Bitcoin's price rose slightly after recent losses on Tuesday, though sentiment remained on edge over a potential surge in token supply, while ether rose sharply amid speculation of a spot exchange-traded fund closing.
The world's largest cryptocurrency has been suffering huge losses over the past two weeks, hitting a more than four-month low last week amid concerns over the token distribution of defunct crypto exchange Mt Gox. But the token's losses appear to have paused, at least for the time being. The bitcoin exchange rate rose 3.2% in the last 24 hours to $57,280.7.
Earlier, the bitcoin exchange rate fell to $53,000 after Mt Gox trustees said they had begun distributing tokens stolen in a 2014 hack, though they did not specify the total value of the distribution.
But the news led traders to sell bitcoin even more due to concerns that the recipients of the token would also be inclined to sell, given the huge jump in bitcoin prices over the past 10 years. Several major bitcoin wallets were seen dropping the token, while sales of bitcoins confiscated by the German government from a pirate website also added to the selling pressure.
Arkham analysts have recorded another wave of transactions involving confiscated bitcoins from German government reserves. Over 9 thousand bitcoins (more than $500 million) were withdrawn from the wallet over the past 24 hours. According to the Arkham service, since June 19, the country's authorities have transferred more than 24 thousand bitcoins (about $1.44 billion) to various external wallets.