Bitcoin surges 11% to record above $7,800 after developers call off plans to split digital currency

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Bitcoin jumped 11 percent Wednesday after the developers behind an upcoming split in the digital currency through an upgrade called SegWit2x announced they were suspending plans for the upgrade.

The digital currency hit a record high of $7,879.06, according to CoinDesk.

Bitcoin in the last 24 hours

Source: CoinDesk

“Our goal has always been a smooth upgrade for Bitcoin,” a group of leaders in bitcoin development told members of the SegWit2x mailing list Wednesday. “Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

As fees rise for bitcoin transactions, the developers said they hoped the digital currency community could find agreement on how to solve the problem. “Until then, we are suspending our plans for the upcoming 2MB upgrade.”

This is a breaking news story. Please check back for updates.



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