Bitcoin Gaining Confidence, After Reaching a New All Time High
Bitcoin climbed to a new record high Monday, as another regulator paved the way for broader investment into cryptocurrencies.
Investors have piled into U.S.-listed bitcoin exchange-traded funds since these funds launched in January, following approval from the Securities and Exchange Commission. That has helped boost prices for Bitcoin and other digital tokens.
BTC PRICE FLUCTUATION
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On Monday, the U.K.’s Financial Conduct Authority said it would allow exchanges to offer similar products—exchange-traded notes backed by cryptocurrencies—to institutional investors.
But the FCA said it would continue to block individual investors from buying these notes or crypto derivatives, warning that both were “ill-suited for retail consumers due to the harm they pose.”
Bitcoin recently traded above $72,300. Shares of Coinbase Global and MicroStrategy also rose.
“The market is continuing to see strong reception to the ETFs. The asset class is opened more widely to the public, which allows it to gain more credibility,” said Joel Kruger, a currency strategist at LMAX Group.
“Once an asset class is legitimized in the U.S., we’re going to have similar adoption around the globe, giving more momentum,” he said.
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