Bitcoin Slips under $63,000 as Coldcard Exploit Continues

Despite improving macro conditions and hopes of a US-Iran deal, Bitcoin slipped under $63,000 on Monday. The decline came as a widening exploit of Coldcard hardware wallets drained roughly $89 million from about 4,585 addresses across three attack waves.

The Coldcard exploit has jolted the market, with no sign of containment in sight. As a result, major cryptocurrencies fell, including Bitcoin, which dropped to $62,800, down 1% on the day and 4% over the past week. Ether fell over 1% to $1,858 and XRP slipped almost 1% to $1.07.

Falling oil prices, lower Treasury yields, and rising stock futures normally give crypto a lift. However, this time, the pressure on Bitcoin is coming from the broken hardware wallet rather than macroeconomic forces. The market will be watching whether Bitcoin can hold $62,000 into the Iran talks, which could push oil prices lower again and hand crypto a second chance at a potential rally.