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BTC Bitcoin sentiment drops to record lows due to Coldcard vulnerability
Bitcoin ($BTC) is in one of the key periods of emotional turmoil. On social media platforms such as Telegram, Reddit, and X, the ratio of positive to negative comments for Bitcoin has dropped to its lowest level. According to Sanitation, the Coldcard firmware vulnerability was the main incident that shocked traders. In particular, it strikes a blow to self-custody, which is regarded as the safest and last line of defense in the cryptocurrency space.
Bitcoin's ratio of positive to negative reviews on X, Reddit, Telegram and other platforms just hit its lowest record since Sanctuary's modern social tracking. The Coldcard firmware vulnerability shook traders because it touched on self-hosting-what many believe is the most secure defense mechanism.
Bitcoin sentiment hits record low after Coldcard breach
The ratio of positive to negative comments on social media hit its lowest level, highlighting growing concerns among Bitcoin ($BTC) traders. Previously, the FTX crash, Black Thursday of the COVID-19 epidemic and Mt. Greater disasters such as the Gox collapse have had a negative impact on markets. However, the latest Coldcard firmware vulnerability seems particularly troubling because it undermines confidence in cold wallets. As a result, traders are beginning to question the ability of hardware wallets to withstand sophisticated attacks.
According to Sanitation, for every bearish comment about Bitcoin ($BTC) that appears on social media, there are only 0.58 bearish comments. This imbalance highlights the lowest greed-to-fear ratio in 24 hours. On July 31, Coldcard encountered a vulnerability that resulted in the theft of more than $40 million in $BTC. According to reports, this incident has become a key driving force behind the current slump in sentiment.
Emotional recovery requires rebuilding trust in wallet security
A key factor making this vulnerability so damaging is the psychological impact it has on retail $BTC traders. Unlike bridges, leveraged platforms or exchanges, cold wallets are widely used as a primary security barrier. However, the breach sparked heated discussions about the evolution of attack methods and the current security of hardware wallets.
Currently, the BTC/USDT trading price is US$63,061.11. This price shows that $BTC has fallen 0.95% in the past 24 hours. At the same time, its 24-hour trading volume was US$23.38 billion and its market value reached US$1.26 trillion. However, weekly price performance rose 1.20%. Even so, the monthly price trend remained positive, rising 4.34%. According to Sanitation, after experiencing the above-mentioned loopholes and losses, trust in self-custody needs to be rebuilt to boost retail sentiment.
