Key Takeaways
- The latest increase in the prices of Litecoin is related to false news.
- Prices of BTC fell 2.7 percent to $44,647.72 and fell more than 5% to $3,230.43 on CoinDesk after the hoax's disclosure.
- "The Litecoin Foundation hasn't partnered with Walmart," Jay Milla stated.
Litecoin (LTC), the 12th most valuable cryptocurrency by market capitalization, surged over 36% in less than an hour after it was discovered that a fake report claiming Walmart had engaged in “a major partnership” with Litecoin (LTC) made the rounds.
The big dealer accepted Litecoin for payment in a news release from what seemed to be Walmart
. The news coverage led to the 34.6% price of Litecoin, up until Walmart's announcement that the press report was false.
The apparent pumping and dumping system started last month after the registration of the email domain mentioned in the media statement.
The Litecoin Foundation also reported the false message.
Other media outlets, such as CNBC and Reuters, picked up on Walmart's press statement as news.
A Walmart official allegedly admitted the false press release.
However, no one knows who sent the bogus release.
LTC's price rose from USD 174 to USD 237 on Coinbase after the news but subsequently fell to USD 173. LTC was up about 4% at USD 181.60 before the pump.
During the announcement, both Bitcoin (BTC) and Ethereum (ETH) gained until when LTC was sold out.
Walmart's stock price began trading in New York on the same day as the fake news.
Despite this, the stock price fell to USD 145.5, a 0.9 percent loss from its IPO price.
Why do you think the hoax happened?
