ALBAWABA – Bitcoin topped the $71,000 price point for its first time as its ongoing bullish rallies keeps pace, hitting a 3.2 percent jump towards $71,631.45, with smaller coins like Ether, Solana and Avalanche following the price hike, according to Bloomberg.
The historical price pump comes as the Financial Conduct Authority (FCA) in the UK lifts its objection regarding Crypto-based ETNs, with founders of newsletter service LondonCryptoClub saying “with the London Stock Exchange just announcing it will take applications for BTC and ETH ETNs. The powerful demand-supply dynamic from the BTC ETFs continues unabated.”
After the SEC earlier approving Bitcoin Exchange Trade Funds, planting the setting stone for the cryptocurrency’s boost, the FCA’s decision not to block requests from Recognized Investment Exchanges to establish a listed market segment for crypto asset-backed exchange-traded notes, as reported by Coin Desk, is considered another win scored for Crypto as Bloomberg puts it.
The price for the lead cryptocurrency soared during Asian trade hours, with founder of the Australian crypto investment firm DACM, Richard Galvin commenting “this rally comes following a weak Asian trading session in which shorts tested the conviction of longs — it appears the longs have given a rather convincing positive answer,” as reported by Bloomberg.
The crossing of the $70,000 price point comes after a long list of Bitcoin milestone achievements, as Blockchain data monitored by the analytics firm, IntoTheBlock, shows that recent surges in price has left over 97 percent of Bitcoin holders in profit ahead of the anticipated halving of the token.
Bitcoin Halving is an automated process by the Blockchain network, which cuts the reward for each Bitcoin mined by half every for years to drive the price of the coin as it lowers mining reward while limiting coin supply, with the last halving happening in 2020 causing an upwards turn towards breaking $62,000 mark, next halving is expected around April.
