Litecoin price rises 35% following a Walmart adoption hoax

On Monday afternoon, Litecoin’s price surpassed $ 237 following erroneous reports from major news organizations that US retailer Walmart introduced a payment option for cryptocurrency on all of its e-commerce websites. commerce.

CNBC, Reuters, Decrypt and others they reported that on October 1 Walmart would have launched a “Pay with Litecoin Option” on its retail sites as part of a partnership with the Litecoin Foundation, the organization that funds and promotes the adoption of the Litecoin ecosystem (LTC). It seems the reports are originated from a single press release via the GlobeNewsWire distribution service. The article indicates that Walmart has decided to adopt LTC for payments as it is “cheaper and faster” and “without a central authority.”

However, according to CNBC, a spokesperson for Walmart he confirmed that the press release “is not authentic” about an hour after the initial report was released. Data from Cointelegraph Markets Pro shows that the price of LTC jumped more than 35% immediately after the fake news was published, from $ 175 to a monthly high above $ 237, before plummeting sharply. At the time of writing, Litecoin’s price is hovering around $ 181.

Related: Litecoin Hits 13-Month Untouched High Against Bitcoin: New ATH Coming?

With a market capitalization of over $ 406 billion, Walmart has hinted in the past that it would explore cryptocurrencies. In August, the company posted a job announcement for an expert who could develop a digital currency strategy and roadmap for the product, without specifically mentioning that it would introduce crypto payments. Furthermore, Walmart has already used blockchain technology for supply chain management, customer marketplaces and smart appliances.