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Bitcoin prices rallied on Monday to hit a fresh record high above $71,000, after the British financial watchdog said it would allow exchanges to list cryptocurrency-linked exchange-traded products for the first time.

The Financial Conduct Authority said in a notice Monday that it would not object to requests from recognized investment exchanges to create a U.K.-listed market segment for crypto-backed exchange traded notes, or ETNs.

Exchanges would need to ensure they have sufficient controls in place, so that trading is orderly and proper protection is afforded to professional investors. They must meet all the requirements of the U.K.’s listings regime, issuing prospectuses and ongoing disclosures.

Bitcoin’s price surged over 3% to $71,726.49 at around 4:30 a.m. ET, hitting a fresh all-time high. Ether climbed nearly 2%, to $4,014.90.

The London Stock Exchange acknowledged the FCA’s statement Monday, saying in a separate statement that it would accept applications for the admission of bitcoin and ether ETNs from the second quarter of this year.

The FCA clarified that only professional investors would be able to buy ETNs. The U.K. currently doesn’t allow retail investors to buy crypto-linked ETNs or derivatives, as it says they are too risky for consumers.

The FCA said it continues to believe cETNs — crypto ETNs —and crypto derivatives are “ill-suited for retail consumers due to the harm they pose.”

It noted, “As a result, the ban on the sale of cETNs (and crypto derivatives) to retail consumers remains in place.”

The FCA added it “continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money.”

Why it’s a big step for crypto

The move from U.K. regulators comes after their U.S. counterparts approved the first-ever spot bitcoin exchange-traded funds.

The Securities and Exchange Commission gave the green light for ETFs from BlackRock, Fidelity, Grayscale, and other major firms, which are now live and being traded.

Unlike an ETF, which is a fund that holds assets, an ETN is an unsecured debt security issued by a bank. It is typically linked to a market index or other benchmark. An ETN promises to pay out at maturity the full value of the index, minus management fees.

Bitcoin bulls note this will lead to increased institutional investment into bitcoin and other cryptocurrencies. They say this will, in turn, impact the price positively as more serious money floods into the market.

The FCA’s decision to allow for crypto-linked bitcoin ETNs follows pushback from the regulator. The FCA in 2020 banned the sale of crypto-linked ETNs and derivatives to consumers, saying they were ill-suited for everyday investors.

At the time, the FCA noted extreme price volatility of cryptocurrencies and financial crime in the secondary market as factors, adding consumers “might suffer harm from sudden and unexpected losses.”

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Instagram now has 3 billion monthly active users

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Instagram now has 3 billion monthly active users

Instagram has installed a new privacy setting which will default all new and existing underage accounts to an automatic private mode.

Brandon Bell | Getty Images

Instagram now has 3 billion monthly active users, Meta CEO Mark Zuckerberg said on his Instagram account on Wednesday.

“What an incredible community we’ve built here,” Zuckerberg posted on his Instagram channel.

The figure is a major milestone for the photo-sharing app, which the social media company acquired in 2012 for $1 billion.

Meta last disclosed Instagram’s user figures in October 2022 when Zuckerberg said during an earnings call that the app had crossed 2 billion monthly users.

Meta said in April 2024 that it would no longer disclose the monthly and daily active user numbers for Facebook and its sibling apps on a quarterly basis. Since then, Meta has been reporting each quarter the number of daily active people using its family apps. That figure reached 3.48 billion, the company said in July, topping analysts’ estimates of 3.45 billion.

With 3 billion monthly users, Instagram joins the ranks of the Facebook and WhatsApp platforms.

Zuckerberg in January said that the Facebook app “is used by more than 3 billion monthly actives.” In April, Zuckerberg told analysts that WhatsApp had “more than 3 billion monthly actives.”

WATCH: Meta unveils new AI glasses lineup.

Meta unveils new AI glasses lineup

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Chinese giant Xiaomi challenges Samsung with new smartphones and appliances

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Chinese giant Xiaomi challenges Samsung with new smartphones and appliances

Xiaomi launched the Xiaomi 15T series of smartphones as it continues its global expansion.

Xiaomi

MUNICH — Xiaomi on Wednesday made the international debut of a slew of new devices and appliances with its smartphones at the center, as the Chinese tech giant sets out to directly challenge Samsung.

The Beijing-headquartered company took the wraps off of the Xiaomi 15T series comprising of two smartphones — the Xiaomi 15T and Xiaomi 15T Pro — during a launch event in Munich.

The devices, priced at 649 euros ($766) and 799 euros, respectively, continue Xiaomi’s strategy of bringing phones with the latest specs to the market at a competitive price.

Xiaomi talked up the triple-camera system, large 6.83-inch display and big battery power, as it looks to position the devices as a potential contender to Samsung’s mid-range A series and top-end S Series of smartphones.

For comparison, Samsung’s S25 starts at 799 euros, while its top-end device, the S25 Ultra, starts at 1,249 euros in Germany.

“The 15T is basically an affordable flagship with high-end features but priced half a notch down from the top tier premium devices,” Bryan Ma, vice president of devices research at International Data Corporation, told CNBC by email.

Over the past few years, Xiaomi has expanded its geographical footprint and offerings to include everything from washing machines to electric cars.

In Europe, Xiaomi has cemented itself as the third largest smartphone player by market share, behind Samsung and Apple, through a mix of high-end and mid-tier devices that have offered a stiff challenge to the two giants.

Xiaomi launched its more expensive Xiaomi 15 phones internationally earlier this year. In China, it is gearing up for the unveiling of its 17 series of devices, which will be its flagship.

