UK Markets closed

Bitcoin rebounds after hitting seven-week low

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·Senior City Correspondent, Yahoo Finance UK
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
A woman walks past the entrance of a cryptocurrency exchange office in Istanbul, Turkey. Photo: Chris McGrath/Getty Images
A woman walks past the entrance of a cryptocurrency exchange office in Istanbul, Turkey. Photo: Chris McGrath/Getty Images

Cryptocurrency prices were broadly higher on Monday as recent falls across the market attracted bargain-hunting buyers.

The global cryptocurrency market was up over 8% over the last 24 hours, according to data provider CoinMarketCap.com. The market was led higher by bitcoin (BTC-USD), the world's biggest crypto, which was up 7% to $53,527 by late afternoon in London.

The rebound came after recent steep price declines last week. Cryptos sold-off in what some analysts called a "healthy" correction to the exuberance seen in the market since late last year.

Bitcoin hit its lowest levels since early March late on Sunday night, falling just below the $47,200 (£33,933) mark. The cryptocurrency had come under pressure last week amid reports that US President Joe Biden was planning to increase capital gains tax for America's wealthiest, which would hit crypto gains.

The seven-week low helped attract buyers back to the market who saw value at this level.

Bitcoin's fightback: The world's biggest cryptocurrency rallied on Monday. Photo: Yahoo Finance UK
Bitcoin's fightback: The world's biggest cryptocurrency rallied on Monday. Photo: Yahoo Finance UK

There was little newsflow to drive bitcoin higher, suggest bargain hunting may be behind the price revival.

Bitcoin's slump last week coincided with a broader market sell-off and its revival on Monday helped spark a turnaround across the crypto market.

Watch: What is bitcoin?

Ethereum (ETH-USD) prices were surging on Monday. The world's second biggest cryptocurrency rose as much as 13% to $2,480.47, just shy of all-time highs.

Ripple was also surging. The XRP (XRP-USD) token was 14% higher to $1.23.

While most of the market was rallying, Dogecoin (DOGE-USD) prices continued to retreat. The meme token was down 1.7% to trade at $0.26. Dogecoin had rallied strongly last week ahead of "Dogeday" — an online celebration of the joke cryptocurrency timed to coincide with marijuana holiday 4/20. Dogecoin followers had hoped to push the tokens price to $0.69 or $1 but fell short. Momentum has faded since then.

Watch: What are the risks of investing in cryptocurrency?

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting