It would be true to say that Bitcoin spectators are left baffled by what anyone would like to call a bubble with the cryptocurrency rallying high to a record new level of US$7,848. This movement has come with the news on cancellation of the upgrading plans for Segwit2x (through doubling of bitcoin’s block size, also known as the hard fork) in order to increase the block size in a bitcoin blockchain by 1MB (megabytes) to 2MB. This upgrading came into limelight in an attempt to have improved number and speed of transactions through the bitcoin network. The bitcoin movement was thus on the verge of response on betting with regards to the major test that has now been called off by the main proponents.
The hard fork debate took a new turn as the core developers including the founder, Satoshi Nakamoto stood against the upgrading that could have diluted the original vision and was accompanied by enormous risks, while many miners and businesses were still in favour of the change. Many believe that the resilient nature of Bitcoin seems to have been demonstrated with the cancellation of the 2x fork upgrade and this reaffirmed the digital currency to still become the honey-badger of money. Particularly, the strong support otherwise noted for the first upgrade, did not seem to come in for the second upgrade as made prominent at the back of something which would not have happened without breaking the blockchain.
Segwit2x futures that were trading around $US1,500 earlier fell to $US278 with the news. It would be crucial to watch out for the next set of developments as many experts predict that bitcoin price might sustain the upward momentum boosted by the termination of SegWit2x and the currency can break the $10,000 interim target.
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