The much-debated SegWit2x hard fork was being officially canceled last week after several community leaders and a large number of miners withdrew their support due to lack of consensus. As a result, the hard fork plans were completely halted which meant that Bitcoin will not be splitting into two, as projected earlier. However, just a few hours back, there has been the latest twist in this story as Director of Comms @ Coinbase, David Farmer took it to his Medium-blog that there are still a small group of miners who are attempting to go ahead with the hard fork.
Considering the possibility of network instability in such a case and in order to protect the customer’s funds, Coinbase is likely to suspend the buying/selling of Bitcoins 2 am Pacific Time on November 17th, an hour before the fork which is projected to occur between 6am to 8am Pacific Time on November 17th. Once the fork gets initiated and confirmed, all the normal operations will resume afterward. As per the latest information available on blockchain.info, the total number of blocks mined currently shows to 494743 and the SegWit2x is scheduled to take place at 494784 which is pretty close from the existing position.
Earlier this month, Bitcoin prices scaled to new highs above $7800 mark, but however soon after the announcement of the cancellation of SegWit2x, the prices corrected majorly for a week. Later, Bitcoin managed to regain its lost ground and currently, it trades convincingly close to and above $7800 in past 48 hours. Now, as per the most massive bitcoin exchange, Bitfinex, Bitcoin has crossed the $8000 to hit a new record high of $8040 and its latest price on the exchange shows to be $7837.55. Moreover, the word regarding the new twist in the plans of SegWit2x is yet to spread and we think and we think that there is every possibility we might see Bitcoin trading well above $8000 very soon.
In the meantime, just when the plans of cancellation of SegWit2x were announced, Bitcoins first derivate Bitcoin Cash was gaining the limelight as its prices rocketed to new highs above $1900 as a lot of miners shifted to the BCH blockchain. Bitcoin has recently been hard forked to a new software upgrade in its Difficulty Adjustment Levels (DAA). Many believe that it has created a level playing field for mining activities between the BTC and BCH blockchains.
As the SegWit2x is approaching closer, we believe that there can possibly be a new fresh upward momentum to be seen in the Bitcoin prices. The SegWit2x is expected to improvise a lot of things on the scalability issues of Bitcoins.