Bitcoin Price Falls Below $63k Amid Coldcard Hack and Weak Earnings

Bitcoin's price dipped below $63k on Monday, extending weekend losses as cryptocurrency markets grappled with a high-profile hack and weak June quarter earnings from major companies in the sector.

The Coldcard hack resulted in nearly $90 million of Bitcoin being stolen from over 4,500 wallets, according to Galaxy Research data. The breach was particularly unsettling for crypto markets, given that cold wallets are usually considered to be the safest place a trader can store their crypto.

Cold wallets are designed to be cut off from public networks, but a flaw in the Coldcard devices made them vulnerable to remote access. Coinkite Inc, the Canadian crypto wallet firm behind Coldcard, revealed that hackers were siphoning user funds.

In other news, Strategy, the Bitcoin treasury company led by Michael Saylor, sold 1,638 Bitcoin for roughly $104.7 million last week at an average price of $63,957 per bitcoin. The transaction brings Strategy's total holdings down to 843,138 Bitcoin, worth about $52.6 billion at current prices.