Litecoin value surges 35% following Walmart adoption hoax
The value of Litecoin rose to greater than $237 this morning following inaccurate stories from main information shops that U.S. retailer Walmart could be introducing a cost choice for the cryptocurrency on all its eCommerce web sites.
CNBC, Reuters, Decrypt and others reported on Monday that Walmart deliberate to have a “Pay with Litecoin Option” for its retail web sites beginning on Oct. 1 as a part of a partnership with the Litecoin Foundation, the group financing and selling adoption of the Litecoin (LTC) ecosystem. The stories seemed to spawn from a single press launch via distribution service GlobeNewsWire. The launch claimed Walmart selected to undertake LTC for funds primarily based on its “cheaper and faster” options and the token having “no central authority.”
However, in line with CNBC, a Walmart spokesperson confirmed the press launch was “not authentic” roughly an hour after the preliminary report broke. The Litecoin Foundation’s director of promoting Jay Milla additionally informed Cointelegraph the announcement didn’t come from the muse.
“The Litecoin Foundation has yet to enter into a partnership with Walmart,” stated Milla.
Data from Cointelegraph Markets Pro exhibits the LTC value surged greater than 35% instantly following promulgation of the pretend report — from $175 to a month-to-month excessive of greater than $237 — earlier than sharply falling. At time of publication, the value of Litecoin is $180.
Related: LTC value hits 13-month excessive in opposition to Bitcoin
With a market capitalization of greater than $406 billion, Walmart has beforehand hinted it will be trying into cryptocurrencies. In August, the corporate posted a job itemizing for an skilled who might develop a digital currency technique and product roadmap, however didn’t particularly point out it will be introducing a path for crypto funds. In addition, Walmart has used blockchain expertise for provide chain administration, buyer marketplaces and sensible home equipment.
Cointelegraph reached out to Walmart, however didn’t obtain a response by time of publication.