According to CNBC, a Walmart spokesman has formally rejected the company's plan to take Litecoin. Reuters reported earlier today that Walmart, the largest retailer in the United States, will begin accepting LTC at all of its eCommerce shops on October 1.
One of the earliest cryptocurrencies, created in 2011, has a market worth of $11.7 billion. Its value has risen by more than 25% since the shocking news.
Despite years of ups and downs, Litecoin remains one of the largest digital currencies, outlasting the majority of its contemporaries.
On May 10, Litecoin reached its current all-time high of $410, primarily as a result of the larger cryptocurrency craze.
Walmart issued a job seeking for a Bitcoin specialist in mid-August, sparking curiosity about the company's cryptocurrency strategy.
The Walmart news originally raised some concerns since it passed up Bitcoin and Ethereum, the two largest digital currencies with a combined market worth of $1.2 trillion, in favor of the comparatively obscure Litecoin.
The phony news release claimed that Litecoin, a Bitcoin fork with virtually similar code, is "cheaper and quicker" than the crypto monarch.
It was unclear whether Walmart intends to take cryptocurrencies in the future, but the firm stated unequivocally that it does not intend to accept them at this time.
Amazon, which is on course to overtake Walmart as the largest retailer in the United States next year, rejected media rumors that it planned to accept Bitcoin later this year in late July.
Litecoin has plummeted as Walmart acknowledges that the news release was a hoax.
Easy come go.
The price of Litecoin plummeted on concerns that the press release announcing Walmart's acceptance of the cryptocurrency beginning in October was a hoax.
The announcement was made via the official Litecoin Twitter account and was picked up by several media sources, including Reuters.
The message, however, appears to be a fake issued by another wire account of the same name that is not affiliated with the retail giant.
The Litecoin account also deleted the initial tweet promoting the collaboration.
The fact that the Litecoin Foundation itself appears to be perplexed about its collaboration adds to the mystery.
The phony news release, which was picked up by the mainstream media, fueled the narrative of tightening bitcoin restrictions.
According to Bybt statistics, cryptocurrencies worth $202.81 million have been sold in the last hour.