Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 11975
Markets: 92589
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
11975
Cryptocurrencies
54.28%
Bitcoin Share
CoinDesk 2024-12-10 10:21:08

BlackRock's Bitcoin ETF Drops Most in 4 Months Amid Quantum Computing FUD

BlackRock's Bitcoin ETF Drops Most in 4 Months Amid Quantum Computing FUD

BlackRock's spot bitcoin ( BTC ) exchange-traded fund (ETF), tickered IBIT on Nasdaq, dropped on Tuesday as the overheated crypto market cooled and unfounded concern that bitcoin's security might be compromised by quantum computing percolated across social media. IBIT's price fell 5.3% to $54.73, the biggest single-day drop since early August, according to data source Investing.com. The bitcoin price fell over 4%, hitting lows under $94,300, as overleveraged altcoin traders were liquidated , leading to bigger losses in the broader market. While such pullbacks are typical in a bull market, Monday's losses are noteworthy because they came alongside Google's announcement of its Willow quantum-computing chip , which can solve in just five minutes a problem that would take the world's fastest supercomputers 10 septillion years to process. Several users on X expressed concerns that Willow could easily crack bitcoin's complex math SHA-256 , compromising the network. That's because Willow has reached 105 qubits with improved error rates. Consider qubit a super-powerful version of a regular computer bit, which can only be a 0 or a 1. A qubit can be both 0 and 1, like a switch that can be on and off until it's checked. This helps quantum computers process problems much faster than normal computers. These concerns are unfounded, some experts said, because Willow is still not powerful enough to pose a risk. "Willow has 105 qubits, which is great for quantum experiments but far from what’s needed to break Bitcoin's encryption," pseudonymous analyst and tech expert Cinemad Producer producer said on X. "Experts estimate you’d need about 1 million high-quality qubits to make a dent in Bitcoin’s security." In 2022, research from Universal Quantum, associated with the University of Sussex in the U.K., found that a quantum computer with a capacity of 1.9 billion qubits would be required to break bitcoin's encryption. Damage done? Though it's unclear whether the quantum FUD drove BTC and IBIT lower, the damage seems to have been done, according to technical charts. While IBIT clocked a new high on Friday, the 14-day relative strength index (RSI), hinted at a bearish divergence, a warning that the rally is running out of steam. Monday's drop confirmed the bearish divergence, signaling deeper losses ahead, with support at $51.54, the Nov. 26 low. A move above Thursday's high of $59.16 is needed to invalidate that outlook.

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
54.28%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.