It’s been a boring day in the market but the Litecoin Walmart News worsen it. Bitcoin has been hovering over 44K since the early morning and while some are hoping for a dip to 42K some are hoping for a pump.
Later in the day, I was surfing with my phone and just got a pop up from a group that says BTC to 47K, when I checked, Bitcoin already had a long green candle ($46,800 at that time). I had to check what influenced this then I saw the news that Walmart is accepting Litecoin as payment. This was also Tweeted by the official Litecoin account.
The hype was crazy and everyone happened to be happy about the pump and some aped their stable dollars in the market. In no time I started seeing some accounts Tweeting that the news is fake… I couldn't believe it. And the chaos continued and after a while, the news was confirmed fake and Litecoin deleted their Tweet. The dip was crazier than it was before the pseudo pump.
Litecoin has damaged their reputation to an extent, I believe they cashed out on people. If this was tweeted by their official Twitter handle the story would have been different. Litecoin has no use case other than a direct fork of Bitcoin, Charlie Lee, this is bad of you mhen!
If Walmart has to accept anything it's to start with Bitcoin, we didn't think it right for accepting the news when it surfaced.
With time everything is going to settle down. I can remember similar rumors on Amazon accepting BTC as payment. After the news was confined fake, the market went down and started moving up after some hours.
Trade Safe!