Because of Hoaxes, Litecoin Crypto Asset Prices Soared by 25 Percent All


JAKARTA, KOMPAS.com – The price of the cryptocurrency litecoin shot up almost 25 percent on Monday (9/13/2021) trading yesterday.

Reporting from CNN, it turned out that the cause of the skyrocketing price of the cryptocurrency was hoax news that reported Walmart would start accepting Litecoin for online transactions.

The news was reported by a verified Litecoin Twitter account and in the form of a release with a quote from Walmart CEO Doug McMillon which turned out to be fake.

This is one of the reasons why investors believe the hoax news.

Also read: Walmart Turns 160 Parking Spaces Into Drive In Cinemas

On the other hand, previously Walmart had just opened a related job opening for cryptocurrency experts working at the company’s headquarters.

A Walmart spokesperson has also confirmed the news that the retail company received transactions with Litecoin as a hoax.

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Walmart does not accept Litecoin, and Litecoin has deleted the tweet regarding it.

One hour after the announcement of the confirmation of the hoax news, the price of Litecoin immediately dropped from 200 US dollars per chip to 178 US dollars per chip.

Until now, it is still unknown who spread the hoax news.

However, the news is believed to be a market trick to attract lower prices.

Also read: Cryptocurrencies Price in a Week, Something Soared 139.70 Percent

In a sense, there are those who buy Litecoin at a low price and want to sell it when the price starts to get expensive.

Globenewswire, the party that issued the release, immediately deleted the Litecoin-related release after it was confirmed by CNN.

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In addition, Globenewswire also asked investors and the media to ignore the news that Walmart accepted the Litecoin transaction.

A spokesman for Intrado, Globenewswire’s parent company, said in an email that a fake user account was found to issue the release.

The company has also increased authentication requirements and promised a full investigation into the leak.

Also read: There is a correction trend, the price of this crypto asset has actually skyrocketed by almost 30 percent

When observed more closely, there is indeed an awkwardness in the fake release circulating about Walmart.

One of them, the release uses a fake website, namely ‘walmart-corp.com’ as an email address for Walmart’s head of marketing.

Also, when used as a transaction, litecoin is an odd choice.

Although Litecoin is one of the oldest crypto assets on the market, it is not in the top 10 of the biggest crypto assets.

In addition, Litecoin is also not among the most actively traded cryptocurrencies on the market.

Also read: Acknowledge the existence of Bitcoin et al, Cuban Central Bank will regulate crypto assets

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