LITECOIN FOUNDER CHARLIE LEE SELLS OFF HIS LITECOIN – Claims Conflict of Interest Reason For Selling

Litecoin : ME9r2fzb3qy6tg2D9y1MG4hcb8zbRsMgSN
Bitcoin: 3AnvbLNDVA2K8HhJRLG2S5hj7b3tMGzbbN
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https://www.reddit.com/r/litecoin/comments/7kzw6q/litecoin_price_tweets_and_conflict_of_interest/

LITECOIN FOUNDER CHARLIE LEE SELLS OFF HIS LITECOIN – Claims Conflict of Interest Reason For Selling

The creator of one of the largest alternative cryptocurrencies has exited his entire stake in the digital currency, citing a “conflict of interest.”

Charlie Lee announced in a Reddit post on Wednesday that he had “sold and donated” all of his litecoin holdings over recent days. He said the move was motivated by criticism from people that he was trying to influence the price of litecoin with his tweets.

Lee wrote: “Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence.”

Lee, a former Google and Coinbase employee, created litecoin in 2011 as a quicker and cheaper alternative to bitcoin. As of Wednesday morning, it is the fifth largest cryptocurrency with a market capitalization of over $17 billion, according to CoinMarketCap.com.

“Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success,” Lee said in his Reddit post.

Lee didn’t disclose how many litecoins he had sold at what price but said his actions had not affected the price of the asset.

Litecoin is down over 6% against the dollar at 10.00 a.m. GMT (5.00 a.m. ET) on Wednesday morning. However, the cryptocurrency was already falling prior to Lee’s announcement and his post does not appear to have affected the price. Lee said he will remain committed to the Litecoin project and cryptocurrencies more generally.

“I’m not quitting Litecoin,” he wrote on Reddit. “I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.” Bitcoin is increasingly looking topped-out as excitement fades over the recent launch of the first futures products to focus on the cryptocurrency.

As per CoinDesk’s Bitcoin Price Index, the cryptocurrency was last seen trading at $17,000, down from the record high of $19,783 set on Dec. 17. Overall, bitcoin has depreciated by 4 percent in the last 24 hours, according to data source CoinMarketCap, but it’s perhaps the movement behind that figure that’s most notable.

Bitcoin’s 24-hour trading volume has jumped above $19 billion – its highest since Dec. 8. The high volume sell-off indicates strong hands are at play and price weakness could extend over the coming weekend.

Apparently driving the price drop is the rotation of money out of bitcoin (BTC) and into alternatives such as bitcoin cash (BCH) – as shown by the massive gains in the BCH/BTC pair in the run-up to Coinbase’s decision to list the cryptocurrency on its exchange platform. Litecoin Bitcoin Cyrptocurrency currency “Trade Bitcoin” “Buy Bitcoin” “sell bitcoin” Ethereum Trade Trading Price “Bitcoin Futures” “Stock Market” Investment invest “Invest in Bitcoin” “Alt Coins” “bitcoin Mining” “Cloud Mining” Mining usd gbp euro 2018 2019 future wealth wealthy success gold silver asset crypto “bitcoin wallet” “bull market” “bear market” assets tech technology “next generation” savings banking “savings account” “bank account” The question now is, how low can bitcoin go? Coinbase fears its own workers may have exploited its move into Bitcoin Cash – a spin-off of the original Bitcoin.

The San Francisco-based firm announced the move after Bitcoin Cash’s price jumped.

Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily suspended trade.

The company’s chief executive intervened after several market watchers posted allegations of illegal activity on social media sites.

Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends or to trade in the digital asset themselves. BTC seems to have topped out near $20,000 for the short-term. Banking giant Morgan Stanley has estimated that hedge funds invested a massive $2 billion in cryptocurrencies this year.

According to Business Insider, the figure was released in a note entitled “Bitcoin Decoded” sent by Morgan Stanley to its clients this week.

The investment bank further detailed that more than 100 crypto-related hedge funds have sprung up over the past six years, however 84 of the funds launched in 2017.

LITECOIN FOUNDER CHARLIE LEE SELLS OFF HIS LITECOIN – Claims Conflict of Interest Reason For Selling

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