Litecoin Price Appreciates By 35% Following Fake Walmart Adoption Reports

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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.

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.

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