Bitcoin climbs 8% as cryptocurrency market attempts a comeback from last week’s plunge

LONDON — Bitcoin prices roared back on Monday as the cryptocurrency market attempted to recover from a broad sell-off last week.Just after midday London time, the price of the world's most valuable digital currency climbed 8% to $53,544 a coin, according to data from Coin Metrics. Two smaller digital tokens, ether and XRP, rose 10% and 12% respectively.Last week, bitcoin slumped below $50,000 for the first time since early March after a proposed capital gains tax hike from U.S. President Joe Biden led to a wave of selling. The entire crypto market shed more than $200 billion of value in a single day.Biden is expected to raise long-term capital gains tax for the wealthiest Americans to 43.4%, including a surtax. That triggered a brief dip in stock markets, and analysts said fears over the proposal may have extended to the crypto market.Bitcoin has risen around 80% since the start of…

Read the original article here