Stock market correction of 5%-10% ‘likely before year end’, Deutsche Bank survey finds – business live
Rolling coverage of the latest economic and financial news
- Latest: Beware FAKE Walmart press release on litecoin
- Deutsche Bank survey finds many investors expect correction soon
- Virus fears and inflation top list of concerns
- But most investors still expect markets to be higher in a year
Earlier:
- FT: Beijing to break up Ant’s Alipay
- China “wants to end big tech’s control of data”
- Primark hit by pingdemic sales drop
- Growth and inflation worries weigh on markets
That fake press release has now been deleted from GlobeNewswire. But in the meantime….
Incredible crypto scam just happened – @litecoin tweeted a fake press release saying Walmart is now accepting Litecoin as currency. Reuters and CNBC wrote it up as breaking news.
Pump and dump. Anyone holding lots of Litecoin could have made a ridiculous sum of money… pic.twitter.com/93eMpQ08PT
fake walmart release deleted now… oops is right! https://t.co/9wfTI2nHRD pic.twitter.com/H7xjeoHGaL
A fake press release which wrongly claimed US retail giant Walmart has formed a cryptocurrency partnership has caused confusion in the cryptocurrency world.
Cryptocurrency litecoin initially surged after the fake press release, carried on GlobeNewswire, which stated Walmart would let customers use cryptocurrency for payments was picked up by several news organisations.
Burj al arab pattern with #Litecoin
Always wait for news confirmation thats the lesson . pic.twitter.com/Rg8BuKJGyJ
.@Walmart tells @CNBC the story about it accepting @Litecoin is fakehttps://t.co/rzBPax2H23$WMT
Update: Walmart says crypto payments announcement is fake. Litecoin tumbles after spike https://t.co/GGrme3Tpr7
$LTC rose 37% in ten minutes and then fell all the way back down again, after a rumour of a partnership with Walmart was revealed as fake.
Welcome to #crypto. pic.twitter.com/S8ehywqXK3
Litecoin tweeted a bogus press release that Walmart planned to start accepting Litecoin. Mainstream outlets picked it up, without checking, even fake-quoting Walmart’s CEO.
All part of a giant pump and dump.
Only a matter of time before the industry is heavily regulated. pic.twitter.com/U6r1vRaBWJ
“In and out within 60 mins: A pump and dump story” $LTC #Litecoin pic.twitter.com/gSgp2V8snI
Litecoin — which rose as much as 33% at one point — erased all its gains. Bitcoin, the largest digital asset, was down 2.9% as of 10:24 a.m. in New York after earlier having advanced roughly 4% on the news. Other digital assets also retreated, with Bitcoin Cash, Ether and EOS all declining.
A Walmart spokesperson said the statement on Litecoin was “inauthentic.” Meanwhile, a verified Litecoin Twitter account deleted a tweet that linked to a press release announcing the partnership.
Major cryptocurrencies gave back their advances after Walmart denied having an agreement to use Litecoin for purchases https://t.co/fTDkIYN73K
The news release saying @Walmart is working with @litecoin to accept crypto is fake, says Walmart PR. It seemed fishy to those of us that follow the company closely — no company hype in advance and a CEO quote. Doug is rarely quoted in their releases.
