Bitcoin Tumbles Below $63K Amid Iran Talks, Coldcard Fears

Bitcoin's price dropped below $63,000 on Monday, August 3, despite a more favorable backdrop for risk assets created by falling oil prices and stronger U.S. stock futures.

The weakness in Bitcoin came as investors assessed renewed U.S. talks with Iran, the suspected Coldcard attack wave, fresh spot Bitcoin ETF outflows, and the absence of the CLARITY Act from Monday's Senate schedule.

The price drop is consistent with a possible rotation of speculative capital toward technology stocks, according to Alex Thorn, head of Galaxy Research. He identified a 'LIKELY' fourth organized wave affecting Coldcard-generated addresses, which could be worth up to $448.7 in BTC.

Coinkite has released corrected firmware for affected models, but users must generate a new seed with the corrected firmware and transfer their funds. The company's investigation remains ongoing.