Good afternoon and welcome to our rolling coverage of all things cryptocurrency, including price, innovation, regulation and financial crime.
An unexpected spike sees Bitcoin climb by more than $400 in just a single hour, as the market surges into the green again.
Bitcoin is up by 1.09 percent on the day to trade at $6,477.72, though prices leaped by $370 to sell for $6,816.72 at 2am.
Ethereum rose 1.72 percent to trade at $298.91.
Ripple is soaring by 8.61 percent to sell for $0.316306.
Litecoin also rose 1.59 percent to trade for $57.43.
A stunned market watched Bitcoin prices soar this morning to a two-week high before sliding slowly back to resistance but is this a sign of a resurgence.
3.50pm UPDATE: Smartphones could be assisting hackers in cryptocurrency mining
Cryptojacking, or hacking into a smartphone to assist in illegal cryptocurrency mining, is the latest tool in the hackers arsenal to benefit from unknowledgeable consumers.
Cryptojacking consists of “entrapping an internet server, a personal computer or a smartphone to install malware to mine cryptocurrencies,” said Gerome Billois, an expert at the IT service management company Wavestone.
Mining is basically the process of helping verify and process transactions in a given virtual currency. In exchange miners are now and then rewarded with some of the currency themselves.
Legitimate mining operations link thousands of processors together to increase the computing power available to earn cryptocurrencies.
Mining Bitcoin, ethereum, monero and other cryptocurrencies may be very profitable, but it does require considerable investments and generates huge electricity bills.
But hackers have found a cheaper option: surreptitiously exploiting the processors in smartphones.
3pm UPDATE: Bitcoin hits two-week high with a $400 surge
Bitcoin spiked in value on Wednesday to a two-week high.
The world’s best-known cryptocurrency surged from $6,466.50 at around midnight to $6,858.61 at around 1am BST, according to data from industry website CoinDesk.
It was the first time Bitcoin has been above the $6,800 level since August 7.
The reason for the sudden jump in the virtual currency’s value was not immediately clear. The cryptocurrency softened slightly to $6,663.96 by around 2 p.m. London time Wednesday, up 2.87 percent in the last 24 hours.
Bitcoin is still down 66 percent from a record price near $20,000 it set in December last year.