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The altcoins including Ethereum (ETH), XRP and Binance coin (BNB) have also seen gains this week, contributing to the crypto market rebound.
Bitcoin (BTC) price is up by 10%, leading a crypto market rebound, after suffering a drastic fall last week. The biggest cryptocurrency lost 18.3% of its value last week, fell to a seven-week low of $47,079, its biggest fall since mid-March this year. Before last week’s price drop, Bitcoin was steadily embarking on a bun run, reaching an all-time high of $63,000 in the second week of April, gaining over 450% in value since last year December. Last week’s pullback however set the crypto market into turmoil as many experts and investors believed Bitcoin’s bull run was overdue to many developments in the crypto world which were deemed ‘red flags’.
News on Biden’s administration’s purported tax raise on capital gains on America’s wealthiest in a bid to halt investment in digital assets sent the crypto world into panic mode, sparking a series of large sell-off, with the crypto market losing over $200 billion in value within 24 hours. Biden’s new tax plan also reportedly includes double taxation on capital gains of up to 39.6% for Americans earning over $1 million. Biden’s tax news added to the news on the Turkish government cracking down on cryptocurrencies which have led to the collapse of two cryptocurrency exchanges and the detainment of 62 people across Turkey.
Bitcoin has once again shown its resilience as its price has bounced back from last week’s price fall, gaining over 10% on April 26 and led the crypto market rebound. Bitcoin was trading at $53,444 at 6:30 a.m. Eastern Time, a 13% rise from Sunday’s $47,079. The digital coin at press time was trading at $54,784, breaking the $54,000 barrier which has been a key support and resistance level over the past 7 days.
The altcoins including Ethereum (ETH), XRP and Binance coin (BNB) have also seen gains this week, contributing to the crypto market rebound after Bitcoin impressive performance. Ethereum price took a hit after its crash on April 22 but has since recouped most of what it lost, climbing as high as 4.4% on Sunday, climbing above the $2,300 mark once again. Ethereum hit an all-time high of $2,644 on Sunday before its price fell to $2,500. Ethereum price rise was also coupled with a record for the number of active addresses on its network, rising to 771,000, a new all-time high. The digital coin at press time was trading at $2,572.67 and has its sights set on breaking its all-time high.
Binance coin is one of the few coins that withstood the heavy sell-off in the crypto market and is now set to launch its engine, targeting a 30% advance as its tokenized stocks continue to rise. There is speculation of a new high within the BNB space in the coming days. However, it seems the price of the digital coin is already in bullish momentum. Its price was trading at $570.14 at press time, up by 6.4% from Sunday.