"UK Regulators Embrace Crypto: Bitcoin Soars to $71K, London Stock Exchange Welcomes ETNs"
Bitcoin surged to a new record high above $71,000 as the UK's Financial Conduct Authority announced it would allow institutions to apply for cryptocurrency-linked exchange-traded products, marking the first time such products will be permitted. The FCA stated that recognized investment exchanges can create a U.K.-listed market segment for crypto-backed exchange traded notes, provided they meet regulatory requirements and ensure proper investor protection. Bitcoin's price rose over 3% to $71,726.49, while Ether also climbed nearly 2% to $4,014.90.