Bitcoin Jumps Over $71K; FCA Lets Institutional Investors Create Crypto ETNs

Bitcoin (BTC) crossed $71,000 for the first time ever during the Asian trading hours on Monday.

The leading cryptocurrency has been steadily rising since the approval of the spot bitcoin exchange-traded funds in the U.S. The token crossed $70,000 for the first time ever last week.

Ether (ETH) also crossed $4,000 on Monday. Meanwhile, the broader CoinDesk 20 index (CD20) jumped nearly 1%.

The rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25%. The elevated premium could attract cash and carry traders, boosting overall market liquidity.

Bitcoin’s move to new peaks came as Asian equity indices slipped, with Japan’s Nikkei and Australia’s ASX falling 2% after a Reuters report said the Bank of Japan could lift the benchmark interest rate above zero this month.

Some analysts have long warned that BOJ is a major source of uncertainty for both traditional and crypto markets.

That said, the consensus is that any bitcoin dip is likely to be short-lived, thanks to the supply-demand imbalance created by the recent strong inflows into the U.S.-listed spot ETFs and the impending reward halving.

UPDATE (March 11, 08:15 UTC): Updates headline, adds details.

UPDATE (March 11, 07:45 UTC): Updates headline and lede, adds details.