FTSE edges higher after wild Bitcoin swings – live updates

The Bitcoin rout continued over the weekend, with the world’s largest cryptocurrency down nearly 50pc from all time highs after a State Council in China issued new promises to crack down on digital currencies on Friday. 

A series of cryptocurrency miners halted their China operations and exchange Huboi suspended both crypto mining and trading services to Chinese clients, prompting the coin to shed 13pc on Sunday alone.

Bitcoin climbed up to $35,970 from Sunday’s low point of $31,107. This morning, it is trading higher, at $36,570.

Rival cryptocurrency ether also hit an almost two-month low of $1,730 on Sunday before bouncing up to $2,241, where it is currently trading. 

Bitcoin, Ether and meme currency Dogecoin are still sitting on major gains over longer time-frames, such as the past year – about 12,000pc in the case of Dogecoin.