In a stunning revelation, Walmart appeared to reveal it would be accepting Litecoin (LTC) from October.
Investors responded with ferver as the news broke, Markets went haywire, and the price surged 36% in just 15 minutes from $175.45 to $237.88.
The revelation could spell a major change of fortune for the Bitcoin hard fork project, which has seen fading significance in recent months.
Bitcoin Maxi figures such as Michael Saylor would no doubt be aggrieved by the choice of Litecoin instead of Bitcoin (BTC).
Charlie Lee, CEO of the Litecoin Foundation, supposedly explained that Walmart was attracted by the cryptocurrencies quick and cost-effective transactions times.
“LTC’s super low fees and fast transaction times are perfect for a leading eCommerce store like Walmart,” he commented.
“We are thrilled and extremely excited that our cryptocurrency is now supported by Walmart, opening up more opportunities for any merchants to accept Litecoin in the future”.
Is it authentic news?
However, doubts have already emerged within the cryptocurrency community about the legitimacy of the press release that was unexpectedly issued today.
https://t.co/Tn2N7HdfhF (the email domain used in the press release) was registered last month and doesn't go to any official website. pic.twitter.com/ADNGpmOCFD
— Steven (@Dogetoshi) September 13, 2021
One Twitter user was quick to uncover that the email domain with the official-looking press release was only registered a month ago, and has no backward links to the Walmart website.
Yikes pic.twitter.com/Ooi9uvKFhJ
— Frank Chaparro (@fintechfrank) September 13, 2021
Prominent crypto Twitter influencer Frank Chaparro uncovered unbuilt websites, and it appears that more concern is surrounding the potential false rally.
If confirmed as a fake – the price of LiteCoin could come crashing down.
More crypto news and information
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.