LTC price rose more than 30% yesterday before the Walmart Inc. press release became known. planned to accept Litecoin as a fake from October 1st.
Bitcoin fork price jumped to $ 236.26 at 8:45 p.m. local time, up about 36% in less than an hour from just $ 173.4 at 8:00 p.m.
LTC 1 Hour Price Chart | Source: Tradingview
Shortly after the rally, CNBC, the news broadcaster that originally reported that Walmart would accept LTC, revealed that this information was inaccurate.
Randy Hargrove, a spokeswoman for the world’s largest retailer, confirmed the press release was false.
After climbing to a new high, the LTC price fell back to $ 175.5 at 9:30 p.m.
These developments have certainly attracted attention, but they can have unintended consequences that teach investors real lessons.
Several analysts have commented on this, highlighting important considerations for investors to be aware of.
Breaking news can have a significant impact on asset markets around the world, but trading it isn’t the best idea.
When asked what investors can learn from this recent price move, David Schwartz, Project Leader at the Litecoin Foundation said:
“That’s why I personally don’t chase the news.”
Shone Anstey, President and CEO of the network infrastructure company LQwD Fintech Corp., also emphasized the importance of skepticism.
“Walmart, who chose LTC to get started with crypto, seems like an odd decision so you need to question this news before jumping in.”
Instead of focusing on news-based trading, market watchers suggest a different approach.
Investor Marius Rupsys emphasizes the importance of formulating a strategy and then pursuing it.
“Those who bought on the news should understand that they need a method and rules to invest / trade an asset.”
Investors should use fundamental analysis, technical analysis, or “any other effective method” to determine the best times to get in and out.
“These rules should be quantifiable and repeatable. If not, there is no way to test it. Personally, I ignored the news because I was just looking at the basics and statistical models. “
Schwartz also points out that important basics such as usage and acceptance need to be checked.
Rik Willard, Founder and Managing Director of Agentic Group, also commented, emphasizing that investors need to do their own research.
“I think people should seriously assess themselves and understand that the meme economy enables an enormous shift in value.”
Sadie Raney, co-founder of the crypto advisor robot company Makara, summed up the situation:
“Yesterday’s Litecoin news surprised almost everyone in the industry, but this won’t be the last time someone has used nefarious tactics to manipulate the crypto market. Yesterday’s news was another warning of the potential dangers of making short-term investment decisions. “
Since the market for cryptocurrencies is very volatile, it is important for investors to have a long-term perspective.
One method that investors can use to get rich is through dollar cost average accounting (DCA), which involves making frequent purchases on a regular basis.
This method allows them to amass crypto over time instead of trying to time the market – which is difficult.
Also, they should use fundamental analysis to buy when the asset is undervalued and then only HODL in the long run.
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