Crypto Market Crash: Scimitar Capital Likely Behind Altcoin Crash

Crypto Market News: The decision to liquidate crypto holdings by a crypto proprietary trading firm is rumored to be the reason behind the widespread drop in altcoin prices on Saturday. While the Bitcoin price is down by around 4% in the last 24 hours, the global crypto market value currently stands to be $1.04 trillion, registering a 5.74% decrease over the last 24 hours. Among the top cryptocurrencies, Cardano (ADA) and Solana (SOL) lost the most in value, with over 24% decrease in price in the last 24 hours. Meanwhile, whether the crypto market will recover over the weekend or it will drag until next week remains to be seen.

Also Read: Cardano’s Charles Hoskinson May Finally Patch Up With XRP Community

Scimitar Capital Crypto Selloff

In a fresh development, Scimitar Capital, a crypto trading platform, said it made the strategic decision to liquidate our crypto holdings. The crypto community believes that this is most likely the reason behind the sudden and widespread drop in crypto prices. The firm said in an announcement,

“Our fund has made the strategic decision to liquidate our crypto holdings and return the capital to our esteemed LPs. We believe this move will provide enhanced stability and opportunities.”

Meanwhile, a Twitter account names Thiccy said Scimitar Capital had liquidated $2 billion worth of altcoins on Fraiday night, leading to a market wide selloff. However, the credentials of the crypto platform are yet to be ascertained, in the context of the widespread impact. The firm does not have significant online presence, while its Twitter account has been created only in March 2023.

[BREAKING]

The fund that liquidated $2B of altcoins late Friday night in the broad crypto selloff is rumored to be Scimitar Capital pic.twitter.com/e23mbpuJda

— thiccy (@thiccythot_) June 10, 2023

The crypto market selloff came just few days ahead of the US Federal Reserve’s key meeting that decides the interest rate, which could have a direct impact on the Bitcoin price.

Also Read: Crypto Market Crash: Here’s Why Bitcoin, Ethereum, Altcoins Are Falling Sharply

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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