Bitcoin price (BTC/USD) notches up new record as SegWit2x suspended

on Nov 9, 2017
Updated: Oct 11, 2019

SegWit2x has been called off.

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The group of mining pools and businesses behind the controversial hard fork are suspending their plans to trigger a twofold block increase at block 494,784, which was expected to take place around November 16. The decision was announced yesterday by the leaders of the SegWit2x project.

“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,” reads the statement, which was written by the CEO of Bitcoin wallet provider BitGo, Mike Belshe.

“As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade,” it adds.

The unexpected development was celebrated by SegWit2x’s numerous opponents, including Litecoin creator Charlie Lee. Many 2x supporters also expressed relief that project was over, with some saying that suspending the plan was the right move.

Market reaction

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The Bitcoin price (BTC/USD) saw high volatility following the announcement. The initial market reaction led the cryptocurrency to a new all-time high of $7,776.42, according to Coinmarketcap (Coindesk’s BPI pegs the record at $7,879), but the digital coin gave up much of its gains in subsequent trading. It eventually closed the session at $4,459.69.

Some market observers suggest that the pullback was due to the withdrawal of investors who had only bought Bitcoin in hopes of getting free coins after a potential split.

In today’s trading, the Bitcoin price stood at $7,216.05, as of 09:16 GMT. The cryptocurrency has lost 2.2% of its value, according to data from Coinmarketcap.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.


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