Bitcoin jumps as much as 8%, on course to snap five days of declines

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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.

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.

 

(Reporting by Tom Wilson; editing by Thyagaraju Adinarayan)