Bitcoin price climbs back above $47,000
Ethereum and Dogecoin both higher by more than 5%, Coindesk reported early Saturday morning
Bitcoin was trading 6.37% higher on Saturday morning.
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.
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.
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At that meeting, Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight.
Bitcoin was trading 6.37% higher on Saturday morning. (Getty Images)
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.