The leading cryptocurrency had crossed $70,000 for the first time ever last week.
A groundbreaking move, U.K.'s Conduct Authority (F) has removed objections crypto-based Exchange-Tr Notes (ETNs), the way for increased institutional participation in the crypto market.
Bitcoin made history bying the $71,000 mark for first time ever during trading hours on Monday This significant price jump comes on the of the recent approval spot bitcoin Exchange-Traded Funds (ETFs) in the United States. Just last week, Bitcoin crossed the $70,000 milestone for the first time, marking a remarkable ascent.
Not to be outdone, Ether (ETH) also experienced a surge, crossing the $4,000 mark on the same day. The broader CoinDesk 20 index (CD20) also saw a substantial increase, jumping nearly 1%.
Commenting on this positive trend, industry experts noted, "The macro environment, which was previously a hindrance, has now turned into a supportive factor, with U.S. interest rates and the dollar showing signs of peaking and declining. As we approach crucial resistance levels, short-term traders attempting to predict a market top are met with liquidation, leading to a unique negative gamma effect that propels prices even higher."
The FCA's announcement on Monday has opened the doors for institutional investors to issue crypto asset-backed ETNs. The London Stock Exchange has confirmed that it will start accepting applications for Bitcoin and Ether ETNs in the second quarter of this year, further solidifying the mainstream acceptance of cryptocurrencies.
As the market continues to evolve, speculation is rife that the Bank of Japan may raise its benchmark interest rate above zero in the coming month, adding another layer of intrigue to the global financial landscape. Stay tuned for more updates on Bitcoin's price jump and the latest developments in the crypto market.
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