(Updated November 16, 2017, at 9 p.m. Central time U.S. — Bitcoin prices came within $1.68 USD of the $8,000 mark at 7:14 p.m. Central time. The price on the Coindesk Bitcoin exchange index was $7,998.32. In the same hour, the price on the GDAX exchange was very close, $7,998.50. But as of 9 p.m. Central time U.S., Bitcoin prices had not yet reached $8,000.)
Bitcoin reached another all-time high today on the Coindesk Bitcoin exchange index when it reached $7,889.84 at 3:45 p.m. Central time U.S.
The previous high was $7,848.31 on the Coindesk index on November 8, 2017, in the aftermath of the news that the anticipated SegWit2x hard fork from the Bitcoin blockchain would not occur after all. People who had been waiting to invest in Bitcoin in anticipation of a possible drop in value following the fork instead took action quickly after the news.
During the same hour, the GDAX exchange — operated by Coinbase, the world’s largest cryptocurrency exchange — closed in on its all-time high of $7,898, also on November 8. GDAX reached $7,889.12 just before 4 p.m. Central time.
Many analysts believe the spike today is a lingering aftermath of the announcement by Square, a credit card processing company, that it would begin introducing Bitcoin sales and purchasing functionality in its app. That company’s stock price rose as much as 5 percent in Wednesday trading.
There was a notable surge in Bitcoin trading activity between the 11 a.m. and noon hour Central time U.S., and it is not immediately clear what event, if any, prompted it.
As more companies implement Bitcoin-related functionalities, the public awareness of the cryptocurrency will continue to increase. And, as established companies begin to utilize Bitcoin, its credibility will also continue to increase.
The Bitcoin Coaches are following the story, and will post updates as circumstances warrant.