UK Regulator’s Nod Fuels Surge: Bitcoin Reaches Fresh Peak Amid Expanding Crypto Trade Opportunities | Business News

Bitcoin’s price has hit unprecedented levels, eclipsing recent record highs.

As of Monday morning, one Bitcoin equals a purchasing power of $72,219 (£56,303).

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In the past month, the price of the revered digital currency has inflated by 51%, leading up to the “halving” happening on the 19th of April that will slash the daily production of Bitcoin from 900 to 450.

Regulatory endorsements have played a part in bolstering Bitcoin’s appeal.

Recently, the Financial Conduct Authority (FCA) in the UK has smoothed the path for broader investment in Bitcoin and its value tracking.

This follows the precedent set by the US Security and Exchange Commission, which permitted Bitcoin funds to be listed on the US equity markets.

However, the FCA has voiced concerns about the cryptocurrency market’s largely unregulated and volatile nature.

According to FCA research, approximately five million people in the UK have dabbled in cryptocurrencies, and in the period leading up to April 2022, nearly half of them experienced financial losses.

The FCA describes crypto assets as “high risk and largely unregulated”, despite new protective measures like a 24-hour cooling-off period for new investors, prohibitions on inducement bonuses, and stricter advertising regulations.

Prior to the past week’s rise, Bitcoin’s peak value was noted in November 2021, amidst another halving and heightened crypto activity during the pandemic.

That peak was followed by extensive selling, leading to a drop in prices.

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There’s also a correlation between Bitcoin’s resurgence and broader economic indicators, with positive performance in US financial markets and the expectation of interest rate reductions as inflation rates ease.