Bitcoin Price Breaks $4,893 As Investors Lose Confidence In SegWit2xOctober 10, 2017 3:56 pm
Bitcoin prices surpassed $4,893 earlier today displaying strong upward momentum and investor confidence in the global Bitcoin market, Cryptocoinsnews.com reported.
Since Oct. 7, Bitcoin prices have surged from $4,300 to $4,893, recording a $593 increase in a short period of time.
But, most analysts do not expect Bitcoin prices to demonstrate continued strength and increase in demand from major markets such as Japan, the US, and South Korea, because of the SegWit2x hard fork scheduled for November.
Some of the largest Bitcoin wallet and cryptocurrency exchanges, the report said, including Coinbase and Bitfinex have reaffirmed their stance on the upcoming SegWit2x hard fork. The Bitfinex development team revealed it plans to initiate the moniker “B2X” to list the SegWit2x fork of Bitcoin upon the completion of its hard fork in November.
The Bitfinex development team wrote: “We have elected to designate the Segwit2x fork as B2X, for now. The incumbent implementation will continue to trade as BTC even if the B2X chain has more hashing power. We are doing this for practical and operational reasons. Political considerations are irrelevant here. While we cannot change or re-assign ticker symbols, we can change the label or description associated with that ticker symbol. For the time being, BTC will continue to be labeled as ‘Bitcoin,’ and B2X will be labeled as ‘B2X,’” the report said.
The decision by Bitfinex and Coinbase to list the SegWit2x coin as B2X even if it has more hashing power upon its fork because investors and traders will likely remain on the legacy chain or the original Bitcoin blockchain, the report said.
Bitfinex and Coinbase have taken the appropriate approach in allowing the market to decide which form of Bitcoin evolves into the majority chain, the report said. At the current stage, it is highly likely the legacy chain will remain as the majority blockchain after the hard fork.
In November, the market, investors, and users will decide which Bitcoin blockchain will be referred to as “Bitcoin” and “BTC.”
Normally, in weeks and months prior to a highly contentious hard fork like SegWit2x, the price of Bitcoin should struggle to recover beyond its previous highs and secure upward momentum, Cryptocoinsnews.com reported.
But, recently, it has been the exact opposite. The Bitcoin price has surpassed $4,893, quickly approaching its all-time high established prior to the ban on cryptocurrency exchanges by the Chinese government.
– WN.com, Jack Durschlag