Bitcoin slips under $63,000 despite Iran deal hopes as Coldcard losses rattle market
Oil and Treasury yields fell after fresh U.S.-Iran talks eased inflation fears, but bitcoin and ether failed to catch a bid as fresh Coldcard-linked sweeps pushed observed losses to nearly $89 million.
Despite hopes for a US-Iran deal, Bitcoin dipped below $63,000 on Monday as the market remained unsettled by recent Coldcard wallet losses. The digital currency had opened the day at $63,600 but closed at $62,800, marking a 1% decrease on the day and a 4% drop over the past week. Ether followed suit, falling nearly 1% to $1,858 and remaining below $1,900 since last week, with a 5% decline over the past seven days.
Other major cryptocurrencies also experienced losses, with XRP, Solana, and Dogecoin all slipping slightly in value. Only BNB remained stable, with minor gains over the week. Hyperliquid's HYPE, however, fell by 1% to $52.52, marking a 12.8% decrease over the past seven days, the worst performance among top ten cryptocurrencies.
The macroeconomic conditions appeared to improve on Monday, as talks of a potential US-Iran deal gained traction. Brent crude futures for October dropped by 7.3% to $81.55 a barrel, following President Donald Trump's announcement that he had called off a strike on Iran and expressed willingness to engage in fresh talks. This positive economic outlook was reflected in the market, with Treasuries rallying across the curve and the 10-year yield falling four basis points to 4.69%.
Nevertheless, Bitcoin's performance was not influenced by these favorable macro conditions. Instead, the recent exploit in Coldcard wallets, which has resulted in losses amounting to nearly 1,367 Bitcoins, or about $89 million, has cast a shadow on the market. The attacker seems to have targeted both small and large balances, gradually emptying wallets worth a few thousand dollars.
As traders monitor the situation, they will need to assess whether Bitcoin can hold above $62,000 during the ongoing Iran negotiations. A successful deal that reopens the Strait of Hormuz may provide a second chance for cryptocurrencies to rebound, but failing to see a positive move in Bitcoin would suggest that the drag on the market is originating from within.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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