Litecoin’s prices roll back after Walmart deal hoax

3 min read | September 14, 2021 05:55 PM AEST | By Manu Shankar

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Litecoin’s prices roll back after Walmart deal hoax — Image source: Wit Olszewski, Shutterstock

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Highlights

The prices of Litecoin have rolled back to US $178.45 on Tuesday with a 24-hour trading volume of US $8,99,18,83,634.

On Monday, news came in that retailer giant Walmart would accept cryptos for its online purchases.

However, the news was shot down by both Walmart and Litecoin Foundation.

Various pump and dump schemes in the past have had the investors at the receiving end. However, none could get bigger than the Monday hoax that said Walmart would start accepting crypto payments for its online purchases. The news spread like a wildfire, pumping the Litecoin’s prices as investors were keenly watching the cryptocurrency market. However, the euphoria was short-lived after Walmart Inc.’s spokesman Randy Hargrove confirmed that “the press release was not authentic”.

Also Read: What Is Litecoin? How To Buy It?

The prices of LTC pulled back on Tuesday. The price slid back and was trading at US $178.45 with a 24-hour trading volume of US $8,99,18,83,634.

In fact, experts said such fake news, scamming emails are one of the best ways that are used by scammers to cheat people in cryptosphere. The scammers use malicious bots and often tweet from official accounts, which tempt investors to believe that the offer is genuine and real.

On Monday, investors had reasons to believe that the news was authentic. The press release was issued by the GlobeNewswire, and the press release even had quotes from Walmart CEO Doug McMillon. The news was relayed through a verified Litecoin Twitter account.

Also Read: 10 Crypto Terms to Know Before You Invest

Litecoin confirms it’s fake

Litecoin, too on their part, announced that the news is fake and unauthentic and that no such agreement has been signed yet. Jay Milla, Director of marketing at Litecoin Foundation, said that the announcement was not made by the Litecoin Foundation, there hasn’t been any form of deal with the US retailer giant.

Litecoin’s prices slide down on Tuesday

The prices of LTC slid back on Tuesday and was trading at US $178.45 with a 24-hour trading volume of US $8,99,18,83,634. At the time of writing (BST 7:30 am), LTC is up 1.20% in the last 24 hours. LTC currently has a live market cap of US $11,91,82,44,531. LTC has a circulating supply of 6,67,52,615 LTC coins and a maximum supply of 8,40,00,000 LTC coins.

Eyes on Future

Earlier in August, Walmart had posted a job opening on its website which stated that it’s looking for a new digital currency products expert, who will head the company’s Cryptocurrency and Digital Currency Product segment. At present, the firm uses blockchain technology for its various day-to-day uses.

Even though the company is quite aggressive on exploring the digital mode of payments there has been no official announcement on that front.

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