Bitcoin Cash Price Going Up Rapidly ^ After SegWit2x Cancelled
You may have noticed Bitcoin Cash price going up very sharply, within the last three days Bitcoin Cash (BCH) price has risen by about 160%, mainly due to the strong trade in South Korea. In May 2017, the key players in the bitcoin industry, including Bitmain, Bitfury, F2Pool, Genesis Mining, ShapeShift, Xapo, etc., signed behind closed doors the so-called New York Segregated Witness activation agreement and hard-core, 2 MB.
Everything was going smoothly until last week Bitcoin SegWit2x hard fork was canceled in last moments. The planned hard fork for the Bitcoin blockchain that was scheduled for November 16, 2017 is not ongoing. This is evidenced by a message from Mike Belshe, CEO and co-founder of Bitcoin wallet software provider BitGo. Belshe was one of the leaders of the SegWit2x project and says that the scale expansion proposal is too controversial to continue with.
“The Segwit2x initiative began in May with the simple goal of increasing the block size and improving the scalability of bitcoin. At that time, the bitcoin community was in crisis after almost 3 years of difficult discussions. Consensus on SegWit (Segregated Witness - ForkLog protocol) with the support of about 30% of the miners seemed nothing more than a mirage. The first success of Segwit2x was expected in August, when the deadlock was overcome and the activation of SegWit was quickly and successfully implemented, “the appeal says.
A larger number of investors are therefore currently betting on Bitcoin Cash and trading their existing Bitcoin with Bitcoin Cash and that’s why Bitcoin Cash price going up. This concern is explained not only by the price, but also by a currently very full Mempool: The number of awaiting confirmation transactions is more than 100 million almost as high as in May. Bitcoin has lost 18% in value in the last 48 hours approximately 1400 US dollar. Currently there is no real end to this descent.
The rapid increase in the price of Bcash can be attributed to a number of factors, including the latest announcement of the founder of the Pirate Party, Rick Falkvinge, that he is redirecting all available resources to the latest crypto currency in the wake of the August hard-currency crisis.
What will be the future of Bitcoin ? At the moment it is difficult to predict what will happen in the market of cryptocurrencies in the following hours, and even the following days due to the high level of volatility generated by the news regarding SegWit2x. However, Bitcoin in particular has proved to be a strong cryptocurrency and has recovered from the many downtrends it has faced so far in its 9 years of life.