Litecoin’s Pump and Dump with Walmart
Litecoin is one of the oldest cryptocurrencies in the space and many investors have some of them in their portfolios. Last week, Reuters made a story in their news feed, that one of the largest retail companies in the US, Walmart will start to accept Litecoin as a medium of payment.
The story made the round at every major news site, making Litecoin’s price to skyrocket in just a few hours, from $175 to $240, creating profits on 40 % return in just 4 hours !!!
A few hours after that, Walmart made an announcement that the story was fake, and the price returned back to previous levels. This story showed us how easy the crypto market can be manipulated and no one should explain why this action happened.
In any case, those moves could be repeated in the future and investors should be ready and always check their sources…