Earlier today, official Litecoin twitter account, @Litecoin tweeted about Walmart, world’s biggest grocer has partnered with LTC Foundation and has started accepting LTC as one of its payment methods. Litecoin pumped as much as 30 percent within minutes and many reputable cryptocurrency websites posted about it.
This came out to be fake news with Litecoin deleting this tweet. Later on, after nearly one hour, @Litecoin tweeted that this news was fake. This left a really bad taste among all cryptocurrency investors, with many leverage traders liquidated who opened massive high leveraged positions on LTC.
WALMART SAYS IT DOESN’T HAVE A PARTNERSHIP WITH LITECOIN – Bbg
Bitcoin also briefly pumped from 44,400 to $48600 in just few minutes.
This morning @CNBC was duped into helping orchestrate a pump-and-dump in #Litecoin, which also lifted #Bitcoin, by promoting a false headline that Walmart had partnered with Litecoin to accept #crypto currency payments. CNBC’s crypto bias helped the fraudsters pull off this scam.
Walmart official spokesperson has confirmed that they have not entered partnership with Litecoin Foundation or any other cryptocurrency. It is clearly a trap to manipulate prices to dump of buyers. This is also called exit liquidity in technical analysis. This is why it is important to verify the news before putting your hard earned money into any coin.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.