Bitcoin Hits New All-Time High of $71,726, as UK Financial Authority's Green Light's Crypto ETNs

Bitcoin's price briefly soared to a new all-time high of $72,211.51 before slightly retracting to below $71,530.13 in Monday's trading after the UK Financial Conduct Authority said it would allow crypto exchange-traded notes. The FCA said it will not object to crypto ETNs for professional investors, unsecured debt securities linked to an index or benchmark that promise to pay the full value at maturity minus fees. The move follows U.S. approval of the first bitcoin ETFs. The FCA reiterated its 2020 ban on retail sales of crypto ETNs and derivatives due to consumer harm from volatility and financial crime risks.