The crypto market has seen quite the fluctuations in the last couple of days. One of the most surprising incidents was the fake news of a partnership between Walmart and Litecoin that circulated a few days ago.
The culprit has not been identified yet but is set to face some serious consequences. This rumor adversely affected Litecoin, which has now seen a kind of positive push after this latest news update.
AMC Theaters, the largest movie theater chain in the world, has announced that it will be accepting cryptocurrencies as payments, including Litecoin, Ethereum, Bitcoin and Bitcoin Cash.
This can significantly highlight the prominence of the digital assets and possibly give a boost to their values as well, which can only be anticipated at the moment.
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What to Know About AMC Theater’s Initiative?
AMC Entertainment is a movie theater chain that is based in Leawood, Kansas. It was founded in 1920 and is now the largest movie theater chain in the world.
It is a prominent name on a global scale, which is why it is speculated that the announcement to support some crypto assets can prove to be beneficial for the crypto space.
The announcement of accepting crypto assets mentioned above was made by the CEO of AMC Theaters, Adam Aron.
Earlier today he tweeted the following:
According to reports, the movie theater chain wanted to extend its support for digital assets in August, during an earnings call. This was planned by Adam Aron who has also stated that the company would consider other blockchain-related options.
With plans to go for other blockchain-relation options, accepting digital assets appears to be an intelligent next step.
AMC Theaters has also been in the spotlight in 2021, due to the volatility of its stocks seen earlier this year. On September 15th, the shares of the company closed at $46.84 and the stock has increased to 2131% year-to-date.
Could This Elevate Bitcoin’s Price?
After seeing a slight correction in its price, Bitcoin seems to be moving in upward momentum. It is currently trading at $48,440 (at the time of writing) and is likely to reach the $50k price mark once again.
Here is a graph by CoinGecko that shows the price fluctuations for BTC over the last seven days.
Other crypto assets such as Ethereum, Litecoin and Bitcoin Cash have also seen some ups and downs in their prices. However, will AMC’s initiative drive up the prices of the above-mentioned crypto assets? That is only a speculation at the moment and is yet to be seen.
Therefore, if you are interested in buying any of the digital assets then make sure you choose some of the lowest fees crypto exchanges.
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