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Bitcoin and other cryptocurrencies rose Monday morning, recovering some losses after a brutal week that saw the digital currency market lose hundreds of billions of dollars.
Bitcoin was up more than 8 percent Monday at $53,720, according to Coinbase data. That restores Bitcoin’s market cap to about $1 trillion, according to Coinbase — a mark it first crossed in February.
Last week, the digital currency fell below $50,000 per coin for the first time since early March, prompting concerns the crypto could be losing momentum.
Other cryptos started the week off higher, as well. Ether, the digital token of the Ethereum blockchain, was trading more than 11 percent higher and XRP was up over 15 percent.
Bitcoin and its peers are still far from the market highs set earlier this month. Bitcoin is about 16 percent from its April 15th closing price of about $63,460.
President Biden wants to raise the capital gains tax to as much as 39.6 percent for people earning at least $1 million. The plan, which is expected to be announced next week, would be a massive increase from the current tax rate of 20 percent. A 3.8 percent tax on investment income used to fund Obamacare would also remain in place, meaning the new top rate would be as high as 43.4 percent.
For $1 million earners in high-tax states, rates on capital gains could end up even higher than 50 percent. For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22 percent. For Californians, it could be 56.7 percent.
Before the news of Biden’s reported tax plan, cryptos were on a roll as they pushed increasingly into the mainstream investing space. Major companies, such as Tesla and Square, have bought Bitcoin and announced that they’ll accept the crypto for purchases. And big banks, including Goldman Sachs and Morgan Stanley, have jumped on the bandwagon, giving wealthy clients access to crypto investing.
Even with Monday’s signs of a rebound in the crypto space, some are warning that the past week of declines could be the start of a massive crash.