The price of Bitcoin (BTC) has risen 3% and hit a record high of $71,700 U.S.
Bitcoin’s price surged over 3% to $71,726.49 U.S., hitting a fresh all-time high in the process. Ethereum (ETH), the second largest cryptocurrency, also rose 3% to trade at $4,014.90 U.S.
This is the first time that Ethereum’s price has been above $4,000 U.S. in two years.
The moves higher come on news reports that regulators in the United Kingdom (U.K.) will allow institutions to file applications for spot cryptocurrency exchange-traded funds (ETFs).
The move in the U.K. follows American regulators who approved spot Bitcoin ETFs in January of this year. Those investment vehicles have proven to be extremely popular, attracting billions of dollars of investor capital over the past two months.
The rise in Bitcoin also comes ahead of a halving event scheduled for April of this year that will see the amount of Bitcoin and the rewards that miners receive for the biggest crypto cut in half.
Bitcoin’s price has now risen nearly 250% over the past year. The price of Ethereum has increased 172% in the last 12 months.
