Bitcoin slipped below $63,000 on Monday, Aug. 3, despite falling oil prices and stronger US stock futures. BTC traded near $62,556, down 1.38% over 24 hours and 4.35% over seven days. The weakness came as investors assessed renewed US talks with Iran and fresh spot Bitcoin ETF outflows.
Market Context
The relative weakness is consistent with a possible rotation of speculative capital toward technology stocks. Price action alone cannot confirm that movement, but renewed activity in equities can reduce demand for crypto when traders have several competing sources of volatility. Galaxy Research head Alex Thorn identified a suspected fourth organized wave affecting Coldcard generated addresses, with 709 potential victim addresses and 448.7 BTC.
Security Concerns
The incident concerns seed generation in affected Coldcard firmware rather than a failure in Bitcoin’s network or transaction cryptography. Coinkite has released corrected firmware for each affected model, but installing an update does not repair an existing vulnerable seed. Users must generate a new seed with corrected firmware and transfer their funds.
Regulatory Update
The absence of scheduled action on the Digital Asset Market Clarity Act in the Senate removes a possible near-term policy catalyst while traders await a clearer Senate timetable. The supplied daily chart shows Bitcoin struggling below the $63,000 to $65,000 range, with momentum weakened and the relative strength index at 42.65.
