The Litecoin price (LTC/USD) has managed to recover from a poor start of the Wednesday session, thanks to a strong market rebound in the afternoon.
The digital currency enjoyed some positive price action on Tuesday, especially in the early afternoon the session, when it topped the $100 mark for the first time in four days. After hitting an intraday high of $100.82, however, the digital coin experienced a steep decline that erased nearly all of its earlier progress. Eventually, Litecoin finished the day at $98.84, only slightly higher than its opening price of $98.73
The cryptocurrency experienced another price drop during the early hours of today’s trading. The decline, which was triggered by news that South Korea’s leading crypto exchange had been hacked, sent the Litecoin price to the low $96 area. Having spent most of the session around the $96 mark, Litecoin has been able to bounce back and recover most of its early losses in more recent trading. The larger cryptocurrency market has seen a similar rebound.
In other LTC news, the UK-based cryptocurrency futures trading platform Crypto Facilities is set to launch a Litecoin derivative product later this week.
As reported by Coindesk, the UK firm today announced its plans to launch the service on Friday, adding that the decision was based on the "strong client demand" the company had been seeing.
"We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets," Crypto Facilities chief executive officer Timo Schlaefer said, as quoted by Coindesk.
The move comes just a few weeks after Crypto Facilities launched Ethereum futures on its platform. The company also offers Bitcoin (BTC) and Ripple (XRP) derivatives products
In today’s trading, the Litecoin price stood at $98.60, as of 15:00 BST. The digital currency has lost 1.25 of its value in the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.