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Bitcoin prices rose on Monday to reach a new record high above $71,000, after Britain's financial watchdog said it would allow institutions to submit applications for exchange-traded products linked to cryptocurrencies for the first time.
The Financial Conduct Authority said in a notice on Monday that it will not object to applications from recognized investment exchanges to create a UK-listed market segment for crypto-backed exchange-traded securities, or ETNs.
Exchanges will need to ensure they have adequate controls, so that trading is regulated and professional investors are provided with appropriate protection. It must meet all requirements of the UK listing regime, and make continuous prospectuses and disclosures.
Bitcoin's price rose more than 3% to $71,726.49 at around 4:30 a.m. EST, hitting a new all-time high. Ethereum rose nearly 2% to $4,014.90.
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