Live bitcoin updates as cryptocurrency crashes spectacularly

The latest rally of the notoriously volatile cryptocurrency comes amid a flurry of institutional investment news, which has taken btc close to the peak it reached in December 2017 of $20,052 (£15,025).

Other major cryptocurrencies – including Ethereum (ether), Ripple (XRP) and bitcoin cash – are also climbing in value, though remain a long way off their record highs.