On Monday, Bitcoin hit a all-time record high above $72,000, and this was after the the FCA said it would allow exchanges to list cryptocurrency-linked exchange-traded products for the maiden time.
Bitcoin’s price surged over 3% to $72,211.51 at around 6:50 a.m. ET, peaking at a new all-time high. It has since receded slightly and was back below $71,530.13 as of 7:15 a.m. ET.
The rise was aided by news that Britain’s Financial Conduct Authority had said it would allow the creation of crypto-related securities.
Exchanges must ensure that they have sufficient methods in place, so that trading is orderly and proper protection is afforded to potential and professional investors.
Acknowledging the statement, The London Stock Exchange, in a separate statement that it would accept applications for the admission of bitcoin and ether ETNs from the second quarter of this year.
The FCA further clarified that only professional investors would be able to buy ETNs as the U.K. doesn’t allow retail investors to buy crypto-linked ETNs or derivatives as at the moment, as it says they are too risky for consumers.