On the first day of a preliminary hearing that will decide the future of the bitcoin exchange MtGox, markets continue to steadily improve.

Bitcoin has continued its steady recovery following a dip earlier this week that saw its value drop to as low as $425 (251).

All other major cryptocurrencies have followed in bitcoin's wake, with moderate gains of between 1% and 6% across the markets over the last 24 hours.

The biggest gain in value comes from flappycoin, the cryptocurrency named after the hit smartphone game FlappyBird. Its market capitalisation grew by almost 100%, taking it up to above $85,000.

Bloomberg gives bitcoin stamp of approval

Bloomberg has announced plans to list bitcoin prices on its financial data terminals, served to more than 320,000 subscribers.

The move by Bloomberg will be welcome news to the bitcoin community, giving the cryptocurrency a stamp of respectability following recent turmoil in China that drew into question bitcoin's future.

"While bitcoin and other virtual currency markets are still nascent, they represent an interesting intersection of finance and technology," said Tod Van Name, Bloomberg global head of fixed income, currencies and commodities, in a blogpost.

"Given that Bloomberg sits squarely at that intersection, providing pricing for this underdeveloped market is a natural fit for us."

Preliminary hearing for MtGox

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Cryptocurrency News Round-Up: MtGox Hearing Begins as Bitcoin gets Bloomberg Endorsement