Finance

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

Products You May Like

Chesnot | Getty Images News | Getty Images

Bitcoin prices rallied on Monday to hit a fresh record high above $71,000, after the British financial watchdog said it would allow institutions to file applications for cryptocurrency-linked exchange-traded products for the first time.

The Financial Conduct Authority said in a notice Monday that it would not object to requests from recognized investment exchanges to create a U.K.-listed market segment for crypto-backed exchange traded notes, or ETNs.

Exchanges would need to ensure they have sufficient controls in place, so that trading is orderly and proper protection is afforded to professional investors. They must meet all the requirements of the U.K.’s listings regime, issuing prospectuses and ongoing disclosures.

Bitcoin’s price surged over 3% to $71,726.49 at around 4:30 a.m. ET, hitting a fresh all-time high. Ether climbed nearly 2%, to $4,014.90.

This is a breaking news story. Please check later for updates.

Products You May Like

Articles You May Like

The House just voted ‘yes’ on a bill that would increase Social Security checks for some pensioners
Post-Election Analysis: Trump’s Tax Plans and Economic Impact
What Trump’s mass deportation plan would mean for immigrant workers and the economy
China’s Alibaba releases AI search tool for small businesses in Europe and the Americas
Toyota says California-led EV mandates are ‘impossible’ as states fall short of goal

Leave a Reply

Your email address will not be published. Required fields are marked *