Ripple has made a $5 billion offer to buy stablecoin issuer Circle, which was rejected. Concerns over Bitcoin’s vulnerability to quantum computing have been raised by analyst Alex Thorn, who warns of potential national security threats. Additionally, XRP experienced an incredible 5,438% imbalance in long and short liquidations in just one hour, drawing attention from traders amid market volatility.
Ripple has made headlines with its bold $5 billion acquisition offer for Circle, the issuer of the USDC stablecoin. A report from Bloomberg on Wednesday revealed that Circle, a competitor in the stablecoin arena, rejected the proposal, asserting it undervalued the company. The timing of this offer is crucial, particularly as Circle prepares for a potential initial public offering (IPO) in the U.S. in early April. Despite the rejection, Ripple seems keen on expanding its influence in the market but may slow down on making a new bid. Meanwhile, Circle, tight-lipped about the situation, continues to focus on its IPO plans, hoping to make waves in the capital markets soon.
In other news, the world of Bitcoin may be facing a significant hurdle from the rapidly advancing field of quantum computing. Analyst Alex Thorn, leading research at Galaxy Digital, expressed grave concerns in a recent post on X, claiming that quantum threats are being underestimated. His commentary suggests that Bitcoin’s reliance on public key cryptography makes it particularly vulnerable to future quantum attacks. Thorn emphasised that all cryptocurrencies using similar cryptography face this same risk and warned that the timeline for such an attack remains uncertain – once it happens, it could be too late to respond effectively.
In yet another surprising turn in the crypto landscape, XRP experienced a staggering 5,438% imbalance in long versus short liquidations, marking a dramatic shift in market conditions. This data, shared by CoinGlass, detailed how $7.64 million was liquidated in just one hour, predominantly from long positions, which amounted to about $7.5 million. XRP’s price dipped from around $2.20 to $2.16, causing cascading sell-offs among leveraged traders who were caught off guard by the sudden price shift. This unusual trading behaviour contrasts remarkably with the broader crypto market, which also saw significant liquidation events, with Bitcoin and Ethereum incurring losses of $33.68 million and $29.2 million, respectively.
