Bitcoin prices recovered to reach a record high on Tuesday as investors in the space shrugged off news that another cryptocurrency was hacked.
Bitcoin hit $8,362.30 earlier in the day, an all-time high. It traded 0.9 percent higher at $8,316.63 at 12:55 p.m. New York time, according to CoinDesk.
But the widely followed cryptocurrency fell more than 5 percent overnight, briefly breaking below $8,000, after CoinDesk reported that Tether, a start-up that offers dollar-backed digital tokens, said hackers stole more than $30 million from its investors.
Bitcoin 1-day chart
Source: CoinDesk
According to a now deleted post on its website, Tether said a “malicious action by an external attacker” resulted in the theft, CoinDesk said.
Tether also reportedly said in the removed post that it was attempting to recover those tokens to prevent them from entering the broader cryptocurrency market.
Bitcoin has had a stellar year, leaving other asset classes in the dust. Year to date, bitcoin is up more than 730 percent. The S&P 500, meanwhile, has risen more than 15 percent.
