On Wednesday A sudden decision taken by SegWit2x hard fork organizers to “suspended” it that leads Bitcoin’s cost achieve a record high.
Bitcoin surged to a fresh all-time high of $7,888 after participants in the SegWit2x hard fork announced the suspension of the planned upgrade.
A circular distributed to the mailing list by key advocate Mike Belshe stated that it had become “clear” the initiative “had not gained adequate consensus for a smooth blocksize upgrade at this stage.”
SegWit2x will therefore not activate Nov. 16 as planned, Belshe not naming a possible future date.
Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize 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.
The message reads:
Bitcoin prices shot up immediately the news became public, reaching a new all-time high just under $8,000 before steeply reversing, followed by a bounceback to around $7,700.
Widespread opposition to SegWit2x had emerged from various corners of the Bitcoin community, while the limited number of its supporters faced mounting pressure to defend the rationale behind the proposed hard fork.