Bitcoin’s price recovered today, August 3, 2026, trading at $63,449 as of 7:45 a.m. ET, up 1.05% over the past 24 hours, while Bitcoin Coldcard losses near $89 million. This rebound follows an announcement from U.S. President Donald Trump indicating he’d called off a planned strike on Iran, signaling progress toward a potential deal.
But while macroeconomic conditions improved, the cryptocurrency market still grapples with significant internal pressures. The ongoing Coldcard hardware wallet exploit has led to approximately 1,367 Bitcoin, or nearly $89 million, being drained from some 4,585 addresses.
Bitcoin price movements reflect geopolitical shifts
Today’s positive movement marks a shift for Bitcoin, which had seen several dips below the $63,000 threshold recently. It fell below this mark on July 14, 2026, due to renewed U.S.-Iran tensions.
The cryptocurrency further slid on July 17, hitting an intraday low of $62,924.8 after U.S. military strikes on Iran. Later, on August 1, Bitcoin dropped to an 18-day low of $62,200, influenced by weak Coinbase earnings and waning optimism around U.S. crypto legislation.
These fluctuations demonstrate Bitcoin’s sensitivity to both geopolitical events and broader market sentiment. The de-escalation announced by President Trump on August 2, which saw Bitcoin rebound by about $1,500 to $63,500, highlights this connection.
This macro trend was also evident across traditional markets today. Brent crude futures for October dropped by as much as 7.3% to $81.55 a barrel. Treasury yields rallied, pushing the 10-year yield down four basis points to 4.69%.
Both Nasdaq 100 futures and European share futures gained 0.8%, and gold added 0.3% to about $4,060 an ounce. This broader market optimism provided a tailwind for Bitcoin, allowing it to break above its 200-week moving average.
Coldcard hardware wallet exploit causes significant Bitcoin losses
Despite the positive macro indicators, persistent security concerns are keeping the crypto market on edge. A major vulnerability in Coldcard hardware wallets has resulted in substantial Bitcoin Coldcard losses, totaling approximately 1,367 BTC.
This translates to nearly $89 million in stolen funds, affecting around 4,585 addresses. The exploit originated from a firmware integration error introduced back in March 2021.
The flaw made seed phrases, typically unguessable, susceptible to reconstruction. It exploited a predictable software randomizer in some wallets during seed generation, enabling attackers to rebuild private keys without needing physical access to the devices.
The first significant attack wave occurred on July 30, 2026, draining 1,082.65 BTC from 1,196 addresses in just 41 minutes. Galaxy Research also identified a third wave of sweeps, which accounted for an additional 207.7294 BTC.
As of August 2, 2026, the observed losses were still climbing. One victim, Jonathan Goodman, reported losing approximately $1.6 million, even though his Coldcard was stored offline in a safety deposit box.
Coinkite’s response and user advisories
Coinkite, the manufacturer of Coldcard wallets, has moved to address the vulnerability. They’ve released urgent firmware updates designed to correct the weak random number generation issue that allowed the exploit.
The company acknowledged the flaw on its website and has issued guidance for affected users. Coinkite advises users to update their device firmware immediately, generate a new seed phrase, and then test the new wallet with a small transaction.
Users should crucially retain their old wallet backup until they’ve successfully migrated all funds to a new, secure address. This step ensures that any remaining assets are protected during the transition.
Outlook: balancing macro gains with security risks
The current state of the Bitcoin market reflects a dual narrative. On one hand, hopes for a U.S.-Iran deal have offered a significant boost, demonstrating Bitcoin’s responsiveness to improving global stability.
On the other hand, the ongoing Coldcard losses serve as a stark reminder of the unique security challenges within the crypto ecosystem. While traditional assets like oil and Treasury yields reacted positively to geopolitical de-escalation, Bitcoin’s path forward remains complicated by these internal vulnerabilities.