Bitcoin Surged Again Past $8,000

November 17, 2017 8:09 pm Published by
Featured Video Play Icon

After falling earlier this month below $6,000, Bitcoin seemed to blow past those uncertainties at reached as high as $8,040 on Friday on one of the world’s largest exchanges, Bitfinex, according to Fortune.

The globally weighted average-high prices for the cryptocurrency were just below at $7,998.

Friday’s sudden rise comes amid international concern over an expected “hard fork” that would introduce a new cryptocurrency for Bitcoin owners.

Established investors and companies are continuing to explore more about the world of cryptocurrency, including payment company Square, which started allowing certain customers to buy and sell Bitcoin earlier this week.

The Chicago Mercantile Exchange also said it would be offering Bitcoin futures by the end of the year, branching out even more to a world of new institutional investors for the cryptocurrency.

The hard fork is also contributing to the rise of Bitcoin since the leaders of the SegWit2x hard fork faction said that if Bitcoin’s price fell below $6,000 that they would suspend their plan to increase the size of Bitcoin blocks from 1MB to 2MB, but on Friday Bitcoin exchanges said they expected a small group of miners to go forward with the proposal which would create a separate network and cryptocurrency.

“Despite these developments, a small number of miners may attempt to go forward with a fork,” David Farmer, Coinbase’s director of communications, wrote in a blog post Friday.

Farmer also said the fork was expected to happen between 6 a.m. and 8 a.m. Pacific Time on November 17.

Some believe that the continually rising price of Bitcoin was due to the anticipation of the SegWit2x fork which would allow each Bitcoin investor to receive an equal number of whatever the new coin may be.

August had the last hard fork where Bitcoin investors received Bitcoin Cash along with their existing cryptocurrency funds.

Interest has been spotty, but Tuur Demeester, Editor-in-Chief at Adamant Research, said the futures market was predicting a $225 value for the newly formed coin, which is still far below the value before SegWit2x’s suspension., Maureen Foody

Have your say:

Your email address will not be published. Required fields are marked *