MEXCBreaking: Crypto Selloff By Trading Firm 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
- SBF Team Says “FTX Was Never Bankrupt,” Creditors Receive 120% Repayment
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
