No, the sky isn't falling, but Q Day is coming, and it won't be as expensive as thought.

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Ars Technica

Two independent whitepapers (neither peer-reviewed) show that breaking 256-bit elliptic-curve cryptography (ECC) with a quantum computer requires far fewer resources than previously estimated. One paper, using neutral atoms as reconfigurable qubits, demonstrates ECC can be cracked in 10 days with 100x less overhead than prior estimates. A second paper from Google researchers shows ECC protecting Bitcoin and other blockchains could be broken in under nine minutes with a 20-fold resource reduction. Experts note these advances don't set a hard date for cryptographically relevant quantum computing (CRQC), but confirm steady progress toward that goal. The findings underscore the urgency of transitioning to post-quantum cryptographic standards, with lattice-based algorithms currently considered the most quantum-resistant option.

Quantum computers need vastly fewer resources than thought to break vital encryption