Litecoin was hit with high volatility before falling back immediately after the price skyrocketed amid Walmart partnership rumors.
On Monday, the price of the cryptocurrency rose by more than 35% when rumors surfaced in the form of a press release announcing the retail giant’s partnership with the asset. Upon learning of this, the litecoin foundation and Walmart came forward with statements refuting the rumors and clarified that the news and press release were fake.
Within minutes, there was a big sell-off that caused the value of the LTC to drop to $US174, returning to levels roughly a day earlier. Data from Bybt reveals that the rapid pumping and casting resulted in the liquidation of both long and short positions by more than US$25 million. The cryptocurrency currently has a market capitalization of 14.