The price of bitcoin broke $50,000 for the first time in about a month on Tuesday as expectations mount that the Securities and Exchange Commission will soon approve a bitcoin futures exchange-traded fund. The prices of other digital currencies and crypto-related stocks rose as well. Crypto exchange Coinbase’s stock closed at $240 on Tuesday, an increase of 5% from the day before.
The gains came as the broader stock market recovered following Monday’s sell-off. Technology stocks had been hit particularly hard in the wake of Facebook’s global outage, but the tech-heavy Nasdaq rose 1% Tuesday.
The current price of bitcoin is $51,455, a 5% increase over the past 24 hours.