Fake news: Litecoin price surges 35% following Walmart adoption hoax
“The Litecoin Foundation has yet to enter into a partnership with Walmart,” said Jay Milla.
The price of Litecoin (LTC) rose to more than $237 earlier on Monday following erroneous reports from major news outlets that United States retailer Walmart would be introducing a payment option for the cryptocurrency on all of its e-commerce websites.
CNBC, Reuters, Decrypt and others reported on Monday that Walmart planned to have a “Pay with Litecoin Option” for its retail websites starting on Oct. 1 as part of a partnership with the Litecoin Foundation, the organization financing and promoting adoption of the Litecoin ecosystem. The reports seemed to spawn from a single press release through distribution service GlobeNewsWire. The release claimed that Walmart chose to adopt LTC for payments based on its “cheaper and faster” features and the token having “no central authority.”
However, according to CNBC, a Walmart spokesperson confirmed the press release was “not authentic” roughly an hour after the initial report broke. The Litecoin Foundation’s director of marketing, Jay Milla, also told Cointelegraph the announcement did not come from the foundation.
Data from Cointelegraph Markets Pro shows that LTC’s price surged more than 35% immediately following the spread of the fake report — from $175 to a monthly high of more than $237 — before sharply falling. At time of publication, the price of Litecoin is $180.