Bitcoin Nearly Hits $8,000 and Cryptos Skyrocket After Segwit2X Fork Is Called Off
There was a lot of speculation about what would happen to bitcoin after the planned Segwit2x fork on November 16th.
Well, we got to find out a week early as news came out today that the Segwit2x fork has been called off.
The suspension was announced today in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward, saying,
"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x."
As the news quickly made its way into the market, bitcoin surged to another new all-time high of $7,845, but then quickly pulled back to where it sits currently near $7,350.
Altcoins surged on the news as well with most heavily in the green.
The cryptocurrency space as a whole now sits at a new all-time high of over $206 billion.
The summer and autumn of bitcoin forks is now complete… and despite many naysayers saying the forks would destroy bitcoin it is as strong as ever. Bitcoin combined with the price of Bitcoin Cash today, near $650 means the total value of those who held bitcoin prior to August 1st is $8,000.
The price of bitcoin on August 1st was $2,735, meaning it has tripled since.
But, news is just coming out now that some bitcoin miners are planning to move ahead with the Segwit2x fork on November 16th as planned.
Bitcoin is a completely free market creation and because of that there is never a boring time in bitcoin. The market will always be adjusting as various actors implement and modify code and the technology.
There is no government regulation and no centralized bitcoin company, CEO or group. So, we are getting a firsthand look at how a completely free market money and finance technology develops.
So far, as you can see, it has been very profitable!
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If the miners do plan to continue with the Segwit2x fork we’ll be updating subscribers first on its implications.
Stay tuned, it’s never boring in cryptos!
this market is so unpredictable, i like it!
Typo alert: think you mean November 16th not August 16th
Hi ,
Very interesting read, Thanks you for sharing it!
$8,000, when was this. Right now it's at abut $7100.
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[steemit](https://steemit.com)Unlike short links this allows the reader to see where they are going by simply hovering over the link before they click on it.I doubt it's really "called off". More like "delayed". Mark my words, it's gonna happen eventually.
Its never boring, it is super heart shocking in cryptos... One minute all go high up the other minute super high. To the moon bitcoin and all cryptos.
almost 8,000...any bets on 10,000? hehe
https://steemit.com/bitcoin/@applelex/bitcon-segwit-2x-dead-completely-or-on-hold-for-further-notice
I'll say 10K possibly by 2018. Depending on various events.
I agree, but I think will happen this year. The holidays are coming and people feel generous in times of the holidays...bitcoin action will continue I think, specially for the Japanese and chinese investors.
agree, it will skyrocket
If Amazon ever announces official support for Bitcoin, I can see it reaching 20k easily, no joke.
Yaa, i hope they announce it. That would be great for crypto coins in general but i heard that amazon wanted a more stable bitcoin before it could use it as a payment method. Right now it's a roller coaster lol
I don't expect Amazon to ever accept Bitcoin. Why would they? They are soooo big, they could just create their own coin.
Seriously, could you imagine the ICO for AmazonCoin? It would open at 1000, and pass Bitcoin within a week.
I do think 10,000 is coming probably in December.
Ya, i see it coming at 10 k because it's a breaking news headliner to make like the world wide news hehe...10k bitcoin could be a political though
If not in December I'll say most definitely by February. Especially with the fork called off.
BTC seems as though it's stabilizing right now, like I said it will for the next week or so. I'm expecting it to have another huge jump late this month or around or a little before Xmas.
Definitely it will reach 10,000 before the end of this year.
my bets on it too bro
Good news for the community. The consensus just wasn’t there. With no replay protection a fork risked coins on both chains. I’m not sure it’s gone away. If the chain gets congested again we are likely to see 2x back on the table.
Thanks for the update
And steem is recovering its price, good news for holders!