In the last hour, the price of Litecoin has risen dramatically. After Reuters reported that retail giant Walmart would begin accepting bitcoin as payment for sales, the coin began to rise. Walmart announced the partnership with Litecoin on Monday in a press statement, stating that customers will be able to pay with LTC.
The announcement caused a price boom, with Litecoin surges 30% in a single hour, breaking through a three-month high of $237. Litecoin was trading in the mid-$170s at $175 before the news broke. The news of the Walmart deal pushed the stock up almost $60 in an hour, bringing it to its current high. With Walmart’s client base, it’s no surprise that the news elicited such a strong reaction from the market.
Fake release of the press?
The Reuters press release was widely distributed during the news in the entire sector. Large media outlets for crypto have reported on the news, and Litecoin also tweets a link to the transfer with the Twitter account. Litecoin surges 30% following news of Walmart partnership. Reuters’ press release included a comment apparently from CEO Doug McMillon who read: “All eCommerce stores have introduced a pay with Litecoin option starting on October 1. The quote is now reported by Walmart.
The news of the Litecoin-Walmart cooperation was suddenly discredited in a move that has caused a cascade of deleted tweets and stories. The actual press release was apparently a bogus press release from Reuters. The outlets reported on the news have been tracked since then. Official Litecoin Twitter handle removed the news report link.
Community members are now calling this a cheap pump and dumping scam. The coin that has dumped the Walmart partnership confirms that the price has been phoney and that before the 30% price rise it has returned to normal levels.
Price Movements of Litecoin
So far, Litecoin has lost all of the value it gained as a result of the Walmart news pump. As of the time of writing, the coin had lost more than $60 in a downward correction, landing back in the mid-$170s where it had been trading prior to the news. In the space of one hour, the charts show a sharp upward and downward movement.
For a brief moment, the digital asset appeared poised to test the $140 resistance level, which it had failed to breach since peaking in May. In the hour following the 30 percent price increase, Litecoin has struggled to maintain some of the momentum gained with the move. The digital asset, which is currently trading at around $180, has suffered no ill effects as a result of the debacle.
Whether the news is true or not, the asset has benefited from increased interest in it. Social media platforms such as Twitter and Reddit are buzzing with [false] news of the Walmart integration. The current publicity will almost certainly have a positive impact on the asset’s price.