Untethered? Bitcoin Shrugs Off Hack in Push Toward $8,500

Bitcoin has bounced back from losses seemingly arising from the hack of an alternative cryptocurrency, revealed yesterday.

As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate slumped to a low of $7,762 at 04:59 UTC, before quickly recovering to $8,100. At press time, the cryptocurrency is changing hands at $8,090 levels. Despite the massive gyrations, BTC is still up 0.66 percent on the day.

The sell-off occurred seemingly after cryptocurrency firm Tether reported a $31 million theft of its dollar-pegged token, USDT. As detailed in our update, Tether blamed a “malicious action by an external attacker” for the theft of $30,950,010-worth of USDT on Nov. 19.

Tether was set up as a proxy for USD that can be sent between exchanges, including Bitfinex, Poloniex and others. Thus, the initial response from the market was cautious, as traders weighed the possible market ramifications…

Read Full: Untethered? Bitcoin Shrugs Off Hack in Push Toward $8,500 – CoinDesk