Bitcoin recently made history after breaching the $70,000 mark. The crypto leader continued this rally to hit its all-time high of $72,850.71.
At the same time, the crypto market liquidity has also surpassed its all-time high. Stablecoin supply represents liquidity in the crypto industry, and it’s been quickly surging. This hike indicates purchase demand for the overall crypto market.
The market sentiment is highly positive as the bulls are trying to settle above $70,000. It is only a matter of time before the market breaks through the resistance and hits another peak.
On the other hand, the UK financial services regulator has paved a new path for cryptocurrencies. The authority has allowed applications for cETNs (crypto asset-backed exchange-traded notes) to trade on the London Stock Exchange.
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The regulator said that there will be no objection to requests from well-reputed investment exchanges to build a UK market segment for cETNs, including Ethereum and Bitcoin. As expected, the development gave the crypto market a massive boost.
Bitcoin, the biggest crypto in the market, leveraged the opportunity to push through the $70,000 resistance level. Now, the crypto is comfortably trading around the $72,000 mark. According to the latest Bitcoin future value predictions, the crypto can even hit the $100,000 mark this year.
The FCA (Financial Conduct Authority) commented on the development. According to the FCA, such products will be made available to professional investors, including credit institutions and investment firms regulated or authorized to operate only in financial markets.
Exchanges must ensure apt moderation is in place to offer proper and orderly protection to investors. Also, cETNs must meet every UK listing requirement, especially on ongoing disclosures and prospectuses, added the FCA.
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Besides Bitcoin hitting an all-time high, Ethereum also passed its $4,000 barrier. The second-biggest crypto is currently trading at $4,037.97. With Bitcoin set to conduct its fourth halving in April, the crypto market is eyeing another major rally in the upcoming months.
