Due To Fake News, Litecoin Crypto Price (LTC) Skyrocketed

JAKARTA – The cryptocurrency Litecoin (LTC) immediately skyrocketed quickly following rumors that retail giant Walmart was reportedly accepting payments with Litecoin crypto. But the news was rejected by Walmart, so the price of LTC immediately plummeted.

Launching DailyHodl, recently a number of media such as Reuters, CNBC, and Yahoo said that Walmart partnered with Litecoin so that LTC was used as a form of payment.

When the news circulated on Monday, September 13, Litecoin's crypto price skyrocketed from IDR 2,483,344 to IDR 3,354,984 before falling again to a price of IDR 2 million, according to data from CoinGecko.

Not long after, it was followed by news that Walmart through its spokesperson informed Reuters and CNBC by stating that there was no partnership as previously reported. In addition, the Litecoin Foundation also denied the rumors circulating firmly that the LTC said that the agreement with Walmart was never made.

When the rumors subsided, the LTC price fell again. LTC fell 3.8 percent in one day yesterday. However, on Tuesday 14 September, the price of LTC was only able to rise 3.5 percent in the last 24 hours.

Of course, a number of traders took advantage of this sudden price increase as did Cantering Clark trader via his Twitter account @CanteringClark. He managed to take advantage of the sudden volatility to take profit.

“Just paid for future kids college tuition, thanks Walmart!” Clark wrote in his tweet.

“I went from long and closed the bank, to short 221 and made a bank.

MEME MARKET WIN!”

News related to Litecoin and Walmart never appeared on the official Walmart website. Globe Newswire as a press release distribution service for a number of media has also removed the news. It seems that it is a pump and dump scheme carried out against LTC crypto.