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UPDATE: Litecoin (LTC) Reverses Surge After Walmart Tweet is Deleted

UPDATE: Litecoin (LTC) Reverses Surge After Walmart Tweet is Deleted

Justin McQueen, Strategist

Cryptocurrency Analysis and News

  • Litecoin Spikes on Walmart Partnership
  • Litecoin Reverses After Original Tweet is Deleted

UPDATE**

Since publication, the original tweet (figure 1) from the verified Litecoin account has d been deleted, which in turn, is raising speculation that the report may in fact be fake news. As such, Litecoin is now reversing its initial gains. Going forward, it is likely that Walmart will make a comment and perhaps a follow up from Litecoin to clarify whether or not a partnership is indeed happening. For further updates on this, check the @DailyFXTeam handle on twitter.

Figure 1. Original Litecoin/Walmart Partnership Tweet

Source: Twitter

Litecoin Soars on Walmart Partnership

Litecoin has surged over 30% after Walmart announced a major partnership with cryptocurrency, allowing shoppers in all eCommerce stores to make payments using Litecoin (LTC) from October 1st. Keep in mind, that this is a company that has 10,500 stores and has approximately 220mln customers and hence the sizeable reaction in Litecoin. The move has also prompted a bid in the rest of the cryptocurrency space with both Bitcoin and Ethereum trading in positive territory for the session.

Litecoin Chart: Intra-day Time Frame

Source: IG

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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