We always say that the crypto market is far from boring, as there is always a prominent event that revitalizes the atmosphere.

Yesterday is an example of this, as the stagnation of prices after the decline of Bitcoin caused a silent anticipation of the price movement, until news emerged that the giant e-commerce company “Walmart” decided to enable its customers to pay and pay using the digital currency Litecoin (LTC).

Of course, the price of the coin exploded by a double digit in a matter of minutes.

In fact, the news affected the entire market rally as Bitcoin rose by $2000.

Everything seemed fine until an official report emerged from a Wal-Mart representative denying the news and saying that it was fake and far from true.

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For the crypto market to return to where it was at the same speed and prove its advantage as being extremely volatile.

How did the crypto community react to this fake news?

Just as the crypto community is known for its quick reaction and excessive use of funny memes, which it wasn’t this time either.

Someone pointed out that the litecoin made the Burj Khalifa in a matter of minutes as the price of the coin rose from a low of $173 to a daily high of $238.

The 37% rise occurred in less than 15 minutes.

Soon, the price of LTC fell to around $175 again in minutes.

Litecoin Dollars Looks like the skyscraper Burj Khalifa in Dubai pic.twitter.com/tFScMW51i1

– 🧸🔫🐧 pent ◎ shi Wont DM You (@Pentosh1) September 13, 2021

Some traders tried to take advantage of the news, which would have been very important for Litecoin if it was real, and of course many traders, especially futures owners, opened many long positions.

But it all happened at the wrong time, resulting in millions being liquidated, according to Bybt.

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Can Walmart at least offer jobs to those who bought the news?

– Cred (CryptoCred) September 13, 2021

Another Twitter user taunted him that the cryptocurrency Litecoin was trying to write its name on the chart:

Fake news problem:

Fake news is a dilemma, especially in the financial markets. The fake news that Wal-Mart adopts Litecoin came from a well-known website “GlobeNewswire”, which provides a press release distribution service, and was founded more than two decades ago.

The news was quickly picked up by media giants such as Reuters and CNBC, although there was no official confirmation.

CNBC admitted that it was not sure of the authenticity of the news, as stated in the report (before it was edited).

GlobeNewswire later blamed a fraudulent user account, which apparently issued an incorrect press release.

Read:Bitcoin price reaches $45,000 for the first time since mid-May 2021

Despite claiming that this has not happened before and that the team has now put in place improved authentication steps to prevent this incident from happening in the future, it does happen again and again, whether from this platform or others.

In Arab Bitcoin, and being a news platform interested in digital currencies directed to the Arab crypto community, we usually do not seek the scoop, as much as we seek to ensure and investigate reliability even if this is at the expense of the speed of publication, which in many cases avoids publishing incorrect or confirmed news.

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