TL;DR Breakdown
• Litecoin price drops over 18 percent in 1 week.
• Walmart is still on the lookout for a crypto developer to build a strategy that benefits them.
The news about Walmart and Litecoin partnerships has not stopped rearing its head. This all started after the Walmart manager announced that the company would have crypto payments within its stores in North America.
The Walmart news appeared in Globe Newswire magazine, but it is however understood to be fake. A Walmart representative confirmed that stores with over 50 years in the market have no intention of accepting cryptocurrencies.
Walmart’s supposed Litecoin payment announcements
Recently, the Globe Newswire press announced that the Walmart company was considering accepting Litecoin as a means of payment. The token’s value soared to over 30 percent following this speculation, causing cryptocurrency enthusiasts to invest. Other cryptos were also affected by this rise showing an attractive move across the decentralized market.
However, it has all been founded as a lie as the same Walmart executive has claimed he did not intend to accept the token as payment or other cryptocurrencies. The most famous retailer in North America and the world is attached to the SEC regulations and other national organizations, so it cannot accept cryptocurrencies until approved.
The retailer plans to create blockchain-based trading strategies
In mid-August, before this news about Walmart and Litecoin, the company said it was looking for professionals in the crypto market to help them create a trading strategy based on Blockchain.
This way, the company would explore the cryptocurrency market such as Bitcoin, Ethereum, and Litecoin that offers fast operations. The person in charge of the retailer will create a system that facilitates investments, partnerships, and purchases with cryptocurrencies.
After that announcement, Walmart did not explain the operations, so it is assumed that the vacancy is still open. Shortly the US retailer could join the growing cryptocurrency market, although this will also depend on the actions taken by the country’s regulators.
This news cost the investors who bet significant amounts on Litecoin’s rise a lot of money. The crypto traded above $185 earlier in the day and later lost almost 2 percent of its value.
Today, the 13th of September, LTC is worth $180.42 with a week of losses exceeding 18.92 percent. Once again, investors can see how volatile the cryptocurrency market is and should not trust these supposed announcements.
Bitcoin could also be affected by this misunderstanding, causing it to trade today at $44,354, losing 3.32 percent of its value in 24 hours. But DOT is the only crypto with an uptrend, having risen by 8.02 percent, trading at $36.68.
