Litecoin Price Soars Amid Walmart Rumors, Then Plummets: A Cryptocurrency Rollercoaster

The Rise: How Rumors Sent Litecoin Skyward

On Monday, Litecoin (LTC) did its best impersonation of a rollercoaster by skyrocketing to over $237, all thanks to some juicy, albeit incorrect, rumors. Major news outlets, including CNBC and Reuters, reported that Walmart would roll out a “Pay with Litecoin” option across its e-commerce sites starting October 1. This sparked a buying frenzy in the crypto market, sending LTC prices soaring like a balloon filled with too much helium.

A ‘Press Release’ You Can’t Trust

But hold your horses! The excitement stemmed from a single press release released via GlobeNewsWire. The press release highlighted Walmart’s supposed move toward cryptocurrency, citing Litecoin’s affordability and lack of central authority as key reasons for the switch. However, it turns out that this piquant announcement was as fake as a three-dollar bill.

The Reality Check

No sooner had the news broken than a Walmart spokesperson popped the bubble by stating that the press release was “not authentic.” Ouch! Jay Milla, marketing director for the Litecoin Foundation, echoed that sentiment, clarifying that they had entered no partnership with Walmart. Talk about a swift kick to the crypto behind!

The Aftermath: Price Drop and Market Volatility

With LTC’s price hitting a monthly high of $237, it must have felt like winning the crypto lottery. But not for long! After the truth emerged, Litecoin’s price plummeted back to around $180. Data from Cointelegraph Markets Pro indicates that the volatility of LTC during this time was a spectacular sight, marking a 35% increase before a sharp decline.

Walmart and Cryptocurrencies: A Complicated Relationship

To add some context, Walmart is no stranger to the world of cryptocurrencies. With a market cap of over $406 billion, they’ve previously hinted at a digital currency strategy, even posting a job listing in August for someone to develop that roadmap. Plus, they’ve dabbled in blockchain technology for supply chain innovations. However, no official announcement has been made regarding crypto payment options – just a lot of speculation thus far.