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Bitcoin Pares Gains After Surge to Record Highs on Split Rumours

19 Noviembre 2017
Bitcoin Pares Gains After Surge to Record Highs on Split Rumours

With the rising interest in cryptocurrencies, and the current market capitalization of the market at around $200 billion, with bitcoin contributing almost half of that amount, it is natural for hedge funds to start get a "feeling" for the digital currency market.

Three months ago, a hard fork resulted in the development of bitcoin cash.

Subsequently, after Segwit2x did not succeed, Coinbase re-enabled all Bitcoin services at 06:17 PST. Coinbase already holds $9 billion in digital currency for its customers. Those looking to improve the cryptocurrency's ability to handle additional transactions say Bitcoin's software is in need of an upgrade. The Bitcoin surge occurred as a group of developers attempted to implement the Segwit2x hard-fork of Bitcoin's blockchain. In the wake of the previous week's popcorn-fueled Segwit2x drama and BCH rally, there was a momentary lull. Super Bitcoin was the subject of her maiden piece; and forked coins were to become a recurring motif as the week developed. On the same date, a group of developers unsuccessfully attempted to implement the Segwit2x hard-fork. Moreover, Bitcoin Cash temporarily took center stage, surging to an all-time high of over $2,400 USD, as investors shifted money away from Bitcoin, on November 12.

Nonetheless, it is a distinct possibility that investors moved toward the newer iteration of the leading cryptocurrency in response to the news of the hard fork's cancellation. The fact that a second hard fork was planned, and that bitcoin cash has made gains while the original bitcoin faltered, points to an underlying conflict in the bitcoin community.

The cryptocurrency exchange CoinBase said a large number of bitcoin "miners" people who provide the computational power that underpins bitcoin in exchange for the chance of financial reward could now go ahead with their own upgrade, setting of speculation that this could trigger a fork. Custody could change that dynamic for good.