The crypto market fell on Monday, with the total value of all coins sliding to $2.14 trillion, down 1.1% over 24 hours.
The drop came as Japan prepared to confirm a rare currency intervention, reviving fears that an unwinding yen carry trade could drain risk assets. A Coldcard wallet hack added to the gloom.
1. Japan’s Yen Intervention Revives Carry-Trade Fears
Japan is set to confirm joint currency action with Washington on Monday, its first coordinated push to strengthen the yen in 15 years. Traders fear a sharp yen rally could unwind the carry trade, where cheap yen funds bets on stocks and crypto, forcing sales if it reverses.
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That fear outweighed news that usually helps. Oil tumbled and Washington flagged an easing at the Strait of Hormuz, yet Bitcoin still slid toward $62,700.
A brief Sunday bounce had lifted TOTAL above $2.16 trillion before the reversal, with Friday’s jobs report the next macro test.
- The Trigger: Japan set to confirm rare yen intervention Monday
- Key Level: TOTAL must hold $2.12 trillion support
- The Risk: A yen rally could unwind the carry trade
2. A Coldcard Wallet Hack Dents Self-Custody Trust
The second drag hit sentiment directly. Hackers exploited a firmware flaw in Coldcard hardware wallets, draining roughly $89 million in Bitcoin from thousands of addresses since July 30.
The flaw dates to 2021 and weakened how older devices generated keys, denting trust in self-custody.
Still, Bitcoin has shrugged off far larger thefts within a week, so the drag may prove temporary if conditions steady.
- The Breach: Firmware flaw drained about $89 million in Bitcoin
- The Root: A key-generation bug active since 2021
- The Read: Past hacks rarely dented Bitcoin for long
Coin Spotlight: Pump.fun (PUMP)
Pump.fun (PUMP) is the day’s big loser, down about 8% over 24 hours at $0.0020, yet still up roughly 26% over the month. It has ridden an ascending channel since June 25, which those monthly gains reflect.
PUMP tried to break above the channel on August 2 but failed as sellers took over. However, selling pressure has eased since July 28, so the setup stays alive while $0.0020 holds. A push above $0.0023 would clear the channel and open $0.0024 and $0.0026, while losing $0.0020 risks a slide to $0.0018.
The $0.0020 floor separates another channel bounce from a slide toward $0.0018.
- The Move: PUMP down about 8% today, up 26% monthly
- Volume Tell: Selling pressure easing since July 28
- Break Line: Above $0.0023 targets $0.0024, then $0.0026
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