Bitcoin Hits New All-Time High of $71,726, as UK Financial Authority's Green Light's Crypto ETNs
Bitcoin's price briefly soared to a new all-time high of $72,211.51 before slightly retracting to below $71,530.13 in Monday's trading after the UK Financial Conduct Authority said it would allow crypto exchange-traded notes. The FCA said it will not object to crypto ETNs for professional investors, unsecured debt securities linked to an index or benchmark that promise to pay the full value at maturity minus fees. The move follows U.S. approval of the first bitcoin ETFs. The FCA reiterated its 2020 ban on retail sales of crypto ETNs and derivatives due to consumer harm from volatility and financial crime risks.
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00:00 It's Benzinga and here's what's on the block.
00:02 Bitcoin's price briefly soared to a new all-time high of $72,211
00:08 before slightly retracting to below $71,530 in Monday's trading
00:13 after the UK Financial Conduct Authority said it would allow crypto exchange-traded notes.
00:18 The FCA said it will not object to crypto ETNs for professional investors,
00:22 which are unsecured debt securities linked to an index or benchmark
00:26 that promise to pay the full value at maturity minus fees.
00:29 The move follows US approval of the first Bitcoin ETFs.
00:33 The FCA reiterated its 2020 ban on retail sales of crypto ETNs
00:37 and derivatives due to consumer harm for volatility and financial crime risks.
00:41 The London Stock Exchange said it will accept ETN applications from Q2 2024
00:46 for Bitcoin and other products.
00:48 For all things money, visit Benzinga.com.