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Likely impacted by news that Robinhood is launching perpetual contracts in the U.S. via Bitstamp, LIT plunged over 14% in a short period.

1 days ago

According to HTX market data, Lighter (LIT) plunged over 14% in a short period, now trading at $3.89. Behind the move: Robinhood is integrating Bitstamp to offer cryptocurrency perpetual contracts to eligible U.S. users. Robinhood had previously partnered with Lighter for its on-chain perpetual contract operations, but when launching the U.S.-focused perpetual contract offering, it opted to integrate Bitstamp instead of continuing with Lighter. The market is interpreting this as Lighter failing to secure the primary order flow for Robinhood’s new perpetual contract business, prompting downward revisions to expectations for Lighter’s trading volume, fee revenue, and LIT buyback and burn scale, which in turn triggered a sell-off of LIT.

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