Wikileaks founder Julian Assange granted bail

07:00 AM PT: A bail hearing for Wikileaks founder Julian Assange is under way as I type this blog post. Assange is being held in the UK on allegations of sex crimes involving two women in Sweden. Journalists in the courtroom have been granted permission to tweet what they observe, "as long as it's quiet," and does not disrupt proceedings.

07:20 AM PT: Bail has been granted.

The three I'm following: Alexei Mostrous, Times special correspondent; free info activist Heather Brooke; and Jim Sciutto of ABC News.

According to their tweets, numerous supporters for Assange (including a number of celebs) have committed to putting up more than $300,000 in bail. His lawyer, Geoffrey Robertson, said Assange will accept an electronic tracking tag, curfew, and travel restrictions. He must surrender his passport. Bail set at 200,000 pounds.

"He's out. Next hearing Jan 11th," tweets Brooke. "[He] can't apply for travel documents and must report to the local police station every day at 6pm."

The Wikileaks founder and his supporters continue await decision on Assange's possible extradition to Sweden.

Guardian reports cheering inside the courtroom, and I can hear it around the internet—particularly from sysadmins who can now rest easy, having averted an anticipated "all-out cyber war" from Anonymous if Assange's bail were denied.

07:46 AM PT: Prosecutors still have 2 hours to appeal the ruling. Either way, Assange's lawyer says it's unlikely he will be released from jail tonight. Oh, and in case you missed it, Michael Moore inserted himself into the story.

Three excellent live-blogs for continued coverage of the story throughout the day: The UK Guardian, Greg Mitchell at The Nation, and NYT's Bob Mackey at The Lede.

Update, 8:50am PT: Swedish prosecutors will not seek to appeal the court's decision. Assange and his team have to post bail, then he'll be released. ABC's Sciutto tweets, "Assange will walk once the court has 200thou pounds in cash. Lawyer says could take days."

Update, 9:31am PT: Looks like they *will* be appealing the ruling after all. Assange remains in jail. Process will likely take 48 hours.