A very short-lived joy: what happened on Monday, September 13, is a perfect example of fake news. Based on a very ill-advised press release, the entire crypto market has exploded over an alleged partnership between Litecoin (LTC) and Walmart. However, the US supermarket giant was quick to deny this false information, which created a veritable bomb and dump in the cryptosphere.
A fake news about Litecoin (LTC) will have created strong reactions
In our modern age subject to the emotional and the “immediate”, hindsight and reflection are completely out of date and, sadly, take longer to reach the brain.
However, if there had been a minimum of analysis, we could quickly have told ourselves that the situation was too good to be true. Flashback: On Monday afternoon, GlobeNewswire’s press release site came out of nowhere with information that “Walmart announces a major partnership with Litecoin (LTC).”
Not one or two, the (false) news is picked up by many outlets, including the well-known Bloomberg and Reuters news networks. Even the US channel CNBC tweets the information on its official account, before urgently withdrawing it 48 minutes later.
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Walmart denies any relationship with Litecoin
Unfortunately, everyone who shared the information quickly had to back off, when Walmart issued a denial, denouncing this fake news:
“Walmart was the subject of a bogus press release, issued on Monday, September 13, which incorrectly stated that Walmart had announced a partnership with Litecoin (LTC). Walmart was not aware of the GlobeNewswire press release and it is incorrect. Walmart has no relationship with the Litecoin project. “
On the side of the official Litecoin Foundation Twitter account, there was a bit of a mess as the tweet celebrating the good news was quickly removed and replaced with one noting that the Litecoin project was not associated with Walmart.
A general little bomb and dump in the crypto market.
Obviously waiting for good news, to rebound like never before, the market prices of major cryptocurrencies briefly rebounded in concert with that of Litecoin. Until Bitcoin (BTC) which suddenly fell from 44,600 to almost $ 47,900, before returning to the same starting point.
Obviously, it is in the LTC course where the pump and dump are most impressive. As you can see below, the price of Litecoin surged from $ 175 to $ 238 in just a few minutes, a brief increase of more than 35%.
After the denial, the price fell very quickly, almost as low as before, stabilizing around $ 180 from, to the time of writing this article.
It’s a shame that such hoaxes tarnish the image and work of a long-standing crypto project, such as Litecoin, which Charlie Lee started in October 2011. However, alongside this unfortunate fake news, the project and its creator, for example , really helped in the creation of a new crypto fund in Australia.
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