- Bitcoin (BTC) taps the $70,000 range it lost more than a week ago.
- The prime cryptocurrency may be poised for another all-time high (ATH) after breaking out of its key resistance.
- The price to beat remains at $73,750.07.
- The announcement of the London Stock Exchange (LSE) that it will start accepting BTC and Ether exchange-traded notes (ETNs) was the primary catalyst for today’s pump.
The LSE Will Begin Processing Applications for Bitcoin and Ether ETNs by April
Bitcoin just reclaimed the $70K territory after losing hold of it over two weeks ago. The 8% rally in the digital asset came after the London Stock Exchange officially announced that it will begin accepting applications for Bitcoin and Ethereum (ETH) exchange-traded notes by April 8. Trading for the ETN bonds will begin on May 28 pursuant to the approval of the UK Financial Conduct Authority (FCA).
The developments followed the recent statement of the FCA that it will not get in the way of filings for crypto ETNs (cETNs) and crypto derivatives as long as they are from Recognized Investment Exchanges (RIEs). Meanwhile, reports initially said that the LSE will start accepting requests for Bitcoin and Ether ETN by the second quarter, so its latest announcement seems to be a confirmation of the exact dates.
Do note, however, that the FCA has set certain limitations on who could trade cETNs. Only UK-approved RIEs as well as institutional and professional investors are allowed to dip their hands into these financial instruments. In the meantime, the LSE will only deal with Bitcoin and Ether-based ETNs, which are physically backed and non-leveraged.
BTC Now
As of this writing at 5:00 PM UTC on Monday, Bitcoin trades around $70,200 with a nearly 8% gain in the 24-hour chart. Trading volume for the crypto asset also popped by more than 78% as $40.19 billion worth of BTC moved between wallets and exchanges within the same frame.
During this period, Bitcoin moved from a $64,669.47 low to a $70,002.01 high. The current price narrows the gap between the digital currency’s ATH of $73,750.07 achieved last March 14 by 5%.
The breakout of Bitcoin from its resistance during its more than a week-long consolidation phase signifies that a bull run to a new record-high price may occur soon.
The renewed optimism in the crypto market once again elevates Bitcoin’s market cap to $1.38 billion, which lets it reclaim the ninth spot among the top 10 assets in the world by overall valuation.