Bitcoin slipped below $63,000 on Monday as a widening Coldcard hardware-wallet exploit outweighed easing U.S.-Iran tensions. The hack has pushed losses to nearly $89 million, while weak earnings from Strategy and Coinbase added further pressure on crypto sentiment.
Bitcoin fell even as oil prices dropped and Treasury yields eased on fresh hopes for a U.S.-Iran deal. BTC dropped from a Sunday high of $63,600 to $62,800 on Monday, down 1% on the day and 4% over the past week, as a spreading wallet exploit kept the pressure on.
Ether moved the same way. The token fell over 1% to $1,858 and has not cleared $1,900 since last week, down 5% on the seven-day view.
Coldcard exploit nears $89 million
Canadian wallet maker Coinkite disclosed late last week that its Coldcard hardware wallets had been compromised, letting hackers siphon funds from hardware wallets usually considered among the safest ways to store crypto. Cold wallets are usually cut off from public networks, but a flaw in the Coldcard devices made them vulnerable to remote access.
The breach has widened since. A third wave of sweeps brought observed losses to 1,367 bitcoin, or nearly $89 million, across 4,585 addresses. The first wave took 1,083 bitcoin from 1,196 addresses on July 30. The third wave pulled just 208 BTC from 1,912 wallets — a pattern that suggests the attacker moved from larger balances to smaller ones. Separately, Galaxy Research put the stolen total near $90 million from over 4,500 wallets by Monday.
Weak earnings add to the pressure
Sentiment took a further hit from last week's results. Strategy reported a substantially larger loss than expected for the second quarter, as the company keeps nursing losses on its bitcoin holdings after recently selling part of that stash to meet capital and debt obligations. Coinbase also posted weaker-than-expected quarterly results, with an ongoing pivot away from crypto trading battering transaction volumes at the largest U.S. exchange.
Iran talks ease the wider market, not crypto
The pressure came despite improving conditions elsewhere. Brent crude futures dropped as much as 7.3% to $81.55 a barrel after President Trump said he had called off a strike on Iran and would open fresh talks Monday, with Saudi Arabia among the allies pushing for a deal to reopen the Strait of Hormuz. The 10-year Treasury yield fell four basis points to 4.69% as the oil move eased inflation worries.
Falling oil, falling yields and rising futures usually lift crypto too, but bitcoin ignored all three this time — a sign the drag is coming from the wallet exploit rather than the broader economy. Whether bitcoin can hold $62,000 as the Iran talks continue remains the key test; a deal that reopens Hormuz would give crypto a second chance at the bid it just missed.
Sources: CoinDesk, Investing.com
Trading involves risk.
Risk Disclaimer
