Bitcoin's price surges as trading in the first big financial product linked to it begins on the Chicago Board Options Exchange (CBOE)

Bitcoin futures contracts soar as much as 26pc to $18,850

Trading is halted twice in the cryptocurrency's first step into the financial mainstream to cool volatility

Bitcoin rises as much as 8.5pc before its gains ease; plateaus at a 6.3pc rise at $16,630

CBOE's website suffers delays and outages under the weight of heavy traffic

Bitcoin's price has jumped after the start of trading in the first big financial product linked to it, in what is seen as a major moment for the cryptocurrency.

Prices of the Chicago Board Options Exchange (CBOE) Bitcoin futures contracts expiring in January jumped to $18,800 (£14,000) on Monday morning, from their opening level of $15,000.

Futures are a financial product that allow investors to bet on whether something's price will rise or fall and their debut was seen as a crucial moment for Bitcoin.

The rise was followed by an increase in the price of Bitcoin itself, which surged past $16,700, close to an all time high.

Two trading halts designed to cool volatility were triggered amid hot demand. Dealers said initial volumes exceeded expectations, while traffic on CBOE’s website was so strong that it caused delays and outages. The exchange said all its trading systems were normal.