A rumor-driven rollercoasterLitecoin gains (and loses) over 20% in just two hours after a press release claims that Walmart will start accepting the digital token as payment. Spoiler alert – it’s a fake.
Litecoin enthusiasts were thrilled on Monday when a GlobeNewswire press release revealed that Walmart (WMT) would soon accept payment in the form of Litecoin. Prices soared 24% in a matter of minutes, flying from $174.04 to its highest price ever at $236.88 in the space of an hour.
However, investors came crashing back down to earth when Walmart (WMT) caught wind of the rumors and quickly stomped them out, confirming that the press release was a fake. Prices lost 17% the next hour, leaving the coin down 2% at the end of the day.