Bitcoin continues to trade sideways, only lower as of two days ago, on April 26. Before that, the coin saw a strong rally that took it from the lowest point in months to the mid-$ 50,000 mark.
Bitcoin recovers after a recent drop
The crash was not the first Bitcoin has seen in recent weeks. Before that, the coin fell from its ATH due to Turkey’s decision to ban the use of cryptocurrencies as a payment method. The ban should take effect in just two days, on April 30. However, after that, BTC fell to around $ 55,000, and managed to avoid going lower.
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However, new US President Joe Biden’s expectations of raising the long-term capital gains tax for the wealthiest Americans to 43.4% led to a sharp drop in the price of BTC.
On the bright side, there are signs that cryptocurrencies are entering the mainstream, such as Coinbase going public and even getting options, PayPal launching new crypto features, allowing the use of cryptocurrencies to buy, and more.
What happened to the price of BTC?
According to CEX.IO data, BTC fell to $ 47,500 on April 23, only to recover slightly to $ 50,000. It traded sideways near this level until late April 25, when it crashed to $ 47,000, and then spiked to $ 54,000 at the end of April 26.
No one can say for sure where the coin will go from here, but it is expected to hit at least $ 80,000 by the end of the second quarter.