Bitcoin prices surged to a new record high above $71,000 on Monday following an announcement from the British financial watchdog. The Financial Conduct Authority revealed that it would allow institutions to apply for cryptocurrency-linked exchange-traded products for the first time. This decision paves the way for recognized investment exchanges to create a U.K.-listed market segment for crypto-backed exchange-traded notes (ETNs).
In order to move forward with these products, exchanges must demonstrate that they have robust controls in place to ensure orderly trading and provide proper protection to professional investors. They will also need to comply with all requirements of the U.K.’s listings regime, including issuing prospectuses and ongoing disclosures. Bitcoin’s price saw a jump of over 3% to $71,726.49, while Ether also climbed nearly 2% to $4,014.90 amid the positive news surrounding the cryptocurrency market.
As Bitcoin continues to break new records and gain mainstream acceptance, the decision by the British financial regulator to permit cryptocurrency-linked exchange-traded products marks a significant step forward for the digital currency sector. This move is likely to attract more institutional investors and further legitimize cryptocurrencies as a financial asset class. The surge in Bitcoin’s price following the announcement reflects growing confidence and interest in the market, signaling a potentially bullish trend for digital currencies in the near future.
