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

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 US 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.