Won’t back down! Bitcoin has rebounded past $54,000 after hitting lowest since March. Resultingly, the cryptocurrency market as a whole has made a comeback, with altcoins following the lead.
The price of BTC climbed well over 11% a coin after the slump last week that saw it go below the psychological mark of $50,000. The two smaller tokens, Ether and XRP, rose 9% and 15% respectively, as did several other digital coins.
A proposed capital gains tax hike from US President Joe Biden was said to be the primary factor in the selloff last week. The wave of selling led to the crypto market shedding more than $200 billion of value.
In a single day.
Biden is expected to raise the long-term capital gains tax for the wealthiest Americans to 43.4% including a surtax. That not only triggered a brief dip in the stock market, the proposal also apparently extended to the crypto market.
Bitcoin rallied back Monday as investors took advantage of the lowest levels in seven weeks to pile back in, leading to the biggest intraday gain for the original crypto since early February.
The world’s most popular cryptocurrency has risen 80% since the start of the year, as more institutional investors and major companies like Tesla have jumped into the market. These organizations see Bitcoin to be a portfolio diversifier in the event of rising inflation.
Still, Bitcoin has a while to go to make a play for another all-time high. It is still down some 17% from the milestone value of $65,000.
On the road again!
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