Bitcoin Cash Spikes, Crashes After Fake Announcement About Partnership With Major Grocery Retailer

Bitcoin Cash (BCH) suddenly surged and then crashed after fake news spread about a partnership with grocery store giant Kroger.

The fraudulent rumor appeared on Kroger’s investor relations page and claimed that the supermarket chain would begin accepting cryptos during the holiday season, sparking BCH to rally 4.8% from its 24-hour low of $591.06 to $619.43, according to CoinGecko.

However, as the story began to unravel, so too did Bitcoin Cash’s gains on the day. At time of writing, BCH is back under $600 and exchanging hands at $595.84.

Kroger says that its investor relations page is automatically updated via a direct feed from PNR Newswire, where the rumor also made an appearance. The fake press release has since been deleted, and Kroger is in touch with PNR to figure out what happened.

In an email to Reuters, a Kroger spokesperson says,

“This communication was fraudulent and is unfounded and should be disregarded.”

Another major US retailer was the target of a similar ruse in September after fake news spread on prominent media networks claiming that retail giant Walmart was partnering with Litecoin (LTC), sending the crypto’s price up 30% before the rumor was quashed.

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Featured Image: Pixabay/FunkyFocus

Source: https://dailyhodl.com/2021/11/05/bitcoin-cash-spikes-crashes-after-fake-announcement-about-partnership-with-major-grocery-retailer/