The price of one Bitcoin rose more than 20% on Monday, following reports that the FBI and the Securities and Exchange Commission had launched probes into the virtual currency and its digital equivalent.
Bitcoin’s price jumped about 50% Monday morning, to about $7,000.
Bitcoin was trading at $724.75 at the time of writing.
The digital currency has seen a surge in popularity since the Federal Reserve and other financial institutions began regulating it last year.
The SEC issued subpoenas to the virtual currencies exchanges Coinfloor and Bitfinex in an investigation into whether the exchanges were engaged in insider trading, and the U.S. Commodities Futures Trading Commission is investigating whether they are selling commodities on the dark web, according to Bloomberg News.
The government also launched a cybercrime investigation, and prosecutors have subpoenaed bitcoin exchanges CoinLab and Coinfloor to testify, according the Wall Street Journal.
Bitcoin surged again on Tuesday, to above $8,000, according on the Bitcoin Indexes website.
It rose to $824.55, according, on Monday.
The index, which tracks digital currencies prices, surged nearly 1,000 points in the past 24 hours, according data from the New York Stock Exchange.
It is not yet clear whether the FBI or the SEC have jurisdiction over the virtual exchanges.