A Walmart announcement that turned out to be a hoax has increased the price of the Litecoin cryptocurrency by more than a third.
A news release on Monday said Walmart had partnered with Litecoin to allow customers to pay with cryptocurrency, although the email used for the alert was fake.
Litecoin price surged from around $170 to above $230 before the error was realized.
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Industry experts have largely described this as a “pump and dump” scheme designed to artificially inflate the value of a cryptocurrency, before cashing in on profits and causing it to crash. .
Litecoin is one of the earliest cryptocurrencies and is touted as the “silver to bitcoin gold” as the world’s second most valuable cryptocurrency.
It has since overtaken many other major cryptocurrencies such as Ethereum (Ether) and Cardano (ADA), and now ranks as the 14th most valuable cryptocurrency on the CoinMarketCap Crypto Price Index.
more to follow.
Credit: www.independent.co.uk /