Il Litecoin was the protagonist of a sensational growth in just an hour and a subsequent retracement. The price of the token, in fact, has grown by 35%, settling at $ 237, and then collapsing to 179.
A trend which is certainly to be connected to a series of wrong news published by many media outlets. According to which Walmart would add an LTC payment option to its e-commerce sites. A real hoax, later denied by the company itself, but such as to create sensational movements on the markets. A quite controversial story and destined to arouse not a few controversies, not only on the information system, but also on cryptocurrency.
Litecoin: what happened in just one hour
To originate the sensational error of some media, including CNBC, Decrypt and Reuters, was a press release issued by the distribution service GlobeNewsWire. Which claimed that Walmart would decide to adopt Litecoin as a form of payment, considering it cheaper and faster than others and benefiting from the fact that it does not depend on a central authority.
But soon the distribution giant has specified that the press release is not authentic. The Walmart spokesperson's statement came only an hour away from the media's relaunch. Only one hour, however, which was enough for LTC to increase dramatically. To then retrace when the clarification arrived. In the situation that has arisen, it is foreseeable that, in the face of someone's earnings, there has been a bloodbath for those who have bought at high prices.
A fairly emblematic story
What happened at the offending hour is quite indicative of the real dangers posed by cryptocurrencies. Which are to be recognized not in the fact that they can be transformed into instruments of the criminal economy (already cash is, without anyone dreaming of asking for their suppression), or in the environment, but in the possibility that they turn into pure speculation. With the setting aside of their actual usefulness. That is with regard to payments and the possibility of creating new financial instruments capable of being more inclusive. In effect, giving the possibility to billions of people located in every corner of the globe to be able to manage their assets. What is currently impossible for the so-called unbanked, or those who do not find an audience in the traditional banking system.
Walmart is actually interested in digital cash payments
In this whole affair, the name of Walmart has very little to do with it. The offending press release, in fact, is not an emanation of the company. Which is though actually interested in cryptocurrency payments.
In August, for example, the company took steps to publish a job advertisement aimed at cryptographic experts. If the intention to introduce virtual money payments was not specified, it was quite logical to think that the underlying intent was just that.
It should not be forgotten that the company has already in the past resorted to blockchain in supply chain management, customer marketplace and smart home appliances. The fake press release had therefore been thought out in a very clever way, relying on the verisimilitude of the news. Precisely for this reason the media that relaunched it should have been better vigilant. Not having done so has in fact paved the way for one real bullfight on the markets. Luckily it lasted just an hour.