Bitcoin price saw a rise on Wednesday, bouncing back from recent losses as investors took advantage of lower prices. However, concerns lingered due to increased supply from Mt. Gox and the German government.
Ether, the second-largest cryptocurrency, also experienced gains as markets awaited a decision from the Securities and Exchange Commission regarding a spot exchange-traded fund.
Bitcoin’s price increased by 2.8% in the past 24 hours, reaching $58,870.5 by 01:40 ET. This recovery comes after the cryptocurrency hit over four-month lows.
The rise in Bitcoin was mainly attributed to bargain buying, with investors capitalizing on recent price drops. Despite this positive trend, overall sentiment towards cryptocurrencies remained cautious due to uncertainties surrounding the distribution of tokens by Mt. Gox and the German government’s sale of confiscated Bitcoin.
In addition to these factors, a weakening US dollar provided some support to Bitcoin, although the greenback stabilized following comments from Federal Reserve Chair Jerome Powell.
The focus also turned to key inflation data set to be released on Thursday.
Ether’s price also climbed by 1.2% to $3,106.66, continuing its recent recovery as anticipation grew for the approval of a spot Ether ETF by the SEC. This approval, expected by mid-July, is forecasted to attract institutional capital to the cryptocurrency.
Other altcoins, such as , , and , also saw gains on the back of the ETF hype. Memecoins like and registered increases as well.