Litecoin Prices Shuddered from Fake News

News

Trust-based cryptocurrency is now plagued by fraud and lies. When a celebrity catches a hold, the market price sneezes.LTC shared the same experience.

On Monday, EST September 13, a phony press release was published by GlobeNewswire.com that the Walmart would accept Litecoin as payment. Several mainstream media outlets including Reuters, Bloomberg, and CNBC published stories about it,sending Litecoin skyrockets to U.S $236 with a 37% gain. Several minutes later, GlobeNewswire quickly deleted the news and Walmart spokesman Randy Hargrove confirmed that the press release is not authentic. Litecoin gave back an over 30% gain and tumbles below U.S $180.The impact is not limited. According to Bithome data, BTC liquidated 216 million US dollars and LTC saw a liquidation of 21,652,700 US dollars within 24 hours. People who suffered from liquidation exceeded 100,000.

Crypto market is rife with fraud news and information as the amount of crypto media is small and restricted to Coindesk, NewsBTC etc.

“This has never happened before and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future,” said Intado, GlobeNewswire spokesperson.

In addition, FTC Data shows that consumers have reported losing more than 419 million U.S.dollars to cryptocurrency investment scams while the first quarter of 2021 reports 14,079 crypto scam with the loss as high as 215 million U.S dollars

US investment fraud in the first quarter of 2007–2021/data source: US Federal Trade Commission (FTC)

According to research from Motley Fool, In 2020, cryptocurrency became the most common payment method used in investment scams and fraud.Previously, wire transfer was the most frequently used method of payment. But the ease of moving money with cryptocurrency and the increasing popularity of crypto as an investment tool have made it a prime target for scams.

Unsurprisingly, this incident will further catalyze the regulatory measures on cryptocurrencies. A full regulation may be only a matter of time.In a Senate hearing held on September 14, Genles states that SEC will work together with other regulatory institutions in the U.S to step up protect for investors on cryptocurrency supply, sale, transaction, crypto trading and lending platform, stablecoins as well as crypto asset custody.

Technical Analysis

Gold

Gold presents a weaker tendency in general with slow momentum for growth without bullish news. In our former article, we advised a short term high throw bargain — hunting operation. Now the price rebounds slightly after slump.Investors can sell spot or open short selling position when gold rallies near blue line above. Besides, it may be proper to stop loss when gold price breaks above the upper red resistance line with the first limit stop target around 7150 and second target at the neighbouring lower red support.

IM

The tendency of IM keeps in conformity with our last prediction that it now bottoms at 682.5 near our pre-set 680.Investors who have not stop limit can stop limit at first. As there is a support below with many resistance above, it is not recommended to make long buying. We still needs to observe whether it may fall further. It will be an opportunity to sell short if the price breaks below the red support line.

Crude Oil

Crude oil has shown slow growth in later period and has come to our pre-set limit stop point for long positions near 74. Increasing supply and spreading pandemic will undoubtedly reduce oil consumption while increase its inventory, which may serve as bearish news in short term.Besides, resistance position is now above the current point.We therefore can make short orders prior to 75–76, stop limit near 70 and stop loss when the price breaks the high point of 77.84 ahead.

BTC

I’ve reminded that investors should not buy BTC at the bottom and that it would be safer to make entries after BTC corrects back again in the last analysis. Now our prediction turns out to be true.BTC rebounds to 47,000 and may have slight retracement in short period.If the price does not plunge below 46,520 in the daily chart, investors can attempt to make long buying, stop loss below 46,130 and stop limit at 49,000.

ETH

Much similar with BTC, ETH has released the risk of the second correction.Its recent tendency signals a larger possibility for volatility. As for ETH operation, it is recommended to sell short near the middle line of price channel, stop limit around 3,200 and stop loss when the price breaks above the middle line.If the further price breaks below the lower support line,investors who have stopped limit can open long position and stop loss when it breaks below

LTC

LTC tumbles after the price spike over 30%. The overall trend is relatively regular aside from K line when judging from the 4 hour trend line. It is more appropriate to have high throw bargain- hunting operation in short term and stop loss when the price breaks through the box edge.

Disclaimer: The above is merely a personal talk which shall not be deemed as investment reference.Investment is accompanied by risks and the author will not be responsible for any investment options or relevant outcomes.

Author Profile:

Captain wowo, guest commentator of Fish.Pro, has 4-year rich experience in investment practice of both stock and crypto market. Focusing on spot transaction, Captain wowo is proficient at analyzing macro policies and market interpretation and has his own stable trade modes with profound understanding of long-term trades and short-term taste.

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