Chivo App Still Has Issues ❌

A week on, and El Salvador's official crypto wallet still has issues. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $2.10T (+0.30%) 24 Hour Volume $129.92B (+5.05%) Notable Movers[(FLOW) $23.16]( (+19.85%) Notable Movers (DeFi)[(AAVE) $354,06]( (+12.87%) Bitcoin Dominance 41.73%[(+0.21%)]( Bitcoin Price[(BTC) $46,286.39 (+3.52%)]( Ethereum Price[(ETH) $3,330.13 (+3.72%)]( Cardano[(ADA) $2,34 (-2.59%)]( Litecoin + Walmart = Fake News Yesterday, a new partnership was announced linking one of the top 20 cryptocurrencies to a large American retailer: Litecoin and...Walmart. You’ve definitely already heard about what happened if you are a subscriber to this newsletter. If for whatever reason you need a refresher, you can glance at this crowdsourced ["history of a fake news cycle"]( put together by crypto journalists. The partnership announcement itself was not totally out of the question: with an entire country (albeit a pretty tiny one) now accepting Bitcoin as legal tender, and institutions like PayPal allowing for crypto holdings, why wouldn’t an American giant like Walmart hop on board? Sure, the question that probably came to many minds first was….why Litecoin? Has Walmart ever heard of Bitcoin? Jokes aside, on the surface, it was a totally credible press release. So credible, in fact, that the Walmart <3 Litecoin story was picked up by Reuters, Morning Brew, The Street, Decrypt, Coindesk and CNBC — the entire gamut of financial media, both crypto and otherwise. It only took about 25 minutes for the first retractions to start coming in. Two hours later, the Litecoin Foundation officially denied the partnership, and Litecoin founder Charlie Lee has been making various statements to news outlets about their total lack of involvement in the whole ordeal. Now, we are left with a retracted press release, many retracted news stories and a sad [Litecoin]( trajectory — the coin had shot up to over $230 at one point during the news cycle, but is now back around $180. We’re also left feeling a bit like buffoons. Hoaxes or public pranks like this delegitimize the crypto industry (at least some think so) and this particular fake press release led to a [Washington Post article]( that ends with this arguable fallacious conclusion: "So to sum, digital currencies aren’t yet a practical method of payment for toilet paper, cereal or other household items that you might purchase at Walmart. But they can be a useful tool for criminals." That’s the takeaway here? That cryptocurrencies can be useful for criminals? If I may put on my philosopher’s shoes, I would say that the main takeaway here is — don’t trust, verify! This age-old adage can obviously be applied to almost anything in life (including cryptocurrencies) but it holds particular meaning in a young industry where people can make such absurd amounts of money in such a little amount of time that ethical lines are bound to be crossed. And in this particular fake news case, verifying was easy — it [apparently]( took The Block reporter Steven Zhang only 13 minutes to identify that the email for the Walmart x Litecoin fake press release was not a valid address. So next time a hot piece of crypto news drops onto our plates (Twitter feeds), let’s try to assess its authenticity with a bit less of a bullish eye — just because you’d love to spend all of your LTC bags at Walmart, doesn’t mean that you can (or should…). SPONSORED AD The Most Popular Way to Trade Crypto Low fees, 80+ trading pairs. Trusted by millions of users across 200 countries. Trade with the fastest matching engine in crypto. [Trade Crypto]( Low fees, 80+ trading pairs. Trusted by millions of users across 200 countries. Trade with the fastest matching engine in crypto. [Trade Crypto]( Today’s Top Stories 🌟 Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ]( Litecoin 'Screwed Up,' Charlie Lee Says 😬 The Litecoin Foundation "screwed up" by retweeting a bogus announcement that Walmart planned to accept the cryptocurrency as a payment method. Charlie Lee told Bloomberg that the organization has no involvement in the press release's publication. The story ended up being picked up by the likes of CNBC and Reuters before being rescinded. [Read more here.]( El Salvador's Crypto Wallet '95%' Fixed 👀 President Nayib Bukele has said the technical issues plaguing the Chivo app will be fully fixed within days. He also admitted it was "too high a challenge" for El Salvador to roll out Bitcoin as legal tender in just three months. According to Bukele, Chivo now has more than 500,000 users, but new registrations are suspended until the errors are resolved. [The latest.]( Celeb Investor is Doubling His Crypto Stash 💰 Shark Tank star Kevin O'Leary is doubling his crypto investments by the end of 2021 — from 3% to 7%. However, he warned ongoing regulatory uncertainty may be stopping other high net worth individuals from getting involved. O'Leary has changed his tune. In 2019, he described BTC as "garbage." The cryptocurrency was worth just $8,000 then. [What he said.]( BTC's Energy Use Surpasses 2020 Total 📈 The Bitcoin network has already used more energy this year than in the whole of 2020. According to Bloomberg, the blockchain consumed 67TWh of electricity last year. By the end of 2021, its research suggests 91TWh will have been used — enough to power Pakistan. "It is essential to improve the efficiency of crypto mining," the report says. [See the chart.]( Thanks for reading! Have a great day — more news tomorrow! 👋 [Read More]( We Aren’t Just Daily News. Take A Look At Some Of Our Other Products: Portfolio Airdrop Event Create a "[Portfolio]( to win 1,000 USDT airdrops! [Create Portfolio Now]( Portfolio Airdrop Event Create a "[Portfolio]( to win 1,000 USDT airdrops! [Create Portfolio Now]( Bitcoin Price Prediction Predict the Bitcoin Price on the "End-of-Month" and Win USDT [Predict Bitcoin Price]( [Go to CoinMarketCap]( [App Store]( [Google Play]( [Facebook]( [Twitter]( [Instagram]( [Telegram]( © 2021 CoinMarketCap [Update Settings]( | [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States