Iran Deal Hopes Couldn't Save Bitcoin — ColdCard FUD Hit Harder.

[Just Say]

I can not believe in any peace deal until United States stopped their offensive attack on Iran and go back to their country. The two countries both signed peace memorandum few weeks ago and we thought that the war is over but they later continued to bomb themselves again.

What I think is the cause of what is happening is because bitcoin is not yet out of the bear season, I do not see the Coldcard theft or the US war in Iran to be the reason but I know that is what will be on the news.

Despite the positive rumors about the Iran deal, we can see that the price of Bitcoin is still at the 60k level but that's right, both countries had agreed to a peace treaty before and the Strait of Hormuz had been opened, but then the war resumed.

However to my knowledge a hardware wallet hack has occurred that has affected the cryptocurrency market, as a result of which the price of Bitcoin is not going up because more than $100 million worth of Bitcoin has been stolen from cold card wallets, since the hardware wallet has been hacked, it is understood that our funds are not really safe, which is discouraging new investors from buying Bitcoin, but at the moment experienced investors are accumulating more Bitcoin.

[pawel7777]

The Strait of Hormuz situation has been a real rollercoster, and I think markets get more cautious when they are getting feed with any new developments.
And even when taking all the recent news headlines at face value, it's hard to judge the current developments as either postitive or negative.
On one hand, we have news about Iran opening the Strait for Europe, on the other, we have Trump threating Iran with escalation and new strikes, giving them an ultimatum. It's hard to draw any sensible conclusion from this and predict how things will unfold in the days to come.
I think Bitcoin currently trading at around $64k is still a good result (we're still doing slightly better than last week), especially considering we're supposed to be in the middle of the bear market.

[EarnOnVictor]

Despite the positive Iran deal rumors, Bitcoin dipped below $63K today. In most cases, world news relief is positive for markets.

What has the Iran deal got to do with Bitcoin? This will be a misrepresentation if you were expecting something positive for Bitcoin due to the news. Bitcoin is still serving a course that will linger much longer.

But this time? Mood was brought down quickly by the theft of coldcard wallets.

Perhaps we are not using the same Bitcoin chart? Bitcoin has not been seriously negatively affected by the news. As a fact, it has been dangling around the price at which the news broke on 30 July as I write.

[M47AK16]

The Strait of Hormuz situation has been a real rollercoster, and I think markets get more cautious when they are getting feed with any new developments.
And even when taking all the recent news headlines at face value, it's hard to judge the current developments as either postitive or negative.
On one hand, we have news about Iran opening the Strait for Europe, on the other, we have Trump threating Iran with escalation and new strikes, giving them an ultimatum. It's hard to draw any sensible conclusion from this and predict how things will unfold in the days to come.
I think Bitcoin currently trading at around $64k is still a good result (we're still doing slightly better than last week), especially considering we're supposed to be in the middle of the bear market.

You and I, as regular citizens, can't possibly know what is going on even right now, let alone what may happen tomorrow. If you have anyone working in the ship industry that can help you understand what's going on and you can talk to them every day, then yeah, you could get some information out of that person. But as someone who knows absolutely nobody in the field, I can tell you that I am just bound by the media and what they say.

And we all have seen how the media just shares stuff that makes it look like they are dealing with bad stuff, so they lie just as easily as they breathe, and we have no control over that. It might be closed when they say it is finally open, or it could be wide open and they might be saying it's closed, I would not know, I have no way of going there and confirm it, so I either have to blindly trust the media who I know lies, or I just be ignorant on the subject and accept that I will just check the oil prices and assume what's going on based on those oil prices.

[jossiel]

The Strait of Hormuz situation has been a real rollercoster, and I think markets get more cautious when they are getting feed with any new developments.
And even when taking all the recent news headlines at face value, it's hard to judge the current developments as either postitive or negative.
On one hand, we have news about Iran opening the Strait for Europe, on the other, we have Trump threating Iran with escalation and new strikes, giving them an ultimatum. It's hard to draw any sensible conclusion from this and predict how things will unfold in the days to come.

The situation there is effective for the manipulators of the market. It's always been reactive whether there's a significant and developing agreement or disagreement.

I don't even know if the headlines that are coming out about its truce and deal is real or no longer. Because the media keeps on feeding the internet with the news that are dynamic. What source of news you guys are following which is more credible than the rest?

I think Bitcoin currently trading at around $64k is still a good result (we're still doing slightly better than last week), especially considering we're supposed to be in the middle of the bear market.

I agree.

