Prices for the Litecoin cryptocurrency surged more than 20% on Monday before dropping back down after false reports emerged from several media outlets claiming Walmart would accept the cryptocurrency for payments.
Reports emerged saying the major retail chain would allow customers to make purchases with cryptocurrencies. However, a spokesperson from Walmart later told CNBC that a press release alleging the announcement is fake.
The announcement cited a source on the fake press release the email of which was broken and not part of the Walmart corporation, which raised suspicions before Walmart denied the reports.
The news release was also never listed on Walmart’s corporate webpage or newsroom.
Litecoin, created in October 2011, is part of a multitude of lower-cost cryptocurrencies on the blockchain that is intended to be nearly identical to Bitcoin but with smaller transaction fees and energy expenditures.
According to the cryptocurrency’s webpage, the Litecoin company describes its tokens as “decentralised money, free from censorship and open to all.”
The price of a single Litecoin token has fluctuated throughout the years, reaching all the way to $420 in December 2017 before dropping back down under $30 in 2018. As of Monday, the digital asset dropped to $178 per token before it briefly rose to $237 following the false announcement of a partnership with Walmart.
The Washington Examiner contacted Walmart but did not immediately receive a response.
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Original Author: Kaelan Deese
Original Location: Litecoin unstable after fake Walmart press release fools news outlets