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 $7,882, according to data from Bloomberg.
• It gave up some gains and then traded up 8.75% at $7,695 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.

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