XRP, Dogecoin (DOGE), and Cardano's ADA fell by 12-15% in just 24 hours, marking one of the worst market days in months. Despite Bitcoin remaining stable, altcoins experienced intense selling pressure in late U.S. hours, which continued into early Asian trading. This decline coincided with Google announcing tests on its new quantum computing chip, raising concerns regarding potential impacts on crypto privacy and wallet security. Analysts noted that the market had become overheated following significant rallies in November, leading to heightened short-term selling. The market saw over $1.5 billion in liquidations of long positions, the largest since 2021, as the altcoin futures led losses. The unusual selling patterns were particularly evident on U.S.-listed Coinbase, with speculation that a major player may have been forced to sell aggressively. Such large-scale liquidations often indicate market extremes and could signal potential turning points in market sentiment.

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