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Crypto market attempting recovery following fake Walmart news

2021.09.14 Adam James

The irresponsible publishing of fake news regarding a partnership between Walmart and Litecoin sent shockwaves through the cryptocurrency industry.

The cryptocurrency market is attempting a modest recovery today after subsequent days of selling. The prices of both BTC and ETH have gained 2.3% — driving the global cryptocurrency market capitalization up 2.6%. Meanwhile, TRX is leading major altcoins with an 11.4% gain.

The cryptocurrency market is up modestly today, with few exceptions. Source: Coin360

Dominating industry headlines yesterday and today is the publication of fake news from a series of mainstream media and cryptocurrency-focused news outlets. The news — which was published by CoinDesk, Decrypt, Blockworks, CNBC, Reuters, Zerohedge and Bloomberg — claimed that retail giant Walmart had partnered with Litecoin after a now-deleted fake press release was published by GlobeNewswire.

Following the publication of the fake news, the price of LTC surged from roughly $175 to upward of $230 across global cryptocurrency exchanges before almost entirely retracing.

The price of LTC pumped and dumped amid the publication of fake news. Source: OKEx, TradingView

NFT Snapshot: Fragments of an Infinite Field latest AB hit

The nonfungible token space was smitten yesterday with the latest Art Blocks Curated release, "Fragments of an Infinite Field" by artist Monica Rizzolli. The Dutch auction made 1,623 ETH — around $5.38 million at the time of the sale — in less than an hour.

Though Art Blocks Curated releases are almost universally popular, Rizzolli's has garnered significant buzz — with many in the NFT space praising the artistic merits of the generative works.

Fragments of an Infinite Field #1021 is one of 1,024 NFTs in the set by Monica Rizzolli. Source: Art Blocks

Top altcoin gainers and losers: TRX wins, FTM loses

  • COVER/USDT +172.11%
  • YOYO/USDT +48.59%
  • BABYDOGE/USDT +34.11%
  • NDN/USDT -6.51%
  • EC/USDT -7.24%
  • YOU/USDT -7.90%

Though it isn't near the top of the entire altcoin pool on OKEx, TRX is the top-performing coin or token with a market capitalization greater than $1 billion — per the exchange's default time settings.

On the flip side, FTM is the worst-performing large-cap altcoin after dropping 5.65%.

TRX is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Trying to recover

The price of BTC is attempting a recovery but may run into trouble at the bottom of a wide resistance zone and the top of the four-hour ribbon of exponential moving averages. Reentry into the wide resistance zone would be welcomed by those bullish on the foremost cryptocurrency, while failure to do so could spark a new wave of sellers.

OKEx's BTC/USDT 4h chart — 9/14. Source: OKEx, TradingView

ETH technical analysis: Putting in lower highs

The price of ETH continues to put in lower highs against BTC, suggesting that further declines may be in store for the trading pair. Adding pressure is the four-hour EMA ribbon, which is currently above ETHBTC and adds further bearish bias on lower time frames.

OKEx's ETH/BTC 4h chart — 9/14. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.