Bitcoin Price Falls As Coldcard Exploit Dampens Sentiment
Bitcoin price dived to $62,560 on Monday as investors react negatively to the Coldcard exploit, slightly underperforming a broadly weaker crypto market driven by market-wide risk-off sentiment. A critical. . .
Bitcoin price dived to $62,560 on Monday as investors react negatively to the Coldcard exploit, slightly underperforming a broadly weaker crypto market driven by market-wide risk-off sentiment. A critical vulnerability in Coldcard hardware wallets led to the theft of approximately 1,367 BTC worth about $88. 6 million from thousands of addresses. The exploit, targeting a flawed random number generator in seed creation, prompted a “flight to safety,” with small holders moving funds to centralised exchanges. Galaxy Research reported transfers under 1 BTC hit 39,600 BTC in a single day, nearing post-FTX bankruptcy levels. The vulnerability is believed to be linked to ongoing attacks; as of Sunday, over 4,500 addresses were affected, and nearly $90 million in Bitcoin was stolen. Crypto analysts said this is bearish for Bitcoin’s self-custody narrative in the short term, as it undermines trust in a key hardware wallet provider and may push users toward custodial solutions. Based on trading data, the entire crypto market declined, with total market cap down 1. 14% to $2. 15 trillion. Bitcoin is acting as the market anchor; its direction is currently tied to overall crypto capital flows rather than unique news. A sustained break in correlation, which would signal Bitcoin-specific alpha. While spot volume rose 15. 87%, perpetual swap open interest jumped 27. 46% to 377. 89B, indicating new leverage entering the market. This leverage can amplify price moves in either direction. The sell-off was accompanied by significant new positioning, increasing the risk of volatile squeezes if the trend reverses. Shifts in the average funding rate, currently at a neutral 0. 0056425%. The immediate trend is bearish, confirmed by higher volume on the down move. The key support to watch is the $62,000 level. If selling pressure persists and BTC breaks below $61,000, it could target the July low near $60,000. A recovery needs to reclaim $63,500 to signal stabilisation. The path of least resistance is lower until key support holds or a positive macro catalyst emerges. £Bitcoin Price Falls as Coldcard Exploit Dampens SentimentSolana Rises as South Korean KSNET Brings Solana Pay to AsiaJulius AlagbeJulius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting. He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa. Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions. He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape. His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses. Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa. Julius Alagbe is based in Lagos, Nigeria.