Due to strong short-covering, Bitcoin increased 2.5% on Tuesday, moving away from its five-month lows for the second session.
The Mt. Gox platform's repayment process and selling pressure from German government-affiliated wallets are still hurting prices and limiting their increases.
Prices are supported, meanwhile, by a favorable long-term view because traders continue to anticipate a worldwide wave of monetary easing this year.
Prices
At Bitstamp, bitcoin increased 2.5%, or $1405, to $58,102, after hitting a session low of $56,300.
On Monday, Bitcoin increased 1.6%, moving away from its five-month low of $53,550.
Value of the Crypto Market
With the recovery of both bitcoin and ethereum, the market value of cryptocurrencies increased by more than $50 billion to $2.230 trillion.
German Government Coin
Official sources claim that the German Federal Police Agency sent more than $75 million to cryptocurrency exchanges from a government wallet.
Analysts claim that such a transfer was a factor in the prices' continuous declines.
The information demonstrated that the German authorities moved $175 million in bitcoin to several wallets, including $75 million that was routed to Coinbase and other websites.
