Investing.com– Bitcoin rose on Wednesday, recovering from recent declines as bargain hunters took advantage of recent price declines. Still, sentiment remained negative amid increased supply prompted by Mt Gox and the German government.

The world’s No. 2 token, Ether, also rose, continuing its recent rally as markets awaited a key Securities and Exchange Commission decision on an ETF.

rose 2.8% in the past 24 hours to $58,870.50 at 01:40 ET (05:40 GMT), briefly topping $59,000 and reversing losses from a four-month low.

Bitcoin Takes Buying Opportunity, But Selling Fears Remain

The world’s largest currency has benefited mainly from bargain buying amid recent price declines. Bargain hunters have been seen in the markets since last week, and cryptocurrency investment products such as Bitcoin ETFs have seen capital inflows amid the trend.

However, sentiment towards cryptocurrencies remained rather uncertain, especially amid uncertainty over how many tokens closed cryptocurrency exchange Mt Gox will distribute as compensation for the 2014 hack.

Mt Gox was seen mobilizing around $9 billion in Bitcoin earlier this year – representing a significant portion of the current supply. Selling on such a scale means gigantic losses for the Bitcoin price.

In addition, the German government was also seen selling off Bitcoins confiscated from a pirate site. Reports said the government had at least $2 billion worth of Bitcoins and was systematically selling the token on the open market.

The dollar’s ​​recent weakening has also provided some relief for bitcoin, although the US currency stabilised this week following testimony from Federal Reserve Chairman Jerome Powell, who gave no clear indication of plans to cut interest rates.

Also in focus is key inflation data due out on Thursday.

Cryptocurrency Price Today: Ether Gains on ETF Buzz, Altcoins Recover

Cryptocurrency prices followed Bitcoin’s rebound.

rose 1.2% to $3,106.66, extending a recent rally as markets awaited SEC approval of amended issuer applications for a spot Ether ETF.

The ETF could be approved as early as mid-July. It is expected to attract some level of institutional capital to the world’s second-largest cryptocurrency.

Among other altcoins, the value rose by 1.9%, which was also driven by the spot ETF perspective, while the value and rose by 0.9% and 2.6%, respectively.

Among memcoins, the value rose by 3.9%, while the value rose by 0.9%.