In a Bloomberg report from Wednesday, Ripple proposed an acquisition deal to Circle, offering to buy the USDC issuer for a sum between $4 billion and $5 billion. However, Circle, a major competitor in the stablecoin industry, rejected the offer, claiming it did not reflect the company’s actual value. This offer came just as Circle was gearing up for its initial public offering (IPO) in the U.S., scheduled for early April. Despite the rejection, Ripple remains keen on acquiring its rival but is unsure about making another offer.
Ripple’s Strategic Move with the Hidden Road Acquisition
Earlier this month, Ripple drew attention with its announcement of acquiring prime brokerage Hidden Road for $1.25 billion, one of the largest deals in the cryptocurrency sector. While Circle focuses on its IPO, it has declined to comment on the ongoing acquisition discussions with Ripple, keeping its attention on its upcoming market debut.
Thorn’s Quantum Computing Warning
Alex Thorn, head of research at Galaxy Digital, recently expressed concerns on X about the potential dangers of quantum computing. He believes it poses a bigger threat than most people realize, especially for Bitcoin and XRP.
Thorn pointed out that existing solutions might not protect Bitcoin from quantum attacks and that all cryptocurrencies using public key cryptography are at risk. “To be clear, the quantum attack to which Bitcoin is vulnerable affects all types of public key cryptography. And all cryptos,” he wrote.
Quantum Risks and Microsoft’s Majorana 1 Chip
Thorn also warned that no one knows when the first quantum hack will occur, and by the time it happens, it will be too late to respond. He stressed the national security implications of such an event. This renewed concern about quantum computing came after Microsoft’s release of Majorana 1, an advanced chip that could represent a major breakthrough in the field, as reported by U.Today.
XRP Sees Huge Shift in Liquidations
XRP recently saw a huge liquidation shift, with long positions making up 98% of the total. CoinGlass reported $7.64 million in liquidations, mostly from long positions ($7.5 million), as XRP’s price dropped from $2.20 to $2.16. This caused a wave of long liquidations. Overall, the crypto market saw $374 million in liquidations in 24 hours, with Bitcoin and Ethereum losing $33.68 million and $29.2 million, respectively.
Final Thoughts
Ripple’s attempt to acquire Circle shows its ongoing efforts to grow in the stablecoin market, even though Circle rejected the offer. At the same time, Ripple’s $1.25 billion purchase of Hidden Road highlights its plans to expand in the crypto world. However, the rising threat of quantum computing, as warned by Alex Thorn, could put cryptocurrencies like XRP at risk, as they rely on public key cryptography. With XRP liquidations also spiking, these changes demonstrate how unpredictable and volatile the crypto market can be. Moving forward, these factors will likely shape the future of major companies like Ripple.
