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

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.