Bitcoin Falls Below $63K as Coldcard Losses Hit $89 Million
Cooling inflation panic couldn't save crypto prices today as traders panicked over $89 million disappearing in Coldcard wallet sweeps.
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Key takeaways
- Bitcoin slipped under $63,000 and Ether stalled despite macro relief.
- U.S.-Iran talks lowered oil prices and Treasury yields, easing inflation concerns.
- Wallet sweeps linked to Coldcard pushed observed losses near $89 million.
Bitcoin slid right past $63,000 on Monday. Friendly macro data usually sparks a rally, but a massive wallet security scare completely killed the mood.
Tensions cooled off globally, giving traditional markets a brief breather. Diplomatic chatter between the U.S. and Iran dragged down crude oil and U.S. Treasury yields, taking the edge off the inflation fears that usually hammer risk assets.
Crypto traders completely ignored the good news. Neither Bitcoin nor Ether managed to catch a bid. Instead, everyone fixated on fresh wallet sweeps tied to Coldcard, pushing total observed losses up toward $89 million. Buyers stayed parked on the sidelines—lower yields mean nothing when hardware security looks shaky.
Why it matters
Macro relief doesn't mean a thing when security fears hit this close to home. When self-custody tools face threats and tens of millions in crypto move into hostile hands, traders worry about immediate sell pressure rather than broader economic trends. Until this on-chain fallout stabilizes, macro tailwinds take a back seat.
Source: CoinDesk
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