- The price of the Litecoin cryptocurrency increased by more than 30% between 9:25 AM ET and 9:40 AM ET this morning. This is why it happened.
The price of the Litecoin cryptocurrency increased by more than 30% between 9:25 AM ET and 9:40 AM ET this morning. Basically, the spike in the price was driven by fake news.
A fake news release was distributed saying that Walmart would be adopting Litecoin. And the news release also featured a false comment from Walmart CEO Doug McMillon, which made it seem even more credible. On top of that, the Litecoin Twitter account temporarily shared the fake news release as well. Several major news publications published news about the deal, but ended up retracted their articles.
Analysts were quick to point out that the news release was not published on Walmart’s corporate website so the price of Litecoin quickly fell back down. Walmart also issued a denial.
During that period, the price of Litecoin went from about $175.42 at 9:25 AM ET to $230.64 at 9:40 AM before falling back down to $177.91 by 10:15 AM ET.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.