A message that the US retail giant Walmart wants to accept payments with the crypto currency Litecoin in the future caused its price to jump up by around 30 percent for a short time on Monday. In the meantime, however, Walmart itself has denied the report. Not only at Litecoin itself, then, disillusionment spreads.
In a press release issued by the portal globalnewswire.com distributed and published by several media, there is talk of a partnership between Walmart and the Litecoin Foundation, which is behind the crypto currency Litecoin. The e-commerce giant wants to “give millions of customers around the world the opportunity to make convenient payments with crypto currencies,” it says.
In the meantime, however, it is clear that the message is incorrect information. A Walmart spokesman dismissed them as “not authentic”. In other words: fake news.
Litecoin – with a market cap of 12.2 billion dollars, the 14th largest crypto currency in the world – shot up by around 30 percent for a short time after the alleged Walmart cooperation, but had to give up the profit again within a very short time after the denial. The coin is currently around five percent in the red.
Bitcoin and Co expand losses
This is also causing uncertainty in the rest of the crypto market. In the already weak market environment, many coins increase their losses. With a minus of around four percent, Bitcoin briefly fell below the $ 44,000 mark in the afternoon.
After the sharp correction in the previous week, the chart of the digital reserve currency threatens to deteriorate further in the short term. However, it is still doing better than the overall market, whose market cap falls by around six percent over a 24-hour period.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin, Litecoin.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
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