Bitcoin Recovers After Traders Buy the Dip – MENAFN.COM

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Bitcoin Recovers After Traders Buy the Dip – MENAFN.COM

(MENAFN - Daily Forex) Bitcoin managed to recover from a six-day losing streak today as some traders took the opportunity to buy the dip. Yesterday, Bitcoin lost ground for the fifth consecutive day, losing 2. 09% against the US dollar, closing the session at the 49, 116. 3 level, and hitting a seven-week low. Many believe that Bitcoin was just going through a correction phase, especially after it gained so much ground in the last couple of months. Last month, the cryptocurrency gained 29. 79% against the US dollar, after going up by 36. 69% in the previous month, and continuing with a six-month gaining streak. Bitcoin had been gaining popularity mostly due to institutional adoption and crypto investing becoming more mainstream and popular among retail investors. The idea that cryptocurrencies can be used as a hedge against inflation has also helped to boost the popularity of those assets, especially now that the US government is implementing one of the most ambitious stimulus plans in the history of the United States. The current turbulence in the markets is attributed to a rumor that has spread recently. Apparently, President Joe Biden is considering raising the capital gains tax, particularly gains on

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