Breaking: Crypto Selloff By Trading Firm Likely Behind Altcoin Crash

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.

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