Bitcoin ends losing streak, crawls past $52k

Bitcoin rose for the first time in six days, climbing past $52,000 in early Asia trading hours Monday.

In a rally that appeared to start around 22:00 UTC (6 p.m. ET) on Sunday, bitcoin (BTC) bounced off a seven-week low around $47,655.

Bitcoin was trading for $52,100 as of 2:16 UTC Monday.

Bitcoin tumbled last week by the most since February.

Bitcoin slumped amid concern that U.S. President Joe Biden’s proposal to raise the capital-gains tax on cryptocurrencies and other investments might weigh on the market.

Other major cryptocurrencies were also in the green, gaining an average 3.7% on the day.