Breaking news: Walmart is partnering with Litecoin. While many crypto fans have speculated that more companies will jump on the Bitcoin bandwagon, Walmart is going for the digital silver, or does it?
In today’s article, we will debunk fake news that had a horrible impact on the market.
Walmart is not accepting Litecoin
Walmart is not common in Europe. When the company tried to establish a foothold in Europe, it lost the fight to its competitor Metro Group and had to ditch its plans for the European market. But in the US, Walmart is still the biggest player on the field.
Today many crypto media news outlets reported that Walmart would start accepting Litecoin. While the press release on certain platforms was very convincing, there were no such plans at the headquarters of Walmart.
E-commerce is indeed becoming more and more important to the company. Still, the biggest retailer in the US remains conservative on cryptocurrencies and has no plans to add payment options.
It is yet unknown who put out the fake source by announcing a global rollout on October 1st, introducing a “Pay with Litecoin” option.
Litecoin price is on a rollercoaster
At the time of writing, Litecoin is going wild. Within minutes the price jumped up 22%, leaving most of the market behind. While many other assets were facing a correction, Litecoin was able to make some nice gains.
But those gains didn’t last long. Within a short time, it became clear that Walmart will not add Litecoin to its e-commerce platforms. With the fake news debunked by CNBC, the price dropped back to the range it started earlier today.
While spot traders have the comfort of holding LTC in return, the situation is more desperate for derivate traders. Within 4 hours, almost 25 million US-Dollars of liquidations kicked in, which means that many investors deceived by the fake news most likely lost a lot of money because of it.
How can I protect myself?
The golden rule is to never FOMO, which means that a trader or investor should not blindly jump on every sharp price move. You don’t have to fact-check every tiny bit of news. But in case of big news like this, it is worth checking the press releases on the company’s homepage.
In this case, Walmart never made an official release, so no press release was shown on their company website. This should be a big red flag. Another option is to stay tuned with our news articles. We got you covered.