“Xiaomi 15T is another important step for Xiaomi in its premiumization strategy, particularly trying to capture the slightly more budget-sensitive, spec-focused buyers that still opt for a high-end device, Runar Bjorhovde, analyst at Canalys said.

“One of Xiaomi’s major strategic focuses in taking on the high-end.”

But the company has bigger ambitions. On Wednesday, Xiaomi announced the global launch of it Mijia brand of home appliances, which include a refrigerator, washing machine and air conditioner.

It’s a move right out of Samsung’s playbook. The South Korean technology giant sells products across the world spanning from appliances to smartphones and TVs.

“Xiaomi naturally puts the pressure on any competitor in the sectors that it enters given its operating model of aggressively priced yet good quality products,” Ma said.

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Trump’s H-1B visa changes could ‘kneecap startups,’ drive talent elsewhere, experts say

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Trump's H-1B visa changes could 'kneecap startups,' drive talent elsewhere, experts say

President Donald Trump takes a question from a reporter before signing executive orders in the Oval Office at the White House on September 19, 2025 in Washington, DC.

Andrew Harnik | Getty Images

It’s been a chaotic few days for the tech sector, and industry executives and experts are still assessing how U.S. President Donald Trump’s latest immigration crackdown could shape the future of their workforces. 

The Trump administration sparked widespread panic Friday after announcing employers will pay a new $100,000 fee for H-1B visas, which are temporary work visas granted to highly skilled foreign professionals. These visas have underpinned the U.S. tech workforce for decades.

Some tech executives, including Netflix co-founder Reed Hastings and OpenAI CEO Sam Altman, have lauded the changes to the H-1B program, but experts told CNBC that the Trump administration’s changes could prevent some tech companies — namely startups — from securing top foreign talent. These experts said the changes also run the risk of driving top talent toward other countries.

“The short of it is, it would be a disaster for America, for American companies, American competitiveness, American innovation,” said Exequiel Hernandez, an associate professor at the Wharton School of the University of Pennsylvania.

Tech’s reliance on the H-1B program

The current annual cap for H-1B visas is at 65,000, along with 20,000 additional visas for foreign professionals with advanced degrees.

In fiscal 2025, Amazon, Microsoft, Meta, Apple and Google are among the top 10 companies that employ the most H-1B holders. Prominent tech executives like Microsoft CEO Satya Nadella, Google CEO Sundar Pichai and Tesla CEO Elon Musk were H-1B recipients earlier in their careers.

As tech companies scrambled to respond before Trump’s proclamation went into effect at 12:01 a.m. ET on Sunday, the White House quelled some concerns on Saturday by clarifying that the fee is not annual and would only apply to new visas, not renewals for current visa holders.

More changes could be on the horizon. 

The Trump administration teased a proposed rule on Tuesday that said H-1B recipients should be selected through a weighted process instead of a random one. The weighted process would take place when the number of requests for visas exceeds the limit of available spots, and it would be based on wage levels, the proposal said.

The proposed rule will officially publish in the Federal Register on Wednesday, and it’s still subject to change after the administration reviews initial public feedback.

Hastings called the Trump administration’s $100,000 fee a “great solution,” in a post on X on Sunday.

“It will mean H1-B is used just for very high value jobs, which will mean no lottery needed, and more certainty for those jobs,” he wrote.

OpenAI’s Altman expressed support for the updates during an interview with CNBC’s Jon Fortt on Monday.

“We need to get the smartest people in the country, and streamlining that process and also sort of outlining financial incentives seems good to me,” Altman said.

‘It kneecaps startups’

A picture shows logos of the Big Tech companies named GAFAM, for Google, Apple, Facebook, Amazon and Microsoft, on June 2, 2023.

Sebastien Bozon | AFP | Getty Images

China and other competitors loom large

U.S. tech companies big and small are fiercely competing with one another – and the rest of the world – as they race to develop the most advanced AI models and applications. Organizations like Meta have shelled out billions of dollars to recruit top AI talent in an effort to try and gain an edge.  

The Trump administration’s changes to the H-1B program could complicate similar recruiting efforts. 

“What this does is that it gives our competitors, other countries, places like Asia, Canada, Europe, they can then attract these employees to create new innovations,” said Steven Hubbard, a data scientist at the American Immigration Council, which is a nonprofit for immigration advocacy and research. 

One big competitor in the war for talent is China. The world’s second-largest economy has long fought against the U.S. for tech dominance, and more recently the AI race.

Earlier this year, Chinese AI firm DeepSeek rattled global markets after claiming to create a large language chatbot that outperformed competitors at a fraction of the cost. The news raised questions over the significant sums that American tech companies are shelling out on AI.

Some experts worry that visa changes could deal a victory into China’s hands, sending top talent overseas. The move may also deter foreign students from attending university in the U.S. as uncertainty hangs over their post-graduation job prospects.

“Those students are going to look at this environment and stay home,” said Greg Morrisett, vice provost at Cornell Tech. “It’s giving a leg up to both China and India in terms of feeding their startup ecosystems.”

For Bradley Tusk, the CEO of Tusk Venture Partners, the changes to the H-1B program are simply “terrible.” American companies have to have access to top talent in order to compete at the highest levels, he said.  

“America’s competitive advantage has always been the ability to attract the best talent from around the world,” Tusk said. “To limit our ability to recruit and compete is illogical.”

WATCH: JPMorgan CEO Jamie Dimon speaks out on H-1B visa changes

JPMorgan CEO Jamie Dimon speaks out on H-1B visa changes

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