The Financial Conduct Authority (FCA) in the UK has indicated its openness to the development of more diverse cryptocurrency trading options.
The regulatory body has communicated that it won’t oppose the establishment of a UK-based market for crypto-backed exchange-traded notes (ETNs).
These trading instruments would be targeted towards professional investors like investment firms and credit institutions. Despite this move, the FCA maintains its stance that cryptocurrency trading methods can be risky for retail consumers.
This decision contributed to Bitcoin reaching a new all-time high, with its value soaring to $71,829.38 today.
As highlighted in our cryptocurrency analysis, the world’s premier digital currency momentarily surpassed the $70,000 mark for the first time in its 15-year existence.
However, the weekend trading favoured an upward trend, culminating in a significant surge this morning. As of now, Bitcoin’s value stands at $71,583.78. Over the past month, the BTC/USD pair has witnessed an approximate 48% increase and an impressive growth of nearly 250% over the past year.
An important event in the Bitcoin world is approaching in 37 days – the ‘Bitcoin Halving.’ This event, happening for the fourth time when the 740,000th block is mined, will reduce the rewards for Bitcoin mining by half. The principles of supply and demand suggest that the reduction in new bitcoins entering circulation will enhance the rarity of existing bitcoins.
This anticipation is supported by numerous online graphs that illustrate the positive impact of past Bitcoin halvings on its price.
The Bitcoin price is $71,583.78, a change of 2.33% over the past 24 hours as of 11:09 a.m
