The understanding that the Walmart and Litecoin cooperation, which was announced in the past days, was a lie, caused fluctuations in the crypto money markets. The market faced a fluctuation of $ 100-120 billion in about 25 minutes. Litecoin investors were the most affected by this situation.
Cryptocurrency markets recently experienced one of the biggest manipulation events in history. The popular press release platform GlobalNewswire served that Litecoin (LTC), one of the oldest cryptocurrencies in the industry, has made a great collaboration with Walmart. Allegedly, Walmart would start receiving payments with Litecoin as of October 1.
This news was very important because cryptocurrencies were finally becoming easily available in the real world. However, within minutes, it turned out that this situation did not reflect the truth. Litecoin management, which made a post on its Twitter account and announced the decision, after the press release in question made headlines, deleted this post. Walmart, on the other hand, made a statement on the subject and claimed that the information was not correct and that they did not prepare the press release themselves. What do you think happened in this process that lasted for approximately 25 minutes?
There was a fluctuation of around 120 billion dollars in the market
The collaboration between Walmart and Litecoin, which is said to have made, suddenly moved the markets. So much so that the markets fluctuated as much as $100-120 billion with the delivery of the news. In particular, Litecoin got its share from this wave. Litecoin, which rose from $ 175 to $ 233 in a short period of 17 minutes, then declined to $ 178. It is not even possible to estimate how much loss the novice investors who entered Litecoin from the top have lost.
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The incident did not only lead to loss of money on Litecoin. So much so that the total size of the crypto money markets jumped with the news. The total market size, which was 2 trillion 28 billion dollars before the news, reached 2 trillion 124 billion dollars with the news. The realization that the news was a lie reduced the total market size to 2 trillion 4 billion dollars. In this process, while some profited, others lost a large amount.