The UK’s financial regulator announced it would allow institutions to build crypto asset-backed exchange-traded notes and the London Stock Exchange said it would accept applications for such notes.
Bitcoin’s market cap also rose to a new all-time high of $1.4 trillion.
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Posted March 11, 2024 at 11:22 am EST.
The price of bitcoin rose to a new all-time high on Monday morning as the U.K.’s Financial Conduct Authority (FCA) said it would not object to requests from institutional investors to build crypto asset-backed exchange-traded notes (ETNs). The London Stock Exchange subsequently announced it would be accepting applications for bitcoin and ether exchange-noted notes (ETNs) in the second quarter.
The overwhelmingly positive reaction to spot bitcoin ETFs in the U.S. has been one of the primary reasons for bitcoin’s rise in recent months, with bitcoin already up more than 60% so far this year.
Bitcoin was lately trading at $72,352, according to CoinGecko, up 4.2% over the last 24 hours and 11.2% over the last seven days.
Bitcoin’s market cap also rose to a new all-time high of $1.4 trillion, moving it above silver for eighth place on a list of the world’s most valuable assets, according to CompaniesMarketCap. Gold tops the list with a market cap of $14.7 trillion, followed by Microsoft at $3.0 trillion and Apple at $2.7 trillion.
Read more: Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
The price of ether also rose past $4,000 on Monday, getting closer to its all-time high of nearly $4,800 reached in Nov. 2021. It is up 3.6% over the last 24 hours.
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