Business news live: Bitcoin hits new high, interest rates cut hint and EU tariff threat

Bitcoin has been on a tear of late – it’s up 30 per cent this year, 15 per cent this month, almost ten per cent in the last week… and up once again overnight, setting a new all-time high in the process.

Having hovered around $118,000 most of the weekend, the latest surge has taken it to a high point of around $122,450.

It seems to be settling so far just above the $122,000 mark.

From a year ago today it is up 100.9 per cent – almost exactly doubling in that period.

Good morning and welcome to another week of action on The Independent’s rolling live business blog.

There’s lots coming this week, from stock market reaction to UK inflation data, but we start it all in the money markets where the pound is dropping – but bitcoin is heading up.