The particular cryptocurrency markets are rarely boring. Yesterday was a prime sort of an intriguing day right after news emerged that the web commerce giant Walmart has made a decision to enable its customers to create payments with Litecoin (LTC).
Naturally, the price of the electronic asset exploded by double-digits in minutes. In fact , the entire market did as bitcoin spiked $2, 000.
Everything seemed quite well until, moments later, a Walmart consultant denied the report, stating it was fake news. The particular volatile nature of the cryptocurrency space came to play once again, with LTC and the remaining tokens dumping even more strenuously.
The ever-creative community had been quick to react which includes humorous and compelling memes and tweets. Here are some of these.
Burj Khalifa and Litecoin
The aforementioned price developments required Litecoin from a low associated with $173 to a daily a lot of $238 (on Bitstamp). This particular 37% surge happened in under 15 minutes. Shortly after, LTC left back down to around $175 once again – in minutes.
Some traders tried to make use of the news, which would have been very significant for Litecoin if this was real, of course , plus opened long positions. However, they were caught in the incorrect place, resulting in millions of dollars within liquidations in LTC investing alone, according to Bybt.
Therefore, some popular digital resource commentators took it in order to Twitter to ask exactly what would happen to those who “bought the news” in a relatively ironic way:
Can Walmart at least offer jobs to the people who bought the news?
— Cred (@CryptoCred) September thirteen, 2021
Another popular cryptocurrency trader, going by the Tweets handle Emperor, showed an image of how a large group of people provides gathered in a store requesting refunds after getting rekt.
Others took a different technique by comparing the sharpened price increase and decrease using the tallest building in the world today : Burj Khalifa (828 meters).
Burj Khalifa / Litecoin. Source: TwitterWhile on the subject of charts, another one surfaced on social media that actually noticed the price candles as “L” – the first letter associated with Litecoin.
Litecoin. Source: TwitterThe Problem With Unverified Reports
On the more serious note, yesterday’s journals from some of the most well-known plus respected websites outlined an increasing problem – misinformation. GlobeNewswire – a press release submission service founded more than 2 decades ago – ran the storyplot first.
It was quickly found by media giants such as Reuters and CNBC, although there was no confirmation however. In fact , CNBC even accepted that they are uncertain of the story’s authenticity, as it had this particular in the report (before it had been edited out):
“It had not been immediately clear if the seo press releases was actually authentic. inch
GlobeNewswire later blamed the problem on a “fraudulent user accounts, ” which apparently released the illegitimate press release. In spite of claiming that this has never occurred before and that the group has now placed “enhanced authentication steps to prevent this remote incident from occurring later on, ” the crypto neighborhood didn’t pass by GlobeNewswire’s part.
GlobeNewswire Fun on Tweets. Featured Image Courtesy of Bing
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Tags: Litecoin Litecoin (LTC) Price
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Jordan had crypto in 2016 simply by trading and investing. Started writing about blockchain technology within 2017. He has managed many crypto-related projects and is interested in all things blockchain. Contact Michael jordan: LinkedIn