The price of Litecoin (LTC) rose to more than $237 on Monday morning (13) after erroneous reports from major news outlets that US retailer Walmart was introducing a cryptocurrency payment option on all of its e-commerce sites.
CNBC, Reuters, Decrypt and others reported on Monday that Walmart planned to have a “Pay with Litecoin Option” for its retail sites beginning Oct. 1 as part of a partnership with the Litecoin Foundation, the organization that funds and promotes adoption of the Litecoin ecosystem. The reports looked like have emerged from a single press release via the GlobeNewsWire distribution service. The statement alleged that Walmart chose to adopt LTC for payments based on its “cheapest and fastest” features and the token being “no central authority”.
However, according to CNBC, a Walmart spokesperson confirmed that the press release “was not authentic” about an hour after the initial report was released. Litecoin Foundation marketing director Jay Milla also told the Cointelegraph that the ad did not come from the foundation.
“The Litecoin Foundation has not yet partnered with Walmart,” said Milla.
Data from Cointelegraph Markets Pro shows that the LTC price rose more than 35% immediately after the false report spread – from $175 to a monthly high of more than $237 – before falling sharply. At the time of publication, the price of Litecoin was $180.
With a market capitalization of more than $406 billion, Walmart had already suggested it would be looking for cryptocurrencies. In August, the company posted a job listing for an expert who could develop a digital currency strategy and product roadmap, but did not specifically mention that it would be introducing a path to crypto payments. In addition, Walmart used blockchain technology for supply chain management, customer markets and smart appliances.
The Cointelegraph contacted Walmart but did not receive a response at the time of publication.
Follow us on social media