Bitcoin Reclaims $70k Level Over Pending Crypto ETNs in UK: Report

• Bitcoin surges above $70,000 amidst reports of cryptocurrency ETNs launching on the London Stock Exchange (LSE).
• The LSE plans to accept applications for Bitcoin and Ethereum ETNs starting in April, pending regulatory approval.
• This price level is still higher than the previous bull market peak of around $69k in 2021.

After a recent slump, Bitcoin (BTC) has now made a decisive move back above the $70,000 price mark, surpassing its previous all-time high of around $69k from 2021. This surge comes in the wake of reports that the London Stock Exchange (LSE) plans to launch a market for Bitcoin and Ethereum ETNs, potentially opening new investment avenues within a major financial hub.

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To be more specific, the London Stock Exchange has reportedly issued a market notice already, which signals a commitment to launch cryptocurrency ETNs by May 28, 2024. It is expected that these ETNs will back Bitcoin and Ethereum assets, and the recent LSE announcement is a follow-up to a recent one wherein plans to accept applications for BTC and ETH ETNs were indicated.

What are ETNs?

While similar to exchange-traded funds or ETFs, ETNs or exchange-traded notes differ in that they are debt securities backed by an issuer. ETNs offer exposure to various assets and strategies, providing potential benefits and unique considerations for investors.

While all of the above is subject to approval by the Financial Conduct Authority (FCA), it seems to have already ignited bullish sentiment within the crypto market. BTC's rally above $70k now has come after a short period of consolidation, and according to recent data, has triggered over $145 million in liquidations, primarily affecting short positions.

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Where Bitcoin will truly head next still remains to be seen, there is some analysis that shows it could reach even higher ATHs sooner or later. Case in point, analytics firm 10x Research has said in a recent report that a sustained breakout to the upside could result in Bitcoin's price reaching around $83,000.

In a statement, the founder of 10x Research Markus Thielen has said, "Our upside targets of $83,000 and $102,000 could slowly be at play."