Bitcoin peaked at an incredible $3,538 yesterday after bouncing back from uncertainty over a splinter group of miners forking off to create Bitcoin Cash on August 1.
The market cap of bitcoin has now soared to more than $56billion, according to CoinMarketCap. Here is the latest bitcoin price, live updates and breaking news. (All times BST)
7.50pm: Bitcoin remains steady after initial dip
Bitcoin’s prince has evened out after it hit its record high price yesterday.
The token is currently trading at $3357.33 as of 7.50pm.
Today’s high peaked at $3,460.54 so far, and the currency hit a low of $3,280.33.
2.00pm: Bitcoin dips after hitting new record highs
Bitcoin has dipped slightly, falling by 3.12 per cent overall so far today. Today’s record high is $3,460.54 and today’s low is $3,283.93.
Bitcoin opened at $3,431.76. Bitcoin closed at $3,453.16 on Tuesday after having reached a record high of $3,538.04 yesterday.
1.55pmpm: BTC-e to return under new name
Bitcoin exchange (BTC-e) is set to return under a new identity, according to a forum account linked to the platform.
BTC-e was shut down by US officials last month and handed more than $100million in fines.
But BTC-e claims to have “managed to gain control of 55 per cent of its funds” and now intends to return as ‘BTE’ to pay back its users.
11.30am: ‘Bitcoin will reach $5,000’, expert predicts
Ronnie Moas of Standpoint Research predicts bitcoins could be worth $5,000 by the end of the year.
He believes that cryptocurrencies will be popular in emerging economies and that bitcoin is only going to get bigger.
“It would not shock me to see cryptocurrencies go to 4% of global investment assets”, Moas told Quartz.
“Before anyone laughs at me for suggesting that something like that could happen—just look at what happened in the last five years.
“People who put in $10,000 made $1 million already. It happened already and I think it will happen one more time.”
10.50am: SegWit is activated
The Segregation Witness (SegWit) process has finally been activated.
The contentious scaling upgrade has revived support from 100 per cent of bitcoin mining pools and reached the ‘lock-in’ threshold last night, after passing the 1,916-block threshold needed to start the process.
There will now be a two-week “grace period” to give miners and users a window to upgrade their software, before launching on August 21.
SegWit was first proposed by Pieter Wuille in December 2015 and aims to open up the “open…