Bitcoin soars to nearly $7,900 after plans for fork are called off

  • The price of bitcoin, the red-hot digital cryptocurrency, popped Wednesday afternoon to an all-time high of $US7,882, according to data from Bloomberg.
  • It gave up some gains and then traded up 8.75% at $US7,695 as of 12:53 PM EST.
  • Mike Belshe, CEO of BitGo, a backer of the plan to increase the amount of information processed by the blocks underpinning bitcoin’s blockchain network, said supporters were calling the plan off, according to cryptocurrency watcher CoinDesk.
  • The suspension could prevent a split of bitcoin, which was anticipated to happen this month.
  • Supporters of the block size increase, known as SegWit2X, have argued that it would help bitcoin scale faster.

Get the latest Bitcoin price here.>>

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.