BITCOIN RALLY STOPS SHORT OF $4,500 BEFORE TURNING NEGATIVE
BITCOIN RALLY Bitcoin pared gains on Thursday sliding into negative territory after setting fresh all-time highs earlier in the session as concerns grew the digital currency could face a second split in November.
On the U.S.-based Bitfinex exchange, bitcoin fell to $4,294.5, down $63.5 or 1.46%, after hitting all-time highs of $4,492.3.
Following the adoption of the first part of Segwit2x, a software upgrade to speed up transactions on the bitcoin network, investors braced for the second part of the Segwit2x update due November, fearing a second split in the blockchain supporting bitcoin.
The second part of the SegWit2x seeks to double the transaction capacity on the bitcoin network, allowing speedier transactions, however, not all members of the bitcoin community agree with the proposal, raising fears of a yet another split in the digital currency – an event known as a ‘hard fork’.
Bitcoin’s blockchain split into two on August 2, after a members of the bitcoin community rejected the first part of the SegWit2x upgrade, creating a competing currency called ‘Bitcoin Cash’.
Bitcoin Cash shrugged off concerns in the cryptocurrency space, rising 34.21% to $410.27 while Ethereum, dipped by 0.29% to $299.05.
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