Scimitar Capital Confirms Liquidation Of All Altcoins, Suspects $2B Caused Market Dump
The decision to liquidate crypto holdings by Scimitar Capital, a crypto-exclusive trading firm, is rumored to be the reason for the widespread altcoin price drop on Saturday. While the Bitcoin price is down around 3% in the past 24 hours, the global crypto market value is now $1.04 trillion, down 5.74% in the last 24 hours. Among the top cryptocurrencies, Cardano (ADA) and Solana (SOL) lost the most value, with over 24% in the last 24h for each token.
The situation is that the altcoin drop will continue to linger. For ADA, SOL, and MATIC may be at least 3 more weeks due to the influence of the Robinhood crypto exchange’s delist announcement. For the rest of altcoins in the market, the SEC is a big threat as it is unknown which tokens will be the next target. In a new development, Scimitar Capital, a cryptocurrency trading platform, said it strategically decided to liquidate our crypto holdings. The crypto community believes this is most likely the reason behind the sudden and widespread drop in cryptocurrency prices. The company said in a statement.
Source
https://t.me/DeFi_Ethereum
