“It’s tough to see confidence returning while these security breaches keep happening,” said one market analyst, reflecting the mood as bitcoin dipped under $63,000 despite hopeful signs from U.S.-Iran negotiations. The crypto market stumbled Monday, with bitcoin slipping roughly 1% to $62,800 and ether dropping more than 1% to $1,858. This came even as oil prices and Treasury yields retreated on news of fresh diplomatic talks easing geopolitical tensions.
The main drag on crypto was a persistent and expanding exploit targeting Coldcard hardware wallets. Hackers have drained nearly 1,367 bitcoin equating to almost $89 million from over 4,500 addresses across multiple waves. This security scare overshadowed the broader market optimism, revealing how vulnerable investors remain to wallet-level attacks even when macroeconomic signals point upward. XRP, Solana, and Dogecoin also saw modest declines, while BNB remained flat, slightly outperforming the rest.
The disconnect between crypto and traditional markets stood out Monday. Brent crude futures plunged more than 7%, hitting $81.55 a barrel after President Donald Trump canceled a planned strike on Iran and announced renewed diplomacy. This move eased inflation fears, pushing the 10-year Treasury yield down to 4.69%, while Nasdaq and European stock futures gained 0.8%. Gold edged up 0.3%, reflecting a calm tilt among risk assets except in crypto, where Coldcard-related losses weighed heavily.
This ongoing wallet exploit shows no signs of slowing and continues to unsettle traders, adding a layer of risk beyond typical market forces. The recent waves of lost bitcoin mark the largest coordinated thefts linked to hardware wallets in recent months, underscoring the importance of security in this space. For more on this, see our previous coverage of the Coldcard breaches and their impact on holders and exchanges. Bitcoin’s one-week slide of 4% and ether’s 5% drop highlight a market reluctant to rally while these vulnerabilities persist.
This material is for informational purposes only and does not constitute financial advice.
