- Tram Ho
At 8:30 p.m. last night, the cryptocurrency market was shocked with the news that the world’s leading retail group Walmart partnered with Litecoin (LTC) to use it as a means of payment for its supermarket chain.
This information was posted on the Twitter account @joshdcaplan with nearly 19,000 followers and it quickly pushed the price of this cryptocurrency up from approximately $180 to $240 in just a few minutes. Indeed, the above information has literally put this coin “a step forward”.
However, the joy was short-lived. Just about 20 minutes after the tweet was posted, Walmart officials contacted Reuters and completely denied the partnership and plan to use the cryptocurrency as a means of payment. They also claim that this information is just fake news, a trick often used to inflate the price of cryptocurrencies.
Not long after Walmart’s denial, the price of Litecoin fell back to the $175 mark, as it was before the above news.
Thus, within 30 minutes, the price of Litecoin went up and down by 30% – something that is almost only possible in the crypto market, which is still volatile as it is today.
Notably, this news not only led to fluctuations in the price of Litecoin but also many other major coins in the cryptocurrency market, including Bitcoin. At the same time as Litecoin fell back to its old price point, Bitcoin also plummeted below $44,000 before bouncing back up to $45,000.
Although there have been many times that made crypto fans happy, every time the news about a large organization using cryptocurrency as a means of payment, the whole community stirs up.
However, apart from the technical challenges, technology as well as the popularity of these cryptocurrencies with the community, another important factor that makes this unlikely to be true is the level of popularity. their price volatility. With the exception of some stablecoins with prices anchored around strong coins like USDT, BUSD, most of the remaining cryptocurrencies can fluctuate by tens of percent in just a few minutes, making usability using it as a payment instrument is not feasible.
Source : Genk