Helena Lyng Blak
10 weeks ago

Bitcoin dips after record highs

Worries of a “bubble” may have caused the cryptocurrency to retreat.
Bitcoin in hand of a casual businessman wondering what the future is
Audio und werbung / Shutterstock.com

Bitcoin dropped as much as 7.2% on Friday, Bloomberg reports. The drop comes after the price of the coin has skyrocketed in recent weeks. 

Despite this recent decrease, the price of Bitcoin has increased 51,18 % or $22.608,70 in US dollars year to date. 

Bitcoin’s recent surge is, at least in part, due to institutional adoption of the cryptocurrency.

Following the UK's Financial Conduct Authority (FCA) announcement that it would permit recognized investment exchanges to establish a UK listed market segment for cryptoasset-backed exchange-traded notes (ETNs), Bitcoin reached its record high. 

This move placed the UK in line with a worldwide movement where regulators are increasingly supportive of digital asset investment products, including cryptocurrencies.

In a similar vein, the United States' Securities and Exchange Commission (SEC) has authorized US-listed Exchange-Traded Funds (ETFs) that are linked to Bitcoin. These ETFs offer investors the opportunity to buy shares that reflect the value of Bitcoin, eliminating the necessity for direct possession of the digital currency.

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