Litecoin Price Appreciates By 35% Following Fake Walmart Adoption Reports

The price of Litecoin (LTC) appreciated above $237 on Monday following a false report from some top news outlets that United States top retailer Walmart would be introducing a payment option with Litecoin on all of their e-commerce websites.

- Advertisement -

According to Jay Milla the Director of Marketing at Litecoin Foundation he stated that “the Litecoin Foundation has yet to enter into partnership with Walmart”

CNBC and other top news outlets reported that Walmart planned to have a “Pay with Litecoin option” for its retail websites starting on October 1st as part of a partnership with the Litecoin Foundation, the organization responsible for financing and promoting the adoption of the Litecoin ecosystem.

The report seems to have been generated from a single press release through distribution service GlobalNewsWire. The report claimed Walmart adopted Litecoin because of its “cheaper and faster” features and the token having no central authority.

A few hours later CNBC later confirmed from a Walmart spokesperson that the press release was not authentic. The price of Litecoin gained by 35% immediately after the spread of the fake news. It rose from $175 to a monthly high of $237 but by the time of publication the price has fallen back to $181.

Litecoin has a market capitalization of $406 billion, Walmart has previously made a statement signifying their interest in crypto. In August the company listed a job for an expert who could develop a digital currency strategy and product road map, they did not mention introducing a method for crypto payments. Walmart has used blockchain technology for supply chain management, customer marketplaces, and smart appliances.

Previous Articles:

- Advertisement -

Latest

Czech Justice Minister Resigns Over $45M Bitcoin Donation Scandal

Czech Justice Minister Pavel Blazek resigned after controversy over accepting and selling Bitcoin from a convicted criminal.The Justice Ministry auctioned nearly 500 Bitcoin, raising...

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Must Read

How Cryptocurrency Works For Beginners?

Welcome to the world of cryptocurrency! If you're new to this exciting and rapidly evolving landscape, you might feel like Alice in Wonderland, exploring...