NewsLitecoin Price Appreciates By 35% Following Fake Walmart Adoption...

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 β€œthe Litecoin Foundation has yet to enter into partnership with Walmart”

CNBC and other top news outlets reported that Walmart planned to have a β€œPay 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 β€œcheaper 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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