Saturday, December 4

Fake news makes ‘fake’ Bitcoin price skyrocket

Another fake news shook the price of a cryptocurrency on the market this Friday (5), making the share of Bitcoin Cash (BCH), a freak copy of the original Bitcoin, explode.

Launched in 2017, Bitcoin Cash is a copy of Bitcoin, but presents itself to many investors as the real currency, which carries the motto of Satoshi Nakamoto.

At the time of its creation, the currency was driven by an ideal that the transaction blocks of the Bitcoin network were small, and should increase exponentially to be able to process everything on the main network. Its proponents criticized the Segwit implementation, creating a bifurcation of the true Bitcoin (BTC) in the so-called “Block Wars”.

However, even with a proposal to increase blocks, this network never surpassed the main currency, being just another invention without foundations in the market, with little daily use.

Fake news makes fake Bitcoin price explode, but effect was short-lived

Advertising agencies are being targeted by several strange publications in recent months, which somehow end up manipulating the price of cryptocurrencies in the market.

The Litecoin cryptocurrency was the target of such a situation last September, when a publication on “GlobeNewsWire” stated that Walmart would accept this currency as a means of payment. This situation ended up leading many people to buy the currency, but recording a loss when the situation was denied.

This Friday then it was Bitcoin Cash’s turn to go through its boom moment at the brokers, when early in the morning the currency went from around US$ 600.00 to US$ 632.00 in moments.

Bitcoin Cash Price on Binance exploded with fake news, but then dropped /Reproduction

This happened after a post was made on the Kroger website stating that the currency would be accepted as a means of payment from December 1st.

“The Kroger Co. (NYSE: KR) America’s largest food retailer announced today that it will begin accepting Bitcoin Cash. As of December 1, 2021, the entire Kroger Family of Stores will accept Bitcoin Cash for all in-store and online purchases.”

Fake News about Kroger accepting BCH as a means of payment
Fake News about Kroger accepting BCH as a means of payment/Reproduction

O release, which was already taken off the air by the NYSE-listed company, ended up causing the confusion, which was later resolved, causing the fake Bitcoin to crash in the market.

What did Kroger say to the market?

In a statement by its news channel, Kroger narrated that the communication of accepting Bitcoin Cash was totally fraudulent and unfounded, belying the confusion it caused in the cryptocurrency market.

“ICYMI: This morning, a press release was fraudulently issued claiming to be Kroger Co. which falsely claimed that the organization will begin accepting Bitcoin Cash. This communication was fraudulent and unfounded and should be disregarded.”

After the Litecoin communication case, an investigation was opened to investigate any market manipulation, as they are listed companies and must remain transparent with the market. So, this is expected to be repeated in the Kroger case, which fortunately got rid of bad news for its shareholders.