Editor's PiCK
[Analysis] Ripple (XRP) and Dogecoin (DOGE) Drop Over 10%... "Short-term Selling Pressure Increases"
Summary
- It was reported that the failure of Bitcoin to break through $100,000 has significantly increased the decline of altcoins like Ripple and Dogecoin.
- The media reported that the announcement of Google's quantum computing chip has increased concerns about the security of cryptocurrencies, thereby increasing selling pressure on altcoins.
- It emphasized that in a situation where leverage ratios were excessive, long positions worth $1.5 billion were liquidated, further increasing selling pressure.
Bitcoin (BTC) has failed to break the $100,000 barrier, leading to increased declines in altcoins like Ripple (XRP).
On the 10th, cryptocurrency media outlet CoinDesk reported, "Ripple, Dogecoin (DOGE), and Cardano (ADA) have fallen up to 15% in the past 24 hours," adding, "Selling pressure increased further in the latter part of U.S. trading hours."
The media stated, "There was no immediate reason for the selling pressure on this day," but analyzed, "Google announced the test results of its quantum computing chip 'Willow,' and concerns about the privacy and wallet security of cryptocurrencies have increased, leading to more selling pressure on altcoins." It explained that the announcement of Google's quantum computer chip Willow raised concerns that the security of cryptocurrencies like Bitcoin could be vulnerable to quantum computing.
There is also analysis that excessive leverage has fueled the correction. The media added, "Due to this decline, long positions worth $1.5 billion have been liquidated," and "selling pressure first increased on Coinbase. Previously, there were criticisms that altcoins like Ripple had excessive leverage ratios."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
