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Litecoin price increases by 35% after Walmart adoption hoax

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On Monday, the price of Litecoin (LTC) jumped to almost $237

The price of Litecoin (LTC) rose to more than $237 earlier on Monday after the reports from major news outlets that United States retailer Walmart would be bringing a payment option for the cryptocurrency on all of its e-commerce websites. 

CNBC, Reuters, Decrypt and others stated that Walmart have decided to have a “pay with Litecoin Option” for its retail websites starting on Oct. 1 as part of the organisation financing and promoting adoption of the Litecoin ecosystem. The reports stated that Walmart selectively adopted LTC for payments based on its “cheaper and faster” features and the token having no central authority.” CNBC stated that Walmart spokesperson confirmed the press release which was “not authentic” just hours after the reports were released. 

“The Litecoin foundation has yet to enter into a partnership with Walmart,” said Milla. There are data that shows that LTC’s price increase more than 35% after the fake report was spread all around. From $175 to a monthly high of more than $237 before having a sharp fall. During the time of publication, the price of Litecoin is $180. The market capitalization was more than $406 billion, Walmart has given hints before that it would be looking into cryptocurrencies. During August, the company posted a job listing for an expert who is capable of creating a digital currency strategy and product roadmap but did not mention it would be bringing a new platform for crypto payments. Walmart has used blockchain technology for supply chain management, customer marketplace and smart appliances. 

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