Litecoin Surges 30% In One Hour Following News Of Walmart Partnership

Best Owie

3 years ago

3 mins read

Picture of a gold Litecoin standing in front of stacks of other gold Litecoins

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Litecoin has recorded massive price movement in the past hour. The coin started to rally after Reuters had reported that retail giant Walmart would begin accepting the cryptocurrency as payment for purchases. The news broke on Monday with a press release that stated Walmart had partnered with Litecoin to allows customers to make payments with LTC.

The news triggered a price surge that saw the price of Litecoin grow 30% in a single hour, breaking a three-month high of $237. Before the news broke, Litecoin has been trading in the mid-$170s at $175. News of the Walmart partnership over $60 in one hour to put it this current high. With a customer base that Walmart possesses, it is no surprise that the news triggered such a reaction from the market.

Fake Press Release?

The press release from Reuters has been shared widely as the news broke throughout the industry. Major crypto media outlets had reported on the news, with the official Twitter account of Litecoin also tweeting a link to the move. The press release from Reuters had featured a quote, seemingly from Walmart’s CEO Doug McMillon, which read; “Starting October 1st, all eCommerce stores will have implemented a ‘Pay with Litecoin Option’.

In a move that has so far triggered a cascade of deleted tweets and stories, the news of the Litecoin-Walmart partnership has now been debunked. Apparently, the legit-looking press release from Reuters had been a fake press release. The sources which reported on this news have since backtracked. Litecoin’s official Twitter handle deleted the link to the news report.

Community members have now moved forward to call this a cheap pump and dump scheme. The coin has dumped with confirmations of the Walmart partnership being fake, with the price returning back to previous levels before the 30% price surge.

Litecoin Price Movements

Litecoin has so far lost all of its gained value from the pump caused by the Walmart news. As of the time of writing, the coin had lost over $60 in a downwards correction, landing back in the mid-$170s that it was trading at before the news broke. The charts show a sharp upward and downward movement in the space of one hour.

LTC price pumps and dumps with Walmart news | Source: LTCUSD on TradingView.com

For a brief moment, the digital asset looked ready to test the $140 resistance point which it had not been able to break since peaking in May. The hour following the 30% price surge has seen Litecoin struggling to hold on to some of the momenta it had gained with the move. Currently trading at around $180, the digital asset is none the worse for wear following the debacle.

Regardless of whether the news is fake or not, the asset has benefitted from the increased interest in it. Social media platforms like Twitter and Reddit are abuzz with the [fake] news of the integration with Walmart. The current publicity will no doubt have some positive effect on the price of the asset.

Featured image from CMC Markets, chart from TradingView.com

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.