Bitcoin has achieved a new record price surpassing $70,000, following an announcement by the UK financial regulator permitting the trading of cryptocurrency-backed securities.

On Monday, the cryptocurrency reached an all-time high of $72,398, surpassing its previous peak in November 2021 of nearly $69,000.

The UK financial regulator revealed on the same day that it would “not object” to investment exchanges establishing a UK-listed market segment for cryptoasset-backed exchange-traded notes (cETNs), a financial product tradable like a stock.

Notably, the Financial Conduct Authority emphasized that the sale of cETNs to retail investors or the general public would not be allowed, The Guardian reported.

This year, Bitcoin has received a boost from the approval of exchange-traded funds (ETFs) by the US financial regulator.

ETFs represent a basket of assets that can be traded on an exchange like shares, closely mirroring the cryptocurrency’s price movements.

Additionally, an upcoming “halving” event in the world of Bitcoin, where the production of new bitcoins is reduced, is anticipated to provide further support to the currency.

This reduction in supply is expected to positively impact the price of Bitcoin.

Written by B.C. Begley