With such negative news, it should have went more but we see how it's more stable this time and more likely to be even lower knowing that we're in a bear.

[goldkingcoiner]

Despite the positive Iran deal rumors, Bitcoin dipped below $63K today. In most cases, world news relief is positive for markets. But this time? Mood was brought down quickly by the theft of coldcard wallets.

This is sign of the weakness of the market confidence at the moment. This hardware wallet mess should not be the only reason for not celebrating the big picture good news, but it did. That is a sign to me that traders are already nervous and looking for a reason to sell out.

I feel like there is phase that we are in. When it comes to good news, it is overlooked. Bad News is made bigger. Classic fear territory.
There is downside to expect if ColdCard turns out to be more of an issue than it is let on. Otherwise, it could be overreaction. Slow and careful, do not hurry.

The hardwallet drama only gives Bitcoin a bad image.  I would expect the price to remain stable. It's not like it is the only way to securely store Bitcoin. It has just long been contested the best way. Now perhaps considered by some as a mistake?

Personally, at this point I am considering just memorizing the seeds and encrypting the seed as a backup that would be hidden in some unit which is disconnected from the internet and hidden, ironically as it sounds, at a bank vault. should I forget the seeds for any reason I would have the backup. I really cannot trust hardwallets right now. I would rather stamp the seeds on actual metal and just hide the piece of metal. Or even better, stamp out the seeds on 7 pieces of metal, so that if one bank is robbed, they would need to rob 6 more (and the right ones too) in order to get my full seed.

Too bad you cannot decentralise physical things....Yet.

[Accardo]

With such negative news, it should have went more but we see how it's more stable this time and more likely to be even lower knowing that we're in a bear.

Bearish seasons comes with bitter experiences, either an exchange gets hacked or global issue erupts, similar news of hacks, exchange shutdowns definitely fuels the bear season. This year bitcoin is different and stronger, it has absorbed numerous trends and didn't fall by a lot. The coldcard hack is a flaw from Coinkite not from the bitcoin core network, seeing people panic about this is normal, but the majority of bitcoin users understands that the fault wasn't with bitcoin, and presumably it is the reason behind its resistant at 63k, and the bounce back to 64k this morning.

[Asiska02]

I feel like there is phase that we are in. When it comes to good news, it is overlooked. Bad News is made bigger. Classic fear territory.
There is downside to expect if ColdCard turns out to be more of an issue than it is let on. Otherwise, it could be overreaction. Slow and careful, do not hurry.

Rushing in this market when the cause of the rise is not known can be very difficult to handle. Negative news that will disrupt the normal functions of the market are mostly not welcomed or entertained. Traders that are nervous are better left to act within their means than actually reacting to what they never meant to have them looked down on or locked up on.

ColdCard case was just a coincidental event but the effect has already been felt, little to like nothing ever happened. Hiding behind events like this to show your true colour instinct of the event later from your end can be very of no use later. Market is reacting to its normal growth behaviour in the market now and not to any major event causes we’ve witnessed of recents.

[jossiel]

With such negative news, it should have went more but we see how it's more stable this time and more likely to be even lower knowing that we're in a bear.

Bearish seasons comes with bitter experiences, either an exchange gets hacked or global issue erupts, similar news of hacks, exchange shutdowns definitely fuels the bear season. This year bitcoin is different and stronger, it has absorbed numerous trends and didn't fall by a lot. The coldcard hack is a flaw from Coinkite not from the bitcoin core network, seeing people panic about this is normal, but the majority of bitcoin users understands that the fault wasn't with bitcoin, and presumably it is the reason behind its resistant at 63k, and the bounce back to 64k this morning.

These things happen at the same time, and it's true most of these devastating incidents happen during the bearish season.

But there are also these things that also happens in a bull run. It's possible that every cycle that comes to bitcoin, it just becomes stronger.

And whatever future bad incidents that will come, it won't be as heavy impact compared to the years of 2018 and backwards.

[Accardo]

And whatever future bad incidents that will come, it won't be as heavy impact compared to the years of 2018 and backwards.

2018 was very terrible, I could remember in December - February during the Chinese New Year, bitcoin price plummeted drastically from the 20k ATH to around $6k and rounded up at $3k (missed opportunity). Another year was 2022, following the FTX hack and bankruptcy, coupled with Binance drama, bitcoin suffered a terrible fall in price. In a nutshell, what's happening this year is just bitcoin giving a new opportunity to people.

[jossiel]

And whatever future bad incidents that will come, it won't be as heavy impact compared to the years of 2018 and backwards.

