listings will be available on the latest version of the Binance mobile app.
The coin’s price currently stands at $ 88.12 – 2.82% lower than it was 24 hours ago. However, on a weekly basis, Litecoin still sees positive performance, as it has grown 20.64% over the past 7 days. The coin is currently the seventh largest cryptocurrency by market capitalization.
