Tags: bitcoin | record | speculation | split

Bitcoin Surges 10 Percent to Record High Near $8,000

Bitcoin Surges 10 Percent to Record High Near $8,000
(DreamsTime)

Wednesday, 08 November 2017 01:52 PM

Bitcoin surged by 10 percent on Wednesday to hit an all-time high just shy of $8,000 after online reports that an upgrade to the cryptocurrency’s software planned for next Thursday had been suspended.

Bitcoin experts cited a statement on the Linux Foundation website, signed by several high-profile bitcoin entrepreneurs and developers who had backed the plan, that said the “Segwit2x” upgrade would be scrapped for now as it could “divide the community.”

The upgrade would have changed bitcoin’s rules in a so-called fork, effectively cloning the existing bitcoin to create another cryptocurrency.

“Our goal has always been a smooth upgrade for Bitcoin,” the statement, authored by Mike Belshe, CEO of blockchain security firm BitGo, said.

“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.”

Reuters could not immediately verify the origin of the statement.

Bitcoin surged from just below $7,500 to a new record high of $7,888 on the Luxembourg-based Bitstamp exchange in the 20 minutes that followed the statement’s release.

“The 2x fork is dead. Long live #bitcoin,” wrote Alistair Milne, manager of the Altana Digital Currency Fund, in a post on Twitter.

© 2019 Thomson/Reuters. All rights reserved.

   
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Bitcoin surged by 10 percent on Wednesday to hit an all-time high just shy of $8,000 after online reports that an upgrade to the cryptocurrency's software planned for next Thursday had been suspended.
bitcoin, record, speculation, split
214
2017-52-08
Wednesday, 08 November 2017 01:52 PM
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