The reasons for the crash have been found
Recently, Bitcoin has fallen sharply for two consecutive days, and the underlying reason may be related to a significant technological breakthrough by Google. Reportedly, the quantum chip Willow developed by Google has achieved groundbreaking progress in the field of computing. In benchmark tests, Willow demonstrated astonishing computing capabilities, completing a complex 'standard benchmark computation' in less than five minutes. In contrast, the current fastest supercomputer in the world would take 10 to the 25th power years, a time frame that far exceeds the age of the universe.
If such a quantum chip is used for Bitcoin mining, the results could have a devastating impact on ordinary miners. Mining machines equipped with this chip would easily mine the remaining Bitcoin, leaving other miners nearly unable to compete. The decentralized nature that Bitcoin's ecosystem relies on could also collapse as a result.
It is this potential threat that has sparked market concerns about the future of Bitcoin. Investors are selling off, leading to a rapid spread of panic, and the market experienced a sharp drop in the early hours. The dissemination of this news is considered a key trigger for the recent collapse of Bitcoin.
Microsoft rejects investment in Bitcoin
In recent news, during a shareholders' meeting held by Microsoft, the board of directors voted against a proposal to invest 1% of its total assets in Bitcoin.
Recommended recent coins that have seen good growth:
XRP
XRP is also a project worth paying attention to, especially considering that its lawsuit with the SEC may be resolved in the near future. If Ripple can win the lawsuit, it may even launch a spot ETF for XRP, which would undoubtedly boost the price of XRP significantly. From a technical analysis perspective, XRP's price is still well above all moving averages, and it may potentially challenge the historical high of $3.30 in the future.
SOL
Solana (SOL) is the fifth largest cryptocurrency by market ranking. It has a circulating supply of 2 million tokens, currently valued at $216.69 each. Over the past year, its price has increased by 212%. This growth has allowed Solana to outperform 78% of the top 100 cryptocurrencies, including Bitcoin and Ethereum.
The market cap of Solana is $103.16 billion, with a daily trading volume of $9.97 billion, showing strong liquidity and high investor interest. Its trading price is also 27.07% higher than the 200-day simple moving average (SMA), reaching $170.64. This indicates that its price is continuously rising.
The overall market sentiment for Solana is neutral. However, the Fear and Greed Index shows a score of 78, indicating that investors are 'extremely greedy'. The trading price of the token is also close to its cyclical peak, further indicating its strong performance and sustained demand.
JTO
The SOL sector, with a market cap comparable to LDO in the ETH sector, should conservatively be at least 60% of its market cap. This coin rises slowly and falls gradually. It tends to take action when the market crashes, which is a habit that many investors have picked up. So every time there is a major drop, it can be a good time to get it; I always put in an order.