Bitcoin jumped as much as 8 percent on Monday and was on course to snap five straight days of losses, though the cryptocurrency has slumped almost a fifth from its all-time high hit earlier this month.
Bitcoin was last up 6.7 percent at $52,452 after touching its lowest since early March on Sunday. Other major coins ethereum and XRP, which tend to move in tandem with bitcoin, were up around 5 percent and 11 percent respectively.
Cryptocurrencies fell sharply on Friday on concern that US President Joe Biden's plan to raise capital gains taxes would curb investments in digital assets, though they later recovered some of their losses.Bitcoin has lost over 19 percent from its April 14 record of almost $65,000. Still, the cryptocurrency has risen over 80 percent this year, fuelled by growing adoption from mainstream investors and companies such as Tesla Inc.