At 6am this morning on November 20 (Vietnam time), on Bitsamp, Bitcoin dropped by nearly 90 USD, the transaction currently stands at 8,188 USD. Compared to the previous 48 hours, the Bitcoin price is down nearly 5%. At some point, the market’s leading cryptocurrency even dropped below $ 8,000.
When Bitcoin price drops, smaller virtual currencies are also less optimistic. Ethereum continued to fall 1.5% to USD 177 while Bitcoin Cash decreased by nearly 2%, Tether decreased by 0.05%, Litecoin decreased by 2%, EOS decreased by 1.9%. Some of the lower virtualized cryptocurrencies like Bitcoin SV, Stellar, Binance Coin fell deeper, from 4% -5%.
The fact that leading cryptocurrencies plunged for two consecutive days affects the size of market capitalization. Earlier this morning, the total market capitalization of the virtual currency recorded only 224 billion USD, the volume of virtual currency transactions also decreased significantly, recording only 71 billion USD in the last 24 hours.
There has not been a specific report on why the virtual money market is falling. However, many opinions are in favor of the Google search giant first announcing its supreme quantum superiority earlier this month.
According to Beincrypto, the supreme quantum basically means the ability of a device to solve problems that traditional supercomputers cannot actually handle, or handle slowly. When a quantum computer is available, the computational speed increases, and the decoding of blockchain chains will be much easier. When the decryption time decreases, the value of cryptocurrencies is no longer the same as it is now. It can even cause the structure of currencies like Bitcoin to be broken or hacked.
Earlier, Google said that the supreme quantum experiment the team runs on a 54 qubit (quantum bit) processor called Sycamore. Google’s quantum computer takes about 200 seconds (3 minutes 20 seconds) to complete the operation that IBM Summit, the world’s most powerful supercomputer, estimates it takes 10,000 years to solve. This is also the basis for the research team to confirm its research results to achieve quantum superiority.
Besides, Bitcoin and the leading cryptocurrencies may be negatively affected by Chinese moves when leading TV channels in the country recently warned that cryptocurrencies are "fraud". , "illegal".
Faced with unfavorable developments from the market, many analysts believe that Bitcoin will continue to decline in the short term. Analyst Bob Loukas had expected Bitcoin to rise to $ 9,000 before reaching $ 8,400 but now predicts the leading cryptocurrency will drop to $ 6,900. "Because I could not find support, I had to be more inclined to the downtrend and predict the downtrend will dominate," Bob said.
In Vietnam market, Bitcoin price is currently trading at 187 million dong, down by 0.8% in the past 24 hours. Other virtual currencies like Ethereum, Bitcoin Cash also dropped by 4-5%.
