Bitcoin developer Matt Corallo stated that Bitcoin’s recent price drop is not due to quantum computing fears. Speaking to journalist Laura Shin on the Unchained podcast, Corallo argued that if the quantum risk were effective, Ethereum (ETH) should have risen against Bitcoin (BTC). BTC fell 46% from its October peak of 126,100 dollars to 67,162 dollars. ETH has been trading at 1,957 dollars with a 58% loss since the early October crash.
Matt Carallo (right) speaking to Laura Shin (left) on the Unchained podcast. Source: YouTube
BTC Quantum Resistance Discussions
Corallo, despite criticisms that Bitcoin developers are not moving fast enough on quantum resistance, stated that market makers do not see this as a short-term threat. He attributed Bitcoin’s decline to capital competition with technologies like artificial intelligence (AI). The Ethereum Foundation announced long-term quantum preparedness in a protocol update on Wednesday. Ethan Heilman, co-author of the BIP-360 proposal, stated that Bitcoin’s transition to post-quantum security would take 7 years. Nevertheless, institutional buyers continue to accumulate BTC; despite ‘Bitcoin to zero’ Google searches, BTC detailed analysis data shows strong support.
In the opposing view, Capriole Investments founder Charles Edwards says the risk should be reflected in BTC price, while BlackRock’s iShares Bitcoin ETF (IBIT) filing contains a quantum risk warning.
BTC Technical Outlook and Supports
Currently BTC is at 67.316 dollars, 24h +0.63%. RSI 35.36 (oversold), downtrend continues. Strong supports: S1 65.072 (⭐71/100, -3.34%), S2 67.010 (⭐65/100, -0.46%). Resistances: R1 68.071 (⭐66/100, +1.12%), R2 70.542 (+4.79%). For recovery above EMA20 71.247, monitor BTC futures. Comparison with ETH detailed analysis supports Corallo’s thesis.
Source: https://en.coinotag.com/matt-carallo-btc-drop-is-not-quantum-fear
