What caused the Litecoin price spike today?
Some crypto investors may be wondering why did Litecoin spike today? The reason Litecoin spiked is because there was a fake news press release stating that Walmart would begin accepting Litecoin as payment. However, it turned out to be a fake account that posted the news on GlobalNewsWire. Once the fake account posted it on there. Several other reputable sites including Reuters and Coindesk also spread the news.
Sometime after that the Official Litecoin Foundation Twitter tweeted the fake news before realizing the news was fake and deleted their tweet 10 minutes after posting it. This added credibility to the fake story which spread it even more.
But how did everyone get tricked into thinking the post was real? The person who made the fake post made an account on GlobalNewsWire and made the picture the same as the Walmart logo and they associated with a domain that was similar but not the real one. The fake domain was created only 1 month before the fake news story.
I think this is a good reminder to always check your sources when reading articles. You never know who the author is or what their intentions are. In this case many Litecoin users were hurt due to the price volatility. Hopefully the community can come together in support of Litecoin.