2018 was very terrible, I could remember in December - February during the Chinese New Year, bitcoin price plummeted drastically from the 20k ATH to around $6k and rounded up at $3k (missed opportunity). Another year was 2022, following the FTX hack and bankruptcy, coupled with Binance drama, bitcoin suffered a terrible fall in price. In a nutshell, what's happening this year is just bitcoin giving a new opportunity to people.

It was the year of where a lot of investors panicked. Sold their holdings at losses and thought that bitcoin will never bounce back.

They're okay with that opinion because it was a hard year to look at and the market was sluggish and thought it will be the same for the next years until we see the light on the next years.

We were become used to these incidents that when the market is healthy, there will be some incidents that will disrupt the peace of btc's peak.

[Dave1]

And whatever future bad incidents that will come, it won't be as heavy impact compared to the years of 2018 and backwards.

2018 was very terrible, I could remember in December - February during the Chinese New Year, bitcoin price plummeted drastically from the 20k ATH to around $6k and rounded up at $3k (missed opportunity). Another year was 2022, following the FTX hack and bankruptcy, coupled with Binance drama, bitcoin suffered a terrible fall in price. In a nutshell, what's happening this year is just bitcoin giving a new opportunity to people.

It was the year of where a lot of investors panicked. Sold their holdings at losses and thought that bitcoin will never bounce back.

They're okay with that opinion because it was a hard year to look at and the market was sluggish and thought it will be the same for the next years until we see the light on the next years.

We were become used to these incidents that when the market is healthy, there will be some incidents that will disrupt the peace of btc's peak.

In every bear market, there will always be some news that will test the hands of the investors, in which later we call black swan events. The last time that we had it is during the FTX collapsed as there was a lot of outflows of Bitcoin, whether to other wallets or simply selling it because they are afraid of the current situation.

Nevertheless, that is history already, it's very tough times but we endured everything that time. Now the cycle continues although others might think that we haven't seen that big event to test the market again. Coldcard incident didn't pull the price below $60k, so it's either we have bottom already and despite this negative news the market remain resilient. Of there will still be another event in the future and finally see capitulation in this bear market.

[justdimin]

I feel like there is phase that we are in. When it comes to good news, it is overlooked. Bad News is made bigger. Classic fear territory.
There is downside to expect if ColdCard turns out to be more of an issue than it is let on. Otherwise, it could be overreaction. Slow and careful, do not hurry.

Are you serious? Isn't that being a little overdramatic? A $1k or even lower drop in the price of Bitcoin is considered nothing, it's just a routine shift in the price that happens on a daily basis, this doesn't show any negativity or anything. You are saying that the recent attack has killed the effects of the good news in a way as if the price dropped from $64k to $54k or something, it didn't drop that much, and it is already above $64k already, which proves that the market wasn't affected much because of the coldcard attack and that is actually pretty surprising, if you ask me.

I was expecting at least a more severe drop in the market after this incident because a lot of people must have lost confidence in holding their bitcoins because of the attack, so many people are still afraid that their funds might be at risk even if they are not using coldcard devices because such vulnerabilities can be found in any device, but still, the market is holding pretty tight, and that's amazing to see.

I wasn't really expecting the market to react very positively regarding the deal you are talking about, because we have seen it in the past that geopolitical matters actually don't affect the crypto market that much anymore.

[Curious T]

I feel like there is phase that we are in. When it comes to good news, it is overlooked. Bad News is made bigger. Classic fear territory.

I would say you are part of the reason for the bad news being amplified because you already concluded that Bitcoin went down to $63,000 because of the ColdCard saga, and we really have no proof for that, because a day or two after that, Bitcoin got to about $65,000, even though it did not stay long at that price. You made the $63,000 look like it was a new price when it was at that range. Even before the ColdCard incident, Bitcoin had been around $61,000 to $66,000, and it didn't go lower than that, so don't you think you're analysing what is not there? Don't you think people would look at this and think the incident made people sell off their Bitcoin because they panicked?

[jossiel]

It was the year of where a lot of investors panicked. Sold their holdings at losses and thought that bitcoin will never bounce back.

They're okay with that opinion because it was a hard year to look at and the market was sluggish and thought it will be the same for the next years until we see the light on the next years.

We were become used to these incidents that when the market is healthy, there will be some incidents that will disrupt the peace of btc's peak.

In every bear market, there will always be some news that will test the hands of the investors, in which later we call black swan events. The last time that we had it is during the FTX collapsed as there was a lot of outflows of Bitcoin, whether to other wallets or simply selling it because they are afraid of the current situation.

