Bitcoin hits fresh record high above $71,000 as UK opens the door to crypto exchange-traded products

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Bitcoin Hits Record High Above $71,000 Amid UK Regulatory Shift

Team FS

11/Mar/2024

Key Points:

Bitcoin prices surged to a new record high above $71,000 following the announcement from the British financial watchdog.
The Financial Conduct Authority (FCA) will allow institutions to apply for cryptocurrency-linked exchange-traded products (ETPs) for the first time.
The FCA's notice outlines requirements for recognized investment exchanges to create a UK-listed market segment for crypto-backed ETNs, ensuring proper controls and protection for investors.
Bitcoin's price rose over 3% to $71,726.49, while Ether also saw a nearly 2% increase, reaching $4,014.90.

Bitcoin, the world's leading cryptocurrency, surged to new heights, surpassing the $71,000 mark, propelled by significant regulatory developments in the United Kingdom.

The British financial watchdog, the Financial Conduct Authority (FCA), made a groundbreaking announcement, signaling its willingness to entertain applications from institutions seeking to launch cryptocurrency-linked exchange-traded products (ETPs). This move marks a notable shift in regulatory stance, opening doors for institutional involvement in the crypto market.

In its notice, the FCA outlined stringent requirements for recognized investment exchanges intending to establish a UK-listed market segment for crypto-backed exchange-traded notes (ETNs). These requirements include implementing robust controls to ensure orderly trading and providing adequate protection for professional investors. Exchanges must adhere to all the stipulations of the UK's listings regime, including issuing prospectuses and maintaining ongoing disclosures.

The market responded swiftly to the news, with Bitcoin's price surging over 3% to reach an unprecedented $71,726.49, setting a new record high. Ether, the native cryptocurrency of the Ethereum blockchain, also experienced a substantial uptick, climbing nearly 2% to $4,014.90.

This surge underscores the market's positive reception of regulatory developments that enhance institutional access and legitimacy in the cryptocurrency space. As Bitcoin continues to assert its position as a mainstream asset class, regulatory clarity and institutional participation are poised to drive further growth and adoption in the burgeoning crypto market.

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Bitcoin Hits Record High Above $71,000 Amid UK Regulatory Shift

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