LTC spikes on fake news that emerged recently that Walmart will accept the cryptocurrency as we can see more in our latest Litecoin news today.
The press released which appeared to be Walmart announcing a new option for its users that it will accept Litecoin payments, turned out to be fake. However, after the fake announcement, LTC spikes were seen on the price charts and its price increased by 34% until Walmart announced that the news was fake. The apparent pump and dump scheme started a month ago after the email domain included with teh press release was registered.
A Walmart spokesperson said that the press release was not authentic and that the LTC foundation fell for the fake news and even retweeted the announcement. The price therefore increased and hit $235 before sinking below $179.
As recently reported, LTC’s price had a rough week as it fell nearly 30% from its high of $333. The recent mining center blackout in China left most markets in the red these past few days. The intraday gains saw bulls recover losses incurred in the same week and the crypto analyst Altcoin Sherpa said that LTC could surge to a new all-time high of $420 given by the bullish outlook.
As it can be seen on the charts, the LTC/USD pair is gaining momentum and increases above the 100 SMA. The uncertainty is seemingly resolving with the price heading upwards as the bulls seek to strengthen their positions after bouncing off the $257. With the altcoins continuing to gain momentum, it seems that investing in them could yield more profits than expected. With the three-year wait for the altcoins to rally again, these still holding will either make a move to sell or gain more or ultimately, trade amongst the altcoins. Either way, we are waiting for a shift in volume and transactions across the networks to increase.
Also, The Litecoin creator said that the real-world art is not set at zero cost, unlike the NFT market. He said that with the amount of money, time and effort that artist put in one piece of art is an effective “Proof of Work” with many artists creating a few thousand art pieces in their entire life which it can bring more scarcity that helps the value high.
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