Bitcoin under pressure after theft in competitive currency

The trigger was a message from the digital currency provider Tether, according to which a hacker attack had stolen $ 31 million from the system. By mid-morning, the Bitcoin recovered slightly, was still down about one percent in minus at $ 8163. The start-up Tether, which is behind the currency of the same name, was reported to have stolen $ 31 million of tethers.

The trigger was a message from the digital currency provider Tether, according to which a hacker attack had stolen $ 31 million from the system. By mid-morning, the Bitcoin recovered slightly, was still down about one percent in minus at $ 8163. The start-up Tether, which is behind the currency of the same name, was reported to have stolen $ 31 million of tethers.

Bad news of this kind usually has short legs and moves relatively quickly into the background, "said Timo Emden, head of Germany's online broker DailyFX. "Confidence in the security of cyber currencies has not been put to the test for the first time. In the past, raids of a similar nature have occurred again and again to an even greater extent. "

According to the industry service CoinMarketCap Tether is the number 19 of the total of about 1300 Internet currencies with a total market value of 674 million dollars. Tether uses a slightly different concept than the oldest and most important cryptocurrency Bitcoin: The tether price is in the ratio 1: 1 coupled to the US dollar.

Strong price fluctuations of five percent or more in one day are the rule rather than the exception for digital currencies. This is also one of the main criticisms of opponents of cryptocurrencies. They argue that as currency the digital currency is not to be considered because of the strong price fluctuations, but rather as speculation object. Another criticism is that digital currencies are uncertain. Thefts, like those of Tether, which occur again and again, reinforce this view.