Bitcoin prices hit a record high above $72,000 on Monday.  The rally came after British authorities said they would allow exchanges to list cryptocurrency-linked exchange-traded products.

The world's most valuable cryptocurrency has gained 70% in value this year, according to Reuters.

The London Stock Exchange said that it would accept applications for the admission of bitcoin and ether ETNs from the second quarter of this year, CNBC reported.

The supply of bitcoin is limited to 21 million tokens. It is set to get tighter in April. That is when the so-called halving event takes place, according to Reuters.

Every four years, the rate at which new supply is released into circulation, as well as the reward for crypto miners, is halved, which tends to lead to higher prices.

The digital currency's dramatic recovery comes after suffering a collapse less than two years ago that greatly affected the public's faith in cryptocurrency.

Bitcoin was just over $5,000 at the start of the pandemic, then reached almost $69,000 in November 2021.

That was followed by the FTX collapse of 2022, which greatly affected public confidence in digital currency. Starting in January 2023, a single bitcoin was worth less than $17,000. As inflation began to cool investors returned in large numbers.