OAN’s Elizabeth Bolbelding
3:00 PM – Monday, March 11, 2024
Bitcoin soared to an all-time high of more than $72,000 on Monday after Britain’s financial regulator approved a cryptocurrency investment vehicle.
advertisement
On Monday, Bitcoin hit a milestone high, surpassing $72,000 for the first time in history.
After suffering a year-long severe bear market characterized by a nearly 80% price decline, the cryptocurrency has decisively broken through the all-time high of $69,000 set in November 2021.
As there appears to be an imbalance in the supply and demand of Bitcoin, investors are suddenly demanding more of the cryptocurrency. Monday’s trading showed Bitcoin reaching $72,166, just days after it surpassed its November 2021 all-time high of about $69,000.
Demand for Bitcoin has increased since the introduction of Spot Bitcoin Exchange Traded Funds (ETFs) in January, with more than $20 billion flowing into the two most popular Bitcoin ETFs offered by Fidelity and BlackRock. .
After Bitcoin’s price crossed that barrier last week, it fell 10% before rising to current levels.
The Financial Conduct Authority, the body responsible for overseeing financial matters in the UK, Said He said he would “not object” to the exchange establishing a market segment for exchange-traded debt securities (cETNs) backed by UK-listed crypto assets.
A soon-to-be-available financial product will allow traders to buy and sell assets whose prices change in relation to a particular cryptocurrency. Traders can effectively invest in cryptocurrencies through listed assets, removing the hassle and technical difficulties of actually acquiring cryptocurrencies.
Despite approving cETN, the Financial Conduct Authority warned traders about the risks associated with investing in cryptocurrencies. Officials also said the product would not be offered to retail investors.
“The FCA continues to remind people that crypto assets are high risk and largely unregulated. Investors must be prepared to lose all their money,” the agency said. Said In a statement.
This all-time high comes after the U.S. Securities and Exchange Commission (SEC) approved a Bitcoin exchange-traded fund (Bitcoin ETF) in January.
Additionally, investors can invest in assets that follow Bitcoin price fluctuations through Bitcoin ETFs without putting money into the cryptocurrency itself.
After the SEC approved a Bitcoin ETF, the price of Bitcoin skyrocketed due to a wave of new investment.
Several Bitcoin ETFs became available shortly after the SEC approved new investment options. These included products from established companies such as Franklin Templeton and Fidelity.
Since the approval of the Bitcoin ETF on January 10th, the price of Bitcoin has increased by 54%.th.
The price of Bitcoin has historically fluctuated widely due to its current rapid rise.
Stay informed. Receive breaking news directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
Please share this post!
