Bitcoin Security Shock: $89 Million Heist From Popular Hardware Wallet
Bitcoin has dropped below the $63,000 level due to concerns sparked by the Coldcard hardware wallet attack, despite positive macroeconomic data.
The cryptocurrency market started the week with a sell-off, diverging negatively from global markets. While oil prices experienced sharp declines on hopes of a possible deal between the US and Iran, the rise in stock index futures found no reflection on the Bitcoin (BTC) and Ethereum front. The leading cryptocurrency, which tested the $63,600 levels on Sunday, surprised investors by sliding down to $62,773 as the new day began.
The primary reason for this market decline lies in the security breach involving the Coldcard hardware wallet, rather than macro data. According to the latest data, attackers stole 1,367 Bitcoin (BTC) from a total of 4,585 addresses, causing a loss of approximately $89 million. In the third wave of the attack, it was observed that hackers are now targeting smaller wallets instead of large balances, seizing 208 Bitcoin (BTC) from 1,912 different addresses. This situation is damaging market confidence and triggering selling pressure.
Macro Divergence in the Cryptocurrency Market
On the macro side, Brent crude oil prices fell 7.3 percent to $81.55 following Donald Trump’s call for negotiations with Iran. As inflation concerns eased, US 10-year Treasury yields dropped to 4.69 percent, while Nasdaq 100 futures gained 0.8 percent. Despite this outlook, which would normally be expected to act as a catalyst for cryptocurrencies, Bitcoin (BTC) is trading with a daily loss of 1.04 percent and a weekly loss of 4 percent. Ethereum has retreated to the $1,858 level with a 1 percent decline.
This picture points to a critical crossroads for the market. Outflows from Bitcoin (BTC) funds while Ethereum funds see inflows indicate that the market is struggling to determine a direction. If Bitcoin (BTC) fails to hold the $62,000 support in the coming period, it will confirm that an upward opportunity has been missed and that the pressure stems entirely from internal issues like Coldcard. A positive outcome from the Iran talks could create a second chance for cryptocurrencies.