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Walmart & Litecoin – How easy to manipulate crypto market?

Popular strategic investor Warren Buffet said in an interview in 2018 that crypto has no value and he will not invest in any cryptocurrency. In 2020, also Buffett was stuck to his opinion on bitcoin and others. The rise of cryptocurrencies in crypto markets is abnormal in these three years. Well-known companies and new investors showed their interest in digital currency. But some people are still suspicious of the volatility of the crypto market. One can assess the reasons for the bearish stock market, it is not possible to assess the bear market in crypto stock exchanges.


The most popular digital currency bitcoin flew-up in April and saw the ground in May this year. In April it touched highest 64K and lowest 30K in May. Two back to back Chinese crackdowns on mining of bitcoin was the reason for its downfall. One fake press release from a popular media house created a huge uproar in the crypto market. Globe Newswire published a press release announcing a partnership between the world’s largest retailer and the moderately used cryptocurrency. PR stated that Walmart is going to start payments with Litecoin to its customers. Adding to the fuel to fire, several other media houses covered the story without trying to know the nitty-gritty of the news. That caused a sharp rise in Litecoin price in the crypto market.


But within an hour, Walmart denied the statement, erasing any gains the coin had achieved. Litecoin also confirmed later that the statement was false. America’s biggest retailer also said it would be investigating the fake press release announcing a partnership with Litecoin which was also said the hoax was being investigated. The damage has already been done within 60 minutes. Litecoin rises 30% up and falls down later after Walmart denied the news. This is the latest example of how to easily manipulate digital currency prices in the market. Litecoin's overall market capitalization is around $12 billion. Litecoin is the 16th biggest cryptocurrency in the world digital market cap. Litecoin said that the hoax was being investigated but little progress had been made. These incidents certainly not encouraged newcomers to look towards cryptocurrencies.

 
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