Bitcoin hits fresh record highs on SegWit2x cancellation news

Bitcoin prolonged its upward trajectory and printed yet another record high just shy of $ 8000 mark, up nearly 11% on the day. The move was backed by reports of a Segregated Witness (SegWit2x) upgrade being canceled.

SegWit2x is a technology upgrade that was scheduled later this week, threatened to disrupt the biggest cryptocurrency. 

As Bloomberg reports, “SegWit2x’s goal was to double Bitcoin’s block size to two megabytes, which in practice increases speed and reduces fees. While most miners and many businesses supported the change, many of Bitcoin’s core developers opposed it.”