Currys was valued at £728m on Friday, so the Monday morning move has wiped about £80m from the company’s notional value.

There will be no bid battle to drive a juicy takeover premium for shareholders in the FTSE 250 company – for now at least.

Chinese online retailer JD.com has also expressed interest. It has another week to make a firm offer or to walk away.

European stock markets are in the red at the open this morning.

They are following the lead of Asian markets, which have slumped. Japan’s Nikkei benchmark index dropped by 2.2% after computer chip stocks fell, after US rivals dropped on Friday.

Here are the opening European stock market snaps from Reuters:

• EUROPE’S STOXX 600 DOWN 0.4%

• BRITAIN’S FTSE 100 DOWN 0.4%

• FRANCE’S CAC 40 DOWN 0.5%, SPAIN’S IBEX DOWN 0.3%

• EURO STOXX INDEX DOWN 0.6%; EURO ZONE BLUE CHIPS DOWN 0.7%

• GERMANY’S DAX DOWN 0.6%

Good morning, and welcome to our live coverage of business, economics and financial markets.

Bitcoin went through a deep “crypto winter” after hitting its previous heights, but after a remarkable rally it is now hitting new heights above $71,000.

The cryptocurrency on Monday morning UK time hit a record of $71,209, adding further to a rally from less than $16,000 in late 2022.

The price of bitcoin had surged to a record of $68,550 in November 2021 amid euphoria from retail investors – many of whom had received money to help them through the coronavirus pandemic lockdowns. Historically low interest rates were also thought by many economists to have helped drive the price higher.

The crypto winter meant that many of the same investors who had piled in to the cryptocurrency were burned. However, institutional investors have shown increasing interest in the biggest cryptocurrency by market value after the US regulator approved new bitcoin exchange-traded funds (ETFs).

Elliott drops Currys takeover approach

In UK corporate news, mid-sized electronics retailer Currys appears to have fended off interest from US private equity investors Elliott Advisors.

Currys on Monday reported that Elliott had declined to make a formal offer after its approaches were rejected by the retailer’s board.

International private equity investors have targeted UK companies, which are undervalued compared to their peers on many metrics.

In a statement to the stock market, Elliott said:

Elliott Advisors (UK) Limited, acting on behalf of the funds it advises confirms that, following multiple attempts to engage with Currys’ Board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it. Elliott therefore confirms it does not intend to make an offer for Currys.

Under the UK’s takeover rules, Elliott will be unable to make a new bid for Currys for at least six months (unless it gains the approval of the Currys board or there is a change in circumstances).