CandleFocus BlackRock's Bitcoin ETF Drops Most in 4 Months Amid Quantum Computing FUD
2024-12-10
Author: Content Editor
BlackRock's spot bitcoin ETF, IBIT, saw a 5.3% drop in price as the crypto market cooled and concerns about bitcoin's security with the advent of quantum computing spread on social media. The price of bitcoin also fell over 4% as overleveraged altcoin traders were liquidated. Some users expressed concerns that Google's new quantum-computing chip, Willow, could compromise bitcoin's encryption. However, experts dismissed these concerns, stating that Willow is not yet powerful enough to pose a real risk. Technical charts indicate that deeper losses may be ahead for IBIT, with support at $51.54.
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