Walmart adoption of Litecoin hoax pumped the asset’s price

Walmart is yet to make a coalition with Litecoin Foundation
  • Litecoin price surged by more than 35% on Monday due to some unauthentic news
  • The news of Walmart integrated LTC payments was published by some major new outlets
  • Spokesperson from Walmart confirmed about the hoax
  • Jay Milla revealed that the foundation is yet to enter into a coalition with the US retailer giant

Bitcoin is one of the popular cryptocurrency projects. According to the data from CoinMarketCap, LTC is the sixteenth largest cryptocurrency in terms of market cap. The price of the crypto coin rose by more than 35% to $237 on Monday. The price surged following a hoax from major news outlets. The reports consist that the major US retailer Walmart would introduce a payment option for the digital currency on all of its eCommerce websites. However, the director of the crypto’s foundation clarified that Walmart is yet to adopt LTC as a payments option.

Major news outlets created hoax pumping Litecoin price

On Monday, major news outlets including CNBC, Decrypt, and Reuters shared a report. The report highlighted that Walmart has integrated Litecoin for payments. Moreover, the report noted that the option will be available for users from October. Indeed, the mockery sired from a single press release to through distribution service GlobeNewsWire. Notably, the report also cited that the adoption is based on LTC’s cheaper and faster features with no centralized authority.

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Following the spread of the reports, the price of Litecoin instantly rose by more than 35%. The erroneous reports boost the price of LTC from about $175 to approximately $237.

Truth dumped the price of LTC

Following the spread of the hoax in the cryptosphere, a Walmart spokesperson confirmed the press release to be unauthentic. According to CNBC, the spokesperson ratified that the news being spread is certainly not valid. Notably, the confirmation arose after about an hour of the initial report. 

Jay Milla, the director of marketing at Litecoin Foundation, told the Cointelegraph, that the announcement did not come from the foundation. Thus, MIlla revealed that the foundation is yet to enter into a coalition with the US retailer giant.

Notably, with the confirmation of mockery, the price of LTC began to fall tremendously. At press time, the digital asset is trading at the price level of $176.87.

Will Walmart look into cryptocurrencies?

Walmart has a market capitalization of more than $406 billion. The US retailer has previously underscored that it would be looking into digital currencies. Last month the firm posted a job vacancy for experts who could develop a digital payments strategy and product roadmap. However, it was yet to be revealed whether it’s looking to integrate crypto payments. Additionally, the firm is already using blockchain technology to manage its supply chain, customer markets, and smart appliances.

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