Bitcoin virtual crypto currency price is displayed on a phone screen in this photo.

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LONDON — Bitcoin prices roared back Monday as the cryptocurrency market attempted to recover from a broad sell-off last week.

At around 3 p.m. London time, the price of the world’s most valuable digital currency climbed more than 8% to $53,757 a coin, according to data from Coin Metrics. Two smaller digital tokens, ether and XRP, rose 9% and 15% respectively.

Last week, bitcoin slumped below $50,000 for the first time since early March after a proposed capital gains tax hike from U.S. President Joe Biden led to a wave of selling. The entire crypto market shed more than $200 billion of value in a single day.

Biden is expected to raise the long-term capital gains tax for the wealthiest Americans to 43.4%, including a surtax. That triggered a brief dip in stock markets, and analysts said fears over the proposal may have extended to the crypto market.

Bitcoin has risen around 80% since the start of the year as more institutional investors and major companies like Tesla have jumped into the market, believing it to be a portfolio diversifier in the event of rising inflation. It’s down roughly 17% from an all-time high of nearly $65,000, however.

In recent weeks, crypto executives have warned of a potential clampdown on the market from regulators.