September 30, 2022

Walmart Fueled Fake News Stirs a Pump and Dump Run in Litecoin

2 min read


< img width=" 300 "height ="157"src="" class="attachment-medium size-medium wp-post-image"alt="Grayscale-Litecoin-Trust"design="float: right; margin:0 0 10px 10px;"/ > A phony news release published on Intrado-owned GlobeNewswire about the possible combination of Litecoin(LTC)by American ecommerce and retail giant Walmart Inc as a payment alternative has sent bullish shockwaves into the price of the digital currency. The news has actually been confirmed to be incorrect by Walmart Spokesperson, Randy Hargrove. Hargrove verified that the merchant is in touch with GlobeNewswire to investigate how the news got released in the first place. The fake news had actually been gotten

by a number of traditional media and cryptocurrency publishing websites, and many, including GlobeNewswire, has actually pulled down the news considering that it was validated to be false. However, Litecoin had removed on an enormous lift following the news, soaring to its highest rate point of$233.06 in the past 3 months.

Litecoin Daily Chart. Source: CoinMarketCap

The Litecoin chart as seen above saw a massive shoot up around 2 pm when the news broke, and soaring to the peak prior to a broad sell-off greatly returned the cost back to its previous base around the $175 assistance level. Litecoin has actually not recuperated from the highly volatile cost action and is presently changing hands at a price of $180.46, down 1.86% in the previous 24 hours according to data from CoinMarketCap.

Impact of Multinational Firms on Crypto

While the Litecoin surge comes off as the biggest among the whole digital currencies that responded to the Walmart news, a couple of coins likewise showed increased motion, a trend that highlights the kind of effect big companies like Walmart can have on the crypto environment.

Reports of this nature are not uncommon in the digital currency environment. There have belonged reports that ecommerce giant Amazon was preparing to integrate Bitcoin as a payment option as reported by Coingape back in July.

The news at first increased a run in Bitcoin’s rate, stirring over $640 million worth of shorts positions to be liquidated. In spite of the news making significant headings at the time, the business denied any such strategies, a move that stirred the price of Bitcoin from tumbling by over 8%.

The news may have done more harm than great to Litecoin’s ambitious trip to beat its previous All-Time High (ATH) of $412.96, printed about 4 months back.

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