Bitcoin has reached a brand new report worth of greater than $70,000, because the UK monetary regulator mentioned it will permit the buying and selling of cryptocurrency-backed securities.The cryptocurrency was buying and selling at $71,588 on Monday morning, having final week overtaken its earlier November 2021 excessive of practically $69,000.The most recent worth transfer got here because the UK monetary regulator mentioned on Monday it will “not object” to funding exchanges making a UK-listed market phase for cryptoasset-backed change traded notes [cETNs], a monetary product that may be traded like a inventory.Nonetheless, the Monetary Conduct Authority mentioned it will not allow the sale of the cETNs to retail traders, or members of the general public.“The FCA continues to remind those that cryptoassets are excessive threat and largely unregulated. Those that make investments needs to be ready to lose all their cash,” it mentioned in an announcement.Bitcoin has been helped this yr by the US monetary regulator approving exchange-traded funds [ETFs] – a basket of property that may be purchased and offered like shares on an change – that observe the value of the cryptocurrency.The chair of the Securities and Trade Fee, Gary Gensler, additionally expressed scepticism about bitcoin regardless of the approval, referring to it in January as a “speculative, risky asset” used for illicit actions together with ransomware and terrorist financing.An upcoming “halving” of bitcoin, during which the quantity of recent bitcoin being generated is lowered, can also be anticipated to help the forex by inflicting a discount in provide – and subsequently bolstering the value.Neil Wilson, the chief analyst on the brokerage Finalto, mentioned the FCA transfer was a “constructive” signal for the cryptocurrency market. He added that “parabolic” market strikes – referring to sharp worth will increase – tended to finish in a giant pullback however “we can’t be certain with bitcoin any extra”.“There’s a query of the quantity of spare money sitting round that may be allotted to it,” he added.