Bitcoin (BTC) price hit a new all-time high of $72,500 during the Asian trading hours on Monday, following the London Stock Exchange announcing its decision to accept applications for BTC and Ethereum (ETH) exchange-traded notes (ETNs).
The announcement also led to Ethereum prices to surge to $4,000.
The surge took the total market capitalisation of BTC to $1.48 trillion, with a 24-hour trading volume of $48.52 billion.
“The rise of Bitcoin to a new all-time high after a sluggish weekend can be attributed to the announcement of the London Stock Exchange’s decision to accept applications for BTC and ETH exchange-traded notes (ETNs),” said Jyotsna Hirdyani, South Asia Head at Bitget, a globally leading cryptocurrency exchange.
“On the macro level, the US CPI Inflation announcement on Tuesday could stir up the market as investors still expect rate cuts but the Fed’s stance on interest rates is still uncertain,” she said.
Market analysts said the continued surge in Bitcoin prices shows that the market rally in the leading digital currency is showing no fatigue.
The LSE announcement on accepting applications for exchange-traded notes of the two cryptocurrencies opens an entirely new market segment in the UK.
These ETNs will only be available to “professional investors”, the exchange said.
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