Bitcoin slips under $63,000 despite Iran deal hopes as Coldcard losses rattle market
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
On August 3, 2026, Bitcoin fell below $63,000, dropping about 1% to $62,800 despite positive macroeconomic news including hopes for a US-Iran deal. The cryptocurrency market weakness coincided with a major exploit of Coldcard hardware wallets, which resulted in losses of approximately 1,367 bitcoins, valued near $89 million, across multiple attack waves affecting around 4,585 addresses. Other major cryptocurrencies like ether and XRP also saw declines on the day.
Why it matters
The source highlights that Bitcoin and other cryptocurrencies weakened despite broader market cues that normally boost their prices, such as falling oil prices, declining Treasury yields, and rising stock futures. This divergence suggests that the cryptocurrency market is currently more influenced by security concerns related to hardware wallet vulnerabilities, particularly the Coldcard breach, rather than by general macroeconomic factors.
Key context
Three waves of attacks on Coldcard wallet-generated addresses have drained significant bitcoin amounts since July 30. The first wave took 1,083 bitcoins from 1,196 addresses, while the third wave affected more wallets (1,912) but with smaller amounts totaling 208 bitcoins. This pattern implies that large balances were targeted first, followed by smaller thefts. Typically, bitcoin funds and ether flows move in tandem, but recently ether has seen small inflows while bitcoin experienced outflows, which is unusual.
Key numbers and entities
The Coldcard hardware wallet exploit involved approximately 1,367 bitcoins stolen from about 4,585 addresses, totaling nearly $89 million. Bitcoin price dropped from $63,600 to $62,800, down 1% on the day and 4% over the week. Ether fell over 1% to $1,858. XRP declined nearly 1% to $1.07, Solana by 0.5% to nearly $73, and Dogecoin by about 0.5% to just under 7 cents. BNB was an exception, flat on the day and up 1.6% for the week.
What remains unclear
The source does not provide details on how the Coldcard exploit occurred or what measures, if any, have been taken to contain it. It also does not clarify whether ongoing Iran talks will ultimately affect cryptocurrency pricing or how the market will react if bitcoin fails to hold the $62,000 level amid those developments.