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Bitcoin hits fresh record high above $71,000 as UK opens the door to crypto exchange-traded products

Bitcoin prices rose to a new record high above $71,000 on Monday, after the British financial watchdog announced that institutions would be able to file applications for cryptocurrency-linked exchange traded products for the first time.  

The Financial Conduct Authority announced on Monday that it will not object to requests from recognized investment exchanges to establish a U.K.-listed market segment for crypto-backed exchange traded notes, or ETNs

Exchanges must guarantee that they have adequate regulations in place to maintain orderly trading and proper protection for professional investors. They must comply with all of the requirements of the United Kingdom’s listing regime, including the issuance of prospectuses and continuous disclosures.  

Bitcoin’s price jumped more than 3% to $71,726.49 at roughly 4:30 a.m. ET, setting a new all-time high. Ether gained roughly 2%, reaching $4,014.90

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