Bitcoin is bouncing back from losses arising from the hack of an alternative cryptocurrency.
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 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. However, bitcoin soon recovered to $8,100 levels, possibly as traders absorbed the news of Tether's plan to lock up the stolen tokens by updating its Omni Core software client.
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