The cryptocurrency market is very volatile. So much so that, let’s be honest, it is sometimes difficult to understand why the price of a crypto is exploding! On Monday, September 13, 2021, the price of Litecoin exploded with more than 30%. But the reason for this increase has indeed been identified …
The fake news that propelled the price of Litecoin!
Fake news! These two words unfortunately sum up perfectly what has happened on the Litecoin front in the past 24 hours. Let’s develop a little more.
Monday, September 13, 2021, a press release appearing to come directly from the Walmart company is out. The announcement said that the famous supermarket chain in the United States would partner with the Litecoin crypto project. The underlying idea was therefore to say that very soon Wallmart supermarkets could accept Litecoin payments. The press release featured Doug McMillon, the CEO of Wallmart as well as Charlie Lee, the creator of Litecoin. All that is more normal at this stage! Additionally, at the same time, an official Litecoin Twitter account picked up on this press release.
It did not take more for social networks and traditional media to seize the crypto scoop! Thus, Reuters, Bloomberg and CNBC all relayed this information. The problem is that this ad was fake news ! How do we know? The email in the “wallmart-corp.com” press release is a fake and was just created a month ago.
Faced with the media coverage, the Wallmart company has since published a denial, confirming that the press release shared on Monday was not “genuine”. Since then, the official Twitter account of the Litecoin in question has also deleted the press release. More fear than harm ?
Litecoin price: 152 €, + 3% over the last 24 hours!
Whether we have fun or regret it, this fake news has helped to boost the price of the crypto Litecoin. Just after the so-called press release, the price of Litecoin went from € 150 to € 195, which is almost 30% increase in less than 30 minutes !
Since the denunciation of the fake news, the price of Litecoin has returned to its previous price. At the time of writing this article, Litecoin is priced at € 152. Although the victim of fake news, the Litecoin crypto remains part of the serious and interesting cryptos to follow. Over the last 24 hours, its course is more than 3% increase. A guarantee of seriousness, the Litecon crypto is ranked 15th in terms of capitalization with more than 10 billion euros.