Bitcoin reached a new all-time high above $71,000, continuing its upward trend fueled by increased investment, Reuters reports.
The UK’s financial watchdog announced its approval for recognized investment exchanges to offer crypto-backed exchange-traded notes (ETNs), further legitimizing digital asset trading products. The UK regulator’s decision to allow ETNs for professional investors indicates a growing interest in crypto assets despite warnings about potential risks to retail investors.
Bitcoin’s surge was attributed to increased investment into new spot bitcoin ETNs, anticipation of interest rate cuts by the Federal Reserve, and an upcoming halving event in April, which will reduce new supply.
