Jinse Finance reported that the crypto market has generally fallen today, especially altcoins have fallen sharply. It is rumored that the crypto hedge fund Scimitar Capital liquidated altcoins worth $2 billion on June 9. Golden Finance checked and found that this news originally came from a tweet posted by Twitter user Thiccy, but the news posted by this user is likely to be fake news. Jinse Finance found that: 1. Twitter does have a Scimitar Capital account, and it did post a tweet with the content of "making a strategic decision, liquidating encrypted assets and returning them to LP". However, the Scimitar Capital account was only created in March 2023.
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.
Meanwhile, a Twitter account named Thiccy said Scimitar liquidated $2 billion worth of altcoins on Friday night, leading to a market-wide sell-off. However, the crypto platform’s credentials are yet to be ascertained amid the widespread impact.
“The fund liquidated $2 billion in altcoins Friday night in the widely rumored crypto sell-off of Scimitar Capital”.
The number of Twitter fans is less than 1,000, and the official website cannot be found by Google; I posted a screenshot of the Financial Times report "Crypto hedge fund Scimitar Capital falls into liquidation". Jinse Finance checked and found that the Financial Times did not have this report. The previous similar report on the Financial Times was the news of Sanjian Capital Liquidation "Crypto hedge fund Three Arrows falls into liquidation" .
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