Independent Online

Tuesday, August 9, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

Bitcoin jumps 8%, on course to snap five days of losses

Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration. File picture: Reuters/Dado Ruvic

Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration. File picture: Reuters/Dado Ruvic

Published Apr 26, 2021

Share

London - Bitcoin jumped as much as 8% on Monday and was on course to snap five straight days of losses, though the cryptocurrency has slumped almost a fifth from its all-time high hit earlier this month.

Bitcoin was last up 6.7% at $52,452 after touching its lowest since early March on Sunday. Other major coins ethereum and XRP, which tend to move in tandem with bitcoin, were up around 5% and 11% respectively.

Story continues below Advertisement

Cryptocurrencies fell sharply on Friday on concern that U.S. President Joe Biden's plan to raise capital gains taxes would curb investments in digital assets, though they later recovered some of their losses.

Bitcoin has lost over 19% from its April 14 record of almost $65,000. Still, the cryptocurrency has risen over 80% this year, fuelled by growing adoption from mainstream investors and companies such as Tesla Inc.

Reuters

Story continues below Advertisement

Related Topics:

cryptocurrency

Share