UK's FCA Opens Crypto Doors: Bitcoin Rockets Beyond $71K Milestone!

Bitcoin soared to a new high, surpassing $71,000, and Ether also breached the $4,000 mark. The surge came following the UK Financial Conduct Authority's decision to allow institutional investors to create crypto exchange-traded notes (ETNs). This move signals increased institutional involvement in the crypto market. Additionally, the approval of spot Bitcoin exchange-traded funds (ETFs) in the US has contributed to Bitcoin's upward trajectory. The market sentiment has been bolstered by positive news, including the London Stock Exchange's announcement that it will accept applications for Bitcoin and Ether ETNs. The rally has also been attributed to strong demand in the Asian market amidst illiquid conditions. Furthermore, macroeconomic factors, such as declining US rates and a weakening dollar, have provided tailwinds for the crypto market. This combination of factors has fueled optimism among investors, leading to a surge in Bitcoin prices.