Newsflash: Bitcoin Price Rings in $8,000 to Hit New All-Time High

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Heightened trading on Friday has triggered bitcoin price to hit $8,040, a new all-time high.

Bitcoin’s week of resurgence continues as trading (on Bitfinex) climbed above $8,000 for the first time in history. The figure represents a gain of 700% this year and over 10% gain since Thursday’s opening.

At press time, bitcoin price is trading just above $7,840, after peaking to it a record high of $8,040 in the early hours of Friday (UTC).

5-day bitcoin price chart on Bitfinex. Courtesy: BitcoinWisdom.

Remarkably, the robust advance toward the new record high comes after prices fell below $5,500 during the weekend following the cancellation of the Segwit2x hard fork, triggering a monumental sell-off that saw investors switch to Bitcoin Cash, an offshoot of Bitcoin, that scaled its own record high. The pullback reversed as Bitcoin price made marked gains to trade above $6,500 on Monday, hinting at the momentum that has since stuck throughout the week leading to today’s new historic high.

Spencer Bogart, head of Blockchain Capital and a highly regarded analyst, speculates that today’s spike could be driven by “a resurgence in interest and viability” for the SegWit2x hard fork.

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“Despite the fact that it was called off, there is still some group of people that will follow through with the intended fork,” he told Bloomberg Quint. “As a result, I believe some capital is rotating out of other crypto-assets and into bitcoin to make sure they receive coins on both sides of the fork.”

It remains to be seen if the theory has legs but a significant factor behind November’s gains is a market that is increasingly confident of new participation by institutional investors after CME Group, the world’s largest exchange owner, announced plans to adopt bitcoin as a financial instrument. CME chief Terry Duffy confirmed the launch bitcoin futures trading during the second week of December (less than a month away). Soon after, London-based Man Group, a $100 billion hedge fund, revealed its own plans to support bitcoin, buoyed by CME’s upcoming launch.

Featured image from Shutterstock.

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