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Venture Capital Firm Owner Announced That He Will No Longer Invest In Crypto Projects

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The founder of Beijing-based venture capital firm named BitFund made his announcement public that he will no longer invest in blockchain projects or ICOs in the latest crypto news today.

The founder, Li Xiaolai, publicly announced:

 “From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”

There might be a few reasons why Li decided to move away from the crypto sector mostly because of the crackdown on ICOs by the Chinese government and also because of the rise in scams in the crypto space. A Chinese national TV released a documentary about the technology claiming that blockchain has the potential to surpass the success of the Internet.

However, just after the release of the documentary, the government of China tightened the ban saying that ICOs are considered as illegal fundraising tools.

The government stated:

 “Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes and fraud. The main features are as follows:

  1. Risk of illegal activities, unregulated overseas markets and inability to track or monitor transactions made in ICOs.

  2. Illegal operations like profit-generating pyramid schemes and creating Ponzi schemes by describing them as ‘financial innovations.’’

Li does still hold a huge amount of Bitcoin worth billions of dollars but more investors are turning away because the multi-billion investor Li left the crypto space as the major managing partner.

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New Altcoin Rally Could Be Triggered By Recent Price Breakout

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new altcoin rally
The coming altcoin news show that a new altcoin rally may be on its way, mostly because of the recent price breakout which put all eyes on Bitcoin. However, analysts believe that this could be a springboard for altcoins to follow. With the new rally which pushed the market to a total cap of $251 billion (and growing), we can see that things are stabilizing. While Bitcoin managed to add 10% to its price overnight, there was a new altcoin rally which made some coins shine even brighter than Bitcoin. One example is Bitcoin Cash (BCH), which ballooned by 16% to a new weekly high. One trading analyst was featured in the altcoin news frenzy on Twitter. Nik Patel, who is the author of the book "An Altcoin Trader's Handbook" explained that while Bitcoin went on to set new yearly highs, altcoins continued to set new yearly lows in their BTC ratios. Therefore, the total altcoin market cap increases which shows that a new altcoin rally might come soon. https://twitter.com/cointradernik/status/1128273060358971392 On top of this, Patel meant that the selling pressure is almost exhausted and that a new bull cycle could begin. If the bull market is realized based on previous history, a new altcoin rally could come soon and top more than 600% in surges this year. Another positive factor is the support that Patel got from his fellow Twitter crypto friends. DOnAlt, who is a prominent analyst, shares a similar outlook and expects altcoins to play catch up once Bitcoin's surge cools off. He was featured on many best cryptocurrency news sites for this statement. https://twitter.com/CryptoDonAlt/status/1127220150988693504 The likes of Litecoin are also important in this new altcoin rally - and helped spark off positive sentiment back into the market. Even though these coins have had their time, they announced the crypto spring in a great way. Speaking of which, Ethereum is in the latest cryptocurrency news for switching its consensus algorithm in an attempt to upgrade its capacity and potential. From this, there are a few extenuating circumstances which could guide us to a new altcoin rally just like the historical rally that is expected by many traders.
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Facebook’s Stablecoin To Compete With Credit Cards, Not With Cryptos

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Facebook’s stablecoin that we are expecting to be launched soon, will supposedly compete with major financial players such as PayPal and Credit Cards. The coming altcoin news will give you some more info on the subject. Crypto enthusiasts are wondering whether the social media giant will create a real crypto asset or just a version of PayPal or credit cards. Some are even wondering if Facebook is really getting into the crypto space or is it just moving into traditional fintech industry. All indications show that Facebook just wants to enter the fintech industry. This is not a bad thing but it won’t bring us some valid use. The company is also looking to launch a new venture in India which is not surprising since India is the home to a large population that has no bank account. They could eventually deliver user-friendly financial services and this will be a major improvement for Facebook’s stabelcoin use. However, Facebook’s stablecoin is not competing with cryptocurrencies. Initially, the social media company has nothing to do with Bitcoin or the concept of decentralized digital currencies. The entire concept of bitcoin is that there is no need for intermediaries or custodians. This way, users can have direct ownership of their assets without anyone interfering. What is also important to know, Facebook’s stablecoin will likely be controlled by the company which makes it extremely centralized. This principle crushes the one of decentralization and censorship which is what crypto is all about. Facebook will provide payment services for customers and by doing so there has to be a custodian for every payment that goes over the platform. Finally, unlike bitcoin, Facebook’s stablecoin could be manipulated by the management for their benefit. The company already proved to be a decision-making platform after the many bans, accounts blocked and having users’ funds frozen. This is another slap in the face since crypto users are the ones that decide what to do with their assets. As it was reported in the best cryptocurrency news sites, Facebook could manipulate its coin by re-allocating funds for undisclosed purposes. In addition, Facebook will control the coins as a custodian and can end up using them to back their own stablecoin.
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Litecoin Price Breakout Is Expected Soon: LTC Analysis

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The Litecoin price is in the coming altcoin news for a possible breakout soon, after interacting with its significant resistance levels from the descending triangle in which it is correcting from 4th of May. As soon as the interaction ended, LTC started moving downside and is right now trading at around $89, gaining more than 4% in the past 24 hours in the new bullish wave. Despite the greens in the Litecoin price, analysts believe that the altcoin will rise to a higher level and may even approach $100 soon. Aside from this optimistic prediction, we still need to account to the fact that a correction is likely in play as the new wave structure implies. So, a further downside move is definitely expected in the altcoin news - one which would bring the Litecoin price breakout to a new down before it pushes it to a decisive move to the upside. The fast momentum is what ensures that there are greens on the market. As the LTC analysis shows, there are three wave structures which push the price further to the upside. They all constituted a higher degree three wave correction in which case today's increase could be the beginning of the next move to the upside which is expected to push the price for a new breakout. The Litecoin price breakout is now still active but is expected to slow down before new increases. According to many best cryptocurrency news sites, this year Litecoin has enjoyed a winning streak - since August 2017 - which pushed it to new monthly highs after recording gains in each of the past four months. In January, the Litecoin price increased 3.8%, in February it gained 46.3%, March saw it rise by 31.15% and in April it increased by 22%. Right now, it is increasing as we speak but the gains since December are right now bigger than 250%. An expected 'halving' is also expected for the cryptocurrency which is the main reason for the Litecoin price breakout, according to many. For those of you who don't know, every four years, the reward that Litecoin miners receive for each block reduces by half. Last August, the reward decreased from 25 coins to 12.5 coins in the 'halving'.
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