Source: Instagram, Walmart
Litecoin (LTC), the twelfth most valuable cryptocurrency by market cap, is up more than 36% in less than an hour today after a news report was found to be fake, the US retail giant said Walmart had entered into a “great partnership” with Litecoin.
The news report, which was initially published as a press release and apparently by Walmart Inc. In a later correction, CNBC wrote that a Walmart spokesperson had “confirmed that the press release is inauthentic”.
The source of the fake press release remains unknown.
Litecoin price jumped from $ 174 to $ 237 Coin base immediately after the news, before returning almost all profits later. At 14:40 UTC, LTC was still about 4% higher than before the pump started, trading at USD 181.60.
Additionally, the fake news appears to have impacted the broader crypto market as well, with both Bitcoin (BTC) and Ethereum (ETH) spiking at the time of the news, before a sell-off began around 1:45 PM UTC, when LTC was sold out.
Litecoin on the left, Bitcoin on the right. Source: TradingView.
Similarly, Walmart’s stock price opened in New York trading for the day where the opening of the stock market coincided with the release of the fake news at 13:30 UTC (09:30 ET). The stock moved down quickly, however, and is currently trading at $ 145.5, 0.9% below its opening price.
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(Updated at 16:11 UTC with additional details.)