Ethereum and other cryptocurrency ETN are also being considered, and the London Stock Exchange plans to list Bitcoin ETNs.
The price of bitcoin followed the optimistic outlook.
The London Stock Exchange (LSE) has opened its doors for applications to list cryptocurrency products. This includes Ethereum Exchange Traded Notes (ETNs) and potentially even Bitcoin itself. The trading giant stated in an earlier statement on Monday that trading might begin as early as the second quarter of this year.
UK Investors May Soon Be Able to Purchase Bitcoin ETN
The United States Securities and Exchange Commission (SEC) cleared 11 offerings for trading in January, breaking the deadlock in introducing trading financial investors to the Bitcoin ETN or Exchange Traded Fund (ETF) universe. With this significant permission, regulators in other nations, such as Hong Kong and the UK, are amenable to product modification.
The London Stock Exchange announced that applications for listing the Bitcoin ETN product will begin by April 8, 2024, to stay up with the growing revolution. The London Stock Exchange (LSE) announced that it is suggesting May 28, 2024, as the earliest date for the product’s eventual listing to provide the Financial Conduct Authority (FCA) enough time for evaluation and regulatory consideration.
According to the FCA announcement, “We have decided to launch the market in Crypto ETNs on May 28, 2024, to enable the maximum number of issuers to be present in the market on the first day of trading.” However, before this date, it has
“Taken into consideration that we need to ensure that issuers meet the requirements for consideration detailed in the Crypto ETN factsheet and importantly, it will also enable those issuers planning on admitting securities on the launch date, time to prepare documentation to establish a Crypto ETN programme which will require a base prospectus to be approved by the FCA.”
LSE Bitcoin Acceptance Sparks Price Recovery
Investors have become more cautious following the news of the planned Bitcoin ETN product, which has had a noticeable impact on the price of the underlying cryptocurrency.
As of this writing, there has been a bullish recovery in the price of Bitcoin, which has increased by 7.03% to $70,198.12. The availability of spot Bitcoin ETFs contributed to a supply shortage in the market, which drove the asset’s price to its previous All-Time High (ATH) above $73,000.
The current situation suggests a positive outlook is reasonable.
A positive omen for Bitcoin is this latest comeback above $70,000, which could help it close out March on a high note.
