Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is up 105.9% from the year’s low of $27,734 on January 4. It is down 12% from the year’s high of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close. Last week, Bitcoin and other cryptocurrencies suffered hefty losses amid fears that US President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets. Some traders and analysts however said that declines are likely to be temporary. There has been growing retail and institutional investor acceptance of digital currencies as a legitimate asset class.

Published in The Express Tribune, May 2nd, 2021.

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