Bitcoin Price Recovers to $8,200 as Tether Hack Makes Markets Volatile

The bitcoin price has recovered above $8,200 after careening significantly in the wake of the Tether hack.

Bitcoin Price Plunges & Recovers in Wake of Tether Hack
As CCN reported, The bitcoin price endured a temporary correction on Monday following a report that Tether, a widely-used crypto token purportedly pegged to the U.S. dollar, had been hacked. According to an announcement from the Tether development team, a hacker infiltrated the Tether treasury wallet and stole approximately $31 million in USDT.

The news of the hack, which surfaced early Monday morning, led to intense volatility within the markets due to the wide proliferation of USDT usage as a substitute for fiat USD on cryptocurrency exchanges. On Bitfinex, the bitcoin price plunged from $8,285 to $7,755 in minutes, and the ripple effect caused the total cryptocurrency market cap to temporarily shed more than $10 billion.

BTC Price Chart | Source: BitcoinWisdom

However, the bitcoin price quickly found a footing, and over the next few hours, it climbed back near its pre-dip level. At the time of writing, the bitcoin price was trading at $8,259 on Bitfinex, placing it within $60 of the all-time high it set yesterday.

Dash Leads the Altcoin Pack
The altcoins markets were a mixed bag for investors on Tuesday, but the total altcoin market cap ultimately grew by about $1 billion despite Tether-linked volatility.
For more details, please visit: https://www.cryptocoinsnews.com/bitcoin-price-recovers-to-8200-as-tether-hack-makes-markets-volatile/