Bitcoin Sees a Surge in Price Crossing $47,000

According to latest reports, Bitcoin saw a climb in prices and was trading 6.37% higher on Saturday morning. On the other hand, Ethereum and Dogecoin were trading around $3,300, increasing in value by over 5%.

This information revealed by Coindesk reflects the surge in cryptocurrencies which has been associated with the two-hour long Fed meeting which occurred between Reserve Chairman Jerome Powell and the House Financial Services Committee. In the meeting, Jerome Powell discussed the need for proper regulatory bodies to oversee cryptocurrencies and informed they do not intend to ban digital currencies.

Elon Musk has expressed his opinion on the matter saying, “It is not possible to, I think, destroy crypto. But it is possible for the government to slow down its advancement.” The leading entrepreneur strongly believes that cryptocurrency should be left on its own without strict regulating from the government.

Coindesk reported that hackers have managed to bypass its multi-factor authentication SMS option which exposed around 6000 customers. Although necessary precautions were taken immediately, the vulnerability of the digital coin still remains a risk.