Bitcoin slipped under $63,000 on Monday as oil and Treasury yields fell after fresh U.S.-Iran talks eased inflation fears. But the positive macro news didn't translate into crypto gains — bitcoin and ether both failed to catch a bid. Meanwhile, Coldcard-linked sweeps pushed observed losses to nearly $89 million, rattling the market.
Macro tailwind, crypto headwind
Oil prices and Treasury yields dropped after the U.S. and Iran resumed talks, a development that typically soothes inflation concerns and lifts risk assets. Equities edged higher, but crypto sat out the rally. Bitcoin hovered just below $63,000, while ether also struggled to find traction. The disconnect between macro relief and crypto price action left traders scratching their heads.
Coldcard-linked losses mount
The bigger drag on sentiment came from a series of sweeps tied to Coldcard hardware wallets. Observed losses from the incident have now reached nearly $89 million, according to on-chain data. The market was visibly rattled by the scale of the losses, which appeared to stem from compromised devices or seed phrases. The exact cause remains unclear, but the event has revived concerns about self-custody risks.
The timing isn't great. With bitcoin already struggling to hold $63,000, the Coldcard news added another layer of uncertainty. Some traders pulled back, waiting to see if more wallets are affected.
For now, the focus is on whether the Coldcard incident will continue to weigh on sentiment or if the macro tailwind from lower oil and yields eventually pulls crypto higher. No official statement from Coldcard has been released, and the investigation into the sweeps is ongoing. The market is watching for any further movement from the compromised wallets.
