LTC is the first cryptocurrency to be accepted by Walmart, but it appears that this was just a hoax. The company has since denied any plans for accepting cryptocurrencies and LTC’s price crashed by more than 50 percent in less than an hour.
The why is litecoin dropping today is a question that has been asked by many people in the cryptocurrency community. LTC rallied by 35 percent to $237 after Walmart Adoption Hoax.
On Monday, a false news release detailing Walmart’s acceptance of Litecoin resulted in a 35 percent increase in LTC prices. Following the release of the story by various news sources, the altcoin’s price rose to $237.
12-hour LTC/USD Chart
The price dropped hours after Walmart verified the allegations were false, as seen in the TradingView chart below.
TradingView’s LTC/USD chart over the last 12 hours
The release was first published by Global News Wire, which then disseminated it to other outlets. Meanwhile, users noticed that the URL did not lead to a working website and that there were no SEC filings. Given that Walmart is a publicly listed business, the latter was a huge red flag. The fact that the retail business sends its news releases via Business Wire was another red flag.
Details of Walmart’s collaboration with the Litecoin Foundation were included in the press release. On its ecommerce sites, the retail company planned to add a Pay with Litecoin option.
Meanwhile, other news organizations such as Reuters, Decrypt, and CNBC quickly published the false story.
However, roughly one hour after publishing, a Walmart representative acknowledged the news release was fake. The Litecoin Foundation’s director of marketing, Jay Milla, was also contacted and rejected the news release as fake.
The false report had little effect on Walmart shares, which barely gained any ground after the announcement. Nonetheless, the retail outlet has already hinted at intentions to enter the virtual currency market. The retail shop has used blockchain technology to handle its supply chain, customer relations management, and smart services, among other things. In early August, Walmart advertised a position for a digital currency specialist.
Following the announcement, Litecoin (LTC) jumped 37% from $175 to a 30-day high of $237. Meanwhile, the confirmation of the false claims caused a significant drop in the stock price around an hour later.
The walmart cryptocurrency news is a hoax that has been circulating the internet. Walmart would not be accepting Litecoin as payment for their products and services, which caused the price to rally by 35 percent to $237.
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