By Samuel Indyk
Investing.com – The price of Litecoin jumped 25% on Monday before quickly paring gains and turning negative after reports that Walmart (NYSE:WMT) may begin accepting Litecoin as payment on its e-commerce website turned out to be fake.
A press release on GlobeNewswire, a usually reputable source for company news, stated that Walmart would begin accepting Litecoin from October 1st on its e-commerce website.
A spokesperson for Walmart confirmed the Litecoin story was fake, according to CNBC.
Litecoin’s official Twitter (NYSE:TWTR) handle tweeted the news, but the tweet was swiftly deleted, leading to speculation that GlobeNewswire may have been tricked into publishing a fake press release.
The press release announced that Walmart had signed a “major” partnership with Litecoin, where it intends to give its shoppers an opportunity to make payments with cryptocurrencies on its e-commerce store.
The price of Litecoin initially surged following the announcement. The cryptocurrency jumped 25% to a high of $233.81 before paring gains and turning negative on the day.
Walmart confirms Litecoin story is fake, Litecoin pumps and dumps
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.