Cryptocurrency market last week: Bitcoin hit nearly $ 48,000 after the Fed chairman signaled not to ban virtual currencies

Cryptocurrency market last week: Bitcoin hit nearly $ 48,000 after the Fed chairman signaled not to ban virtual currencies

Bitcoin and other digital currencies rose on October 2 after Fed chairman Jerome Powell said the US had no plans to ban cryptocurrencies.

Bitcoin price has sometimes crossed the $ 48,000 mark before hitting 47,700. has fallen USD, the highest level in almost a month. Ethereum – the second largest digital currency – also rose nearly 10 to nearly 3,300 USD.

There is currently no clear catalyst for the upward trend in digital currencies on October 2nd. Some traders pointed to what the Fed chairman said during the previous October 1st hearing and the fact that investors often flip their portfolios at the beginning of the quarter.

Regulatory concerns have gripped cryptocurrency prices in recent months. Bitcoin slumped last week after the Central Bank of China (PBoC) ruled that virtual currency transactions were illegal, confirming the country’s tough stance on competing digital currencies.

The Fed president has signaled that he has no intention of banning virtual currencies

During a hearing before the House of Representatives Financial Services Committee, Fed chairman Jerome Powell was asked if he intended to ban or restrict the use of cryptocurrencies like China.

He replied that “the US has no intention of banning cryptocurrencies at this time,” but added that stablecoins are “money market funds, bank deposits, but similar to some degree”, they go unattended and it would probably make sense to do so regulate coins. “

Cryptocurrency traders welcomed the Fed chairman’s comments.

“This is obviously a very positive comment, especially when compared to the change in PBoC,” said Naeem Aslam, Head of Market Analysis at AvaTrade Securities.

In addition, experts also assume that many other risk factors also drive the price of virtual currencies. “The Bitcoin price recovered when Wall Street dealt with the bipartisan US debt ceiling, the global energy crisis and growing concerns about the risks to the global economic recovery,” said financial expert Edward Moya of consulting firm Oanda (USA).

Elon Musk: The US government shouldn’t regulate virtual currencies

Elon Musk, Tesla CEO, said Sept. 28 that the government should avoid attempting to regulate the cryptocurrency market.

“I think it’s impossible to destroy cryptocurrencies, but governments can hold back the industry,” Musk said at the Code Conference event in Beverly Hills, California.

That was the answer Musk gave on stage when he received a question from the New York Times columnist Karra Swisher. Ms. Swisher asked if the U.S. government should get involved in regulating cryptocurrencies.

“I would say, ‘Don’t do anything,'” Musk said. “I’m not saying that I’m a great crypto expert. I see some value in cryptocurrencies, but I don’t see cryptocurrencies as a second “savior”.

More than 6,000 Coinbase users have been hacked and lost their money

Coinbase cryptocurrency exchange said it was attacked by hackers through a security flaw that affected thousands of users.

Coinbase, the largest cryptocurrency exchange in the United States, recently announced that it had been attacked by hackers with a vulnerability that affected 6,000 user accounts between March and May.

The hackers took advantage of a bug in the company’s SMS account recovery process to gain access to the account and transfer funds to a cryptocurrency wallet that is not connected to Coinbase.

The company says hackers only need the email, password, and phone number associated with the accounts to access users’ emails. From there, log into your account on the exchange and withdraw.

However, Coinbase insists that no user information has been leaked from the company. The fact that hackers are getting user information comes from an off-exchange phishing attack plan.

The market capitalization of cryptocurrencies rose by 200 billion VND USD in 1 week

On the morning of October 2, the Bitcoin price is 47,750 USD, almost 12% more than a week ago. Meanwhile, most of the other cryptocurrencies also flourished in the top 10, with Ethereum up nearly 13%, Binance Coin up 17%, and Solana up 14%.

Market capitalization of cryptocurrencies at nearly 2,100 Billion USD, an increase of almost VND 200 billion USD in 1 week.

Development of the top 10 cryptocurrencies

Vu Hao

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