Nevertheless, that is history already, it's very tough times but we endured everything that time. Now the cycle continues although others might think that we haven't seen that big event to test the market again. Coldcard incident didn't pull the price below $60k, so it's either we have bottom already and despite this negative news the market remain resilient. Of there will still be another event in the future and finally see capitulation in this bear market.

Once we enter the capitulation period, that should be the period where everyone needs to be more aggressive with their accumulation.

Because we may not see these moments again in the future. We've got the pattern already on what shall happen once this bear is done.

I think that the past years and incidents that happened for those cycles were even more impactful than of it lately or it's just because we haven't seen the impact yet of these recent incidents.

[dansus021]

I do believe that bitcoin is in bear market phase so even there is good news the price not gonna jump high like creating all time high at short period of time. About the cold card The Bitcoin Network is still Running flawlessly with 100% uptime. But third party like Firmwares, wallet vendors, and hardware manufacturers remain third-party software risks.

Tho the pressure is far more high than coldcard, Strategy selling over $100M in BTC to cover preferred stock dividends and capital obligations, Coinbase reporting softer-than-expected Q2 transaction volume, and other.

[asriloni]

At this point, i'd rather abandon US - Iran deal because it's just a never ending drama. Both countries acted like they're telenovela actors. So i believe it's no longer impacting the market.

We have plenties of news and rumors said the deal reached and the deal failed here and there. But bitcoin still remain stable at 60k - 64k range.

So this is clear how market is no longer care about US - Iran deals. Beside that coldcard incident is not driving bitcoin to go down. I know more than 100m hacked, but market reacts it like it's nothing.

So neither US - Iran deal or cold card affect the market. Bitcoin is just facing a stagnation this time.

So you have to stop to overthinking about a tiny down happens in bitcoin rn.

[Ishicryptic]

With such negative news, it should have went more but we see how it's more stable this time and more likely to be even lower knowing that we're in a bear.

Bearish seasons comes with bitter experiences, either an exchange gets hacked or global issue erupts, similar news of hacks, exchange shutdowns definitely fuels the bear season. This year bitcoin is different and stronger, it has absorbed numerous trends and didn't fall by a lot. The coldcard hack is a flaw from Coinkite not from the bitcoin core network, seeing people panic about this is normal, but the majority of bitcoin users understands that the fault wasn't with bitcoin, and presumably it is the reason behind its resistant at 63k, and the bounce back to 64k this morning.

This is bear run and FUD should be expected in the market, negative fundamentals are taken seriously in the market especially week hands that are waiting for a slightest reason to dump their Bitcoin but it is just a matter of time when the tide would change to bull run and we'll be speculating more on positive fundamentals that would drive Bitcoin to a new ATH. The Iran peace deal or the Coldcard hack haven't really impacted the market that much so it shows that all the FUD is because we're still in bear run, even the Strategy selling of their Bitcoin didn't cause any major dip which is another indication that there isn't much to worry about. My position about bear run is that it is a good time to accumulate as much Bitcoin as we can because it has the potentials to become bullish and profitable in bull run so our strategy should be to buy and hold in bear run.

[Moreno233]

Bitcoin never depended on Iran deal for anything because the war have had no net impact on the price. The effect of the war on Bitcoin have been little reactions which is so insignificant to be regarded as having positive impact. To correct your post, Bitcoin does not need anyone to save it, the time has passed when the idea of saving Bitcoin flourished, Bitcoin is close to getting to mainstream and whatever happens now will not kill Bitcoin, not even the quantum threat or attack on open source infrastructures.

[pooya87]

As long as price goes up and down inside a fixed range between $60k and $65k, these ups and downs are NOT based on any kind of news. These are completely normal and the most common fluctuations in the market during an accumulation phase. Check the charts, you'll see this pattern a lot in the past decade+.
And the situations has been like this for a while now so even that is not new!

Not to mention that there is no deal that Iran will ever make with the American terrorists, everything you hear in the media is fake and they usually sell Iran's talks with its neighbors (eg. the current ongoing talks with Oman) as "the deal" since the US regime is getting more desperate for one every day that passes and US defeat gets worse. The US regime started a war against Iran and the Iranians crushed them so as the victors they dictated terms that the defeated US must capitulate to. Those terms were dictated months ago and have only increased ever since. That's not a "deal".

It's the same with ColdCard. Despite how they are hyping it up in the media, it is not a serious matter. Again you can compare it with the past negative events such as exchange hacks. They are usually followed by an actual drop that is usually around 30%. The fluctuations we've had over the past couple of weeks barely reach 5%.