Bitcoin steadies near $92,600 after wallet bug, experts see quantum risks rising

The Bitcoin price traded around $92,620 during Tuesday’s trading session, falling by 1.3% in 24 hours as market participants absorbed the Bitcoin Core wallet security alert and expert comments about increasing quantum computing risks. The token maintained its strong position through $55.15 billion daily trading volume and $1.84 trillion market value. Technical indicators suggest Bitcoin is near a key resistance zone between $94,000 and $95,000, with upside momentum currently cooling. The Bitcoin Core v30 releases contain a wallet migration bug that developers have identified. The network faces two potential threats from quantum computing according to Coinbase’s David Duong because it affects both cryptographic systems and mining operational costs although he believes the danger has not reached a critical point. Technical caution and wallet migration alerts The Bitcoin Core Project issued a warning regarding a bug affecting wallet migrations in versions 30.0 and 30.1. Under certain conditions, migrating legacy wallets could result in deleted wallet files and potential permanent fund loss if backups are not available. Developers have confirmed a fix will arrive in Bitcoin Core v30.2 and advised users to avoid legacy wallet migrations in the interim. The issue does not affect the network itself, consensus, or transaction processing. Nevertheless, the warning has injected caution into investor sentiment, particularly among long-term holders and node operators. Technical analysis suggests Bitcoin remains in a consolidating phase, forming a descending wedge pattern with higher lows above December’s bottom near $80,500. The RSI indicator shows a position near 50 while the small candlesticks with their upper wicks indicate market stability instead of increasing momentum. A confirmed break above $94,500 could open the path toward $97,300 and $100,700, while failure to reclaim resistance keeps the downside risk toward $90,900 and $87,000–$88,000. Quantum computing and Bitcoin’s security risks Bitcoin relies on two main cryptographic systems: the Elliptic Curve Digital Signature Algorithm (ECDSA) for transaction signatures and SHA-256 for proof-of-work mining. Duong explained in a LinkedIn post that quantum computers could pose two separate threats: they might break private key security, allowing attackers to steal funds, and they could mine blocks faster than conventional miners, upsetting the blockchain’s economic balance. Miners currently compete using computational power and energy to solve complex mathematical problems and add blocks to the Bitcoin network. In theory, quantum computing could dramatically increase this processing speed. A sufficiently powerful quantum computer could even facilitate attacks like the 51% attack, where a single miner or group controls a majority of the network’s computing power. Despite these possibilities, Duong emphasized that quantum mining is a lower-priority concern for now. Current quantum machines are orders of magnitude too small to threaten Bitcoin’s cryptography. He noted that the open-source community remains vigilant, working on post-quantum signature migration paths to secure the network for the future. The potential quantum threat to Bitcoin remains a topic of debate within the crypto community. Skeptics, including cypherpunk Adam Back, argue that practical quantum computing capable of breaking Bitcoin’s cryptography is likely decades away. In contrast, proponents like Charles Edwards, founder of the Capriole digital asset fund, suggest the risk is more imminent and warrants preparation. The post Bitcoin steadies near $92,600 after wallet bug, experts see quantum risks rising appeared first on Invezz