Litecoin had a main character moment two days ago. credible publications such as Reuters, CNBC and Yahoo Finance made reports of a partnership between Litecoin and Walmart. As part of the collaboration, it was stated that Walmart was ready to accept Litecoin as payment.
How did the Litecoin Hoax Begin?
Following a fake press release from Walmart, the quick circulation of the news began to take place. All of a sudden, this extremely bullish news spread everywhere. Naturally, LTChad a spike in price, jumping from $178 to $235. However, the impact was so powerful that it caused a massive jump for Bitcoin to reach $47,000, an important resistance level from $44,600.
To make the situation worse, the official account of Litecoin on Twitter posted “Walmart Announces Major Partnership with Litecoin”.
This tweet has people angry since the spike has had many traders lost their investments. The Litecoin foundation released a statement about the news saying that the social media marketing team jumped the gun on the news. According to them, “the team members were a little bit too eager” to share the news.
https://twitter.com/LTCFoundation/status/1437484869664137221?s=20
When the Dust Settled
Thankfully, The Walmart team was quick to let the publications know about the fraudulent nature of the news (read the official press release here). Shortly after, the Litecoin foundation declared on Twitter that the news is false.
And Just like any other story, the falling action manifested in the charts. LTC price fell just as much as it had surged in a matter of hours. Bitcoin was no exception as it quickly fell down to below $45k.
The fake press release was put on GlobeNewswire and never appeared on Walmart’s official website.
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