Crypto Today: Following a technical correction, bitcoin is back above $8000
After making a corrective slide to $7800 during the Asian trading hours, the BTC/USD pair gained traction and easily broke above the $8000 threshold to refresh its record peak at $8380. The pair has been spending the last couple of hours in a very tight range a tad below its all-time high and was last seen trading at $8350, up 1.25%, or $100, on the day. In the meantime, the ETH/USD pair, which tested the $350 handle earlier today, retraced its losses to turn flat near $370. The only digital currency that seems to be a having a difficult time recovering seems to be bitcoin cash The BCH/USD pair is at $1190, down 4.5% on the day.
Despite the sell-off witnessed today, the total market capitalization of all digital currencies continued to push higher. According to the latest available data on coinmarketcap.com, the market cap is at $244 billion with the bitcoin taking up 56.5% of the total volume.
The broad-based selling pressure on Tuesday seems to be triggered by the news of Tether, a separate virtual currency system, being hacked. "Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker. Tether integrators must take immediate action, as discussed below, to prevent further ecosystem disruption," Tether (USDT) announced on its website. As of writing, the USDT/USD pair was losing 0.7% at $ 0.98780.