Cryptocurrencies were subjected to very volatile trading in early Europe on Monday with elements of bargain hunting offset by brittle confidence following the Friday flash crash.
Bitcoin dipped to lows near $47,000 before rebounding. Crypto assets secured a boost following reports that the FTSE owners were planning to develop a crypto index and underlying investor demand remained strong.
In this environment, bitcoin recovered to above $49,000 at the European close and there was further strong buying from late in New York with a move above $51,000.
Ether also recovered from lows below $3,950 to trade near $4,200 and gains extended to above $4,350 on Tuesday.