Fake Press Release Works Again, Bitcoin Cash Spikes On Fake News
The sequel to September’s Litecoin Walmart story came out this morning. This time the fake news stars Bitcoin Cash.
except bch didn't even pump on the 'news' ??
— Anew Afresh (@anewafresh) November 5, 2021
News broke this morning via PRNewswire and Kroger’s website that the supermarket giant will be accepting Bitcoin fork Bitcoin Cash (ticker symbol BCH) as a payment. It’s been since denied by a Kroger spokesperson.
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- Back in September, a fake press release was issued saying Walmart will be incorporating Litecoin payments. It briefly sent the long-dormant cryptocurrency up 35%, before losing all its gains.
- However, this time the press release managed to make its way onto Kroger’s website. As of press time, there is no explanation for how the press release managed to get onto the company’s website.
- It appears the fake press release trick is seeing diminishing returns — even with adjustments like getting the release posted on an official company website. BCH only went up from $610 USD to $619 on the news. That’s only about a 1.5 percent gain.
- Surprisingly, BCH hasn’t fallen that hard since the news was confirmed as fake. Bitcoin Cash is still trading in the $603 range.
- Oddly enough, both Bitcoin Cash and Litecoin have yet to get back to their 2017 highs during this bull run. During its 2017 heyday, Bitcoin Cash reached as high $3,785. While Litecoin’s 2017 zenith was $410. Litecoin is currently trading in the $200 range.
I often wonder why we don't see more bogus press releases on compromised public company websites being used to manipulate the market. https://t.co/1KE8arRmIT
— Chris Wysopal (@WeldPond) November 5, 2021
The post Fake Press Release Works Again, Bitcoin Cash Spikes On Fake News appeared first on CryptosRus.
Text source: CryptosRus
