The price of bitcoin rises above $ 47,000

The price of bitcoin rises above $ 47,000

The price was almost $47,800 per coin, while rivals Ethereum and Dogecoin were trading at nearly $3,300 (+5.6%) and 21.7 cents (+5.05%) per coin, respectively, according to Coindesk.

Bitcoin was trading 6.37% higher on Saturday morning.

Highlights

  • ELON MUSK SAYS CRYPTOCURRENCY REGULATORS SHOULD ‘DO NOTHING’ AND ‘LET IT FLY’

  • Just 24 hours earlier, Bitcoin was above $45,000. The recent surge in cryptocurrency in the U.S. is being attributed to a positive two-hour meeting Thursday between U.S. Federal Reserve Chairman Jerome Powell and members of the House Financial Services Committee. 

Bitcoin was trading 6.37% higher on Saturday morning. (Getty Images)

At that meeting, Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight.

In other cryptocurrency news, hackers took advantage of a vulnerability and bypassed Coinbase’s multi-factor authentication SMS option, Coindesk reported Friday. The action affected at least 6,000 of the exchange’s customers, according to a notification letter sent to affected customers saying the company has filed paperwork with the California state attorney general offices.

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Between March and May 20, the hacker or hackers used a flaw in Coinbase’s account recovery process to get the SMS two-factor authentication token to break into customers’ accounts and transfer funds out of them, the report said.