Bitcoin rose 10 percent on Wednesday and hit a record high of almost $ 8,000 after reports on the internet said an update to the cryptocurrency software scheduled for Thursday was suspended.
The bitcoin experts mentioned a publication of the Linux Foundation website signed by several high-profile bitcoin entrepreneurs and developers who supported the plan and who said that the update of "Segwit2x" was discarded for now, since it could "divide community".
The update would have changed the rules for a so-called 'bifurcation', which in practice would clone the existing bitcoin to create another cryptocurrency.
"Our goal has always been a smooth improvement of Bitcoin," said the statement, written by Mike Belshe, president of the Blockchain security company, BitGo. "Although we firmly believe in the need for larger blocks, there is something we believe is even more important: keeping the community together."
Reuters could not immediately verify the origin of the statement.
Bitcoin rose from just under $ 7,500 to a record $ 7,888 on the Bitstamp stock exchange, which is headquartered in Luxembourg, in the 20 minutes that followed the release of the statement.
"The 2x bifurcation has died, Long live #bitcoin," wrote Alistair Milne, manager of Altana Digital Currency Fund on Twitter.
And now it plummeted to 5800$.
I think it'll bet back up though, BitcoinCash just had a difficulty adjustment and mining it just became less profitable. We'll see what happens in the next week. I'm pretty sure Bitcoin won't be dethroned by BitcoinCash, can't really explain why I think so though.
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