The ETF of #Bitcoin de BlackRock suffers its biggest drop in 4 months amid the FUD of quantum computing

IBIT fell 5.3% on Monday, its largest drop since early August.

The Spot bitcoin (BTC) ETF of #BlackRock IBIT on Nasdaq fell on Tuesday as the overheated cryptocurrency market cooled down and unfounded concerns spread on social media that bitcoin's security could be compromised by quantum computing.

IBIT's price dropped 5.3% to $54.73, the largest single-day drop since early August, according to data source Investingcom.

The price of bitcoin fell more than 4%, reaching lows below $94,300, as over-leveraged altcoin traders were liquidated, causing further losses in the overall market.

While these pullbacks are typical in a bull market, Monday's losses are notable because they occurred alongside Google's announcement of its Willow quantum computing chip, which can solve a problem in just five minutes that the world's fastest supercomputers would take 10 septillion years to process.

IBIT reached a new high on Friday, the 14-day relative strength index (RSI) hinted at a bearish divergence, a warning that the rally is running out of steam.

Monday's drop confirmed the bearish divergence, indicating that deeper losses are on the horizon, with support at $51.54, the low from November 26. A move above Thursday's high of $59.16 is needed to invalidate that outlook.

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