Bitcoin hit $72,166 in early trading on Monday, just days after it surpassed a previous high of nearly $69,000 from November 2021. After crossing that threshold last week, the price of bitcoin tumbled by 10% before rebounding to its current levels. The Financial Conduct Authority (FCA) announced that it will "not object" to exchanges forming a U.K.-listed market segment for crypto asset-backed Exchange Traded Notes, or cETNs.
The soon-to-be available financial instruments allow traders to buy and sell assets that fluctuate in price in concert with a given cryptocurrency. The publicly listed assets enable traders to essentially invest in cryptocurrency but without the inconvenience and technical challenge of acquiring a crypto coin itself. Despite approving cETNs, the FCA said the products will remain unavailable to retail investors and cautioned traders about risks associated with cryptocurrency investments
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