Litecoin Surges 30% In One Hour Following News Of Walmart Partnership
September 13 2021 - 10:07AM
NEWSBTC
Litecoin has recorded massive price movement in the past hour. The
coin started to rally after Reuters had reported that retail giant
Walmart would begin accepting the cryptocurrency as payment for
purchases. The news broke on Monday with a press release that
stated Walmart had partnered with Litecoin to allows customers to
make payments with LTC. The news triggered a price surge that saw
the price of Litecoin grow 30% in a single hour, breaking a
three-month high of $237. Before the news broke, Litecoin has been
trading in the mid-$170s at $175. News of the Walmart partnership
over $60 in one hour to put it this current high. With a customer
base that Walmart possesses, it is no surprise that the news
triggered such a reaction from the market. Related Reading
| U.K. Post Office Now Allows Users Purchase Bitcoin Through
Its App Fake Press Release? The press release from Reuters has been
shared widely as the news broke throughout the industry. Major
crypto media outlets had reported on the news, with the official
Twitter account of Litecoin also tweeting a link to the move. The
press release from Reuters had featured a quote, seemingly from
Walmart’s CEO Doug McMillon, which read; “Starting October 1st, all
eCommerce stores will have implemented a ‘Pay with Litecoin
Option’. Related Reading | Led By Litecoin, Mid-Cap Altcoins
Bleed With Bitcoin In a move that has so far triggered a cascade of
deleted tweets and stories, the news of the Litecoin-Walmart
partnership has now been debunked. Apparently, the legit-looking
press release from Reuters had been a fake press release. The
sources which reported on this news have since backtracked.
Litecoin’s official Twitter handle deleted the link to the news
report. Community members have now moved forward to call this a
cheap pump and dump scheme. The coin has dumped with confirmations
of the Walmart partnership being fake, with the price returning
back to previous levels before the 30% price surge. Litecoin Price
Movements Litecoin has so far lost all of its gained value from the
pump caused by the Walmart news. As of the time of writing, the
coin had lost over $60 in a downwards correction, landing back in
the mid-$170s that it was trading at before the news broke. The
charts show a sharp upward and downward movement in the space of
one hour. LTC price pumps and dumps with Walmart news | Source:
LTCUSD on TradingView.com For a brief moment, the digital asset
looked ready to test the $140 resistance point which it had not
been able to break since peaking in May. The hour following the 30%
price surge has seen Litecoin struggling to hold on to some of the
momenta it had gained with the move. Currently trading at around
$180, the digital asset is none the worse for wear following the
debacle. Regardless of whether the news is fake or not, the asset
has benefitted from the increased interest in it. Social media
platforms like Twitter and Reddit are abuzz with the [fake] news of
the integration with Walmart. The current publicity will no doubt
have some positive effect on the price of the asset. Featured image
from CMC Markets, chart from TradingView.com
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024