September 16th, 2021
Analysis: This week, we saw mostly sideways movement from the top cryptocurrencies. Bitcoin Cash finished the week slightly down, while AAVE and LINK saw upward movement with weekly gains of 24% and 7%, respectively. We also saw Litecoin’s price shoot up by almost 30% after Walmart’s LTC adoption fake news, only to tumble back down to its regular levels shortly after.
If you are looking to buy or sell the market move, click below to access your account.
Earlier this year, rumours spread about Walmart’s cryptocurrency strategy when Bloomberg spotted a job posting for a “Digital Currency and Cryptocurrency Product Lead.” While Walmart didn’t provide an immediate response, prices of popular digital currencies greatly increased in value, leading many to wonder if this retail giant was exploring cryptocurrency as a form of payment.
Fast-forward to this past Monday, Globe New sWire, a press release distributor, published a story about the nation’s largest retailer accepting payment in Litecoin.
The announcement appeared so real that several other media platforms shared the story, including the Twitter account for the Litecoin Foundation.
The Result?The news was enough to send the price of Litecoin up nearly 30%, where it hit $225 USD. After prices increased, Walmart came back and stated that the press release was not true, sending the price spiraling down to $178. In response to the news, GlobeNewsWire was quick to issue a statement marking the user account that made the posting “fraudulent” and stating that “enhanced authentication steps” would be put in place to prevent events like this from occurring in the future.
The Lesson?
Fake News in the financial market has been an ongoing concern long before cryptocurrencies were around. These so-called pump-and-dump schemes are often started when someone is looking to make a profit by pumping up the price of a cryptocurrency or other financial instrument with a fake news release. Once the story gets momentum, other buyers are likely to purchase the asset, driving the price upwards. The same perpetrator could then sell off the asset at an overly inflated price for a profit.The battle against fake news affects many industries, but those interested in investing need to be extra diligent. As always, do your own research, and be extremely careful when making any investments in volatile assets such as cryptocurrency or stocks. Make a long-term plan, and stick to it.
MicroStrategy Doles Out $240M on Additional Bitcoin Purchase – CoinTelegraph
Tecnalia to Collaborate With Chainlink Labs on Research Around Oracles in Industries Beyond DeFi – Invezz
Major UK Hedge Fund Brevan Howard Launches Crypto Division – Investing.com
South Korea’s Registration Deadline For Crypto Exchanges Could Erase $2.6B in Assets- Yahoo Finance
Tom Brady And Gisele Bündchen to Star in $20 Million Campaign For Crypto Exchange – The Wall Street Journal
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We’ll be giving away one prize pack per week from now until the end of October!
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For traders, and investors looking to make large purchases of crypto, Bitbuy OTC is your one-stop shop.
Our team of account managers can help you build your entire crypto portfolio.
If you’re interested in other coins, please contact the OTC desk for consulting services.
Reach out to OTC@Bitbuy.ca to learn more!
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You may have personal crypto investments, but is your company considering getting into crypto?
Some of the world’s most successful companies have started to integrate cryptocurrency into their organizations.
As a leader in the Canadian digital asset space, we’ve provided some insight on what corporations need to consider when integrating cryptocurrency in their organization.
Check out our new article:
What To Consider: When Opening A Business Account With Bitbuy
Here at Bitbuy, we’re always looking for talented people to join the rocket ship!
If you know any qualified candidates, please encourage them to apply for the following job postings:
Customer Success Specialist
Intermediate Java Developer
Intermediate Mobile Developer
Senior Product Manager
Visit this link to see what positions we are actively recruiting.
