The Bitcoin was experiencing a bearish run since 3 weeks recently as the scaling debate on how to solve the Bitcoin network issues became heated.
There were two sides of the network (miners) one going on for the Segwit and the other looking to hardfork Bitcoin.
In case majority of miners didn't agreed to a common platform that would cause a chain split.
That is some miners would be mining Bitcoin blocks having segwit while others would prefer a hardfork. Bitcoin splitting into would cause a major price crash and it was anticipated it would eventually occur.
But suddenly what happened?
Well thanks to the NewYork scaling agreement and Chinese exchanges backing it the Bitcoin has started the bull run again taking all the market up with it. I bet there would be no trader right now who hadn't made a profit.
In Newyork team of Bitcoin companies decided to activate Segwit on Bitcoin network followed by hardfork to increase the blockchain size. This is known as Segwit2x.
If there is successful implementation of Segwit 2x the chain split in Bitcoin network will not occur and Bitcoin will surpass $3000. In case it is not implemented before August 1 there is high possibility of Bitcoin splitting into two.
Segwit2x needs 80% support to lock in, you can check the latest percentage here
https://coin.dance/blocks
Lets hope the Segwit2x gets locked in or else there will be UASF (User Activated Soft Fork) On August 1. In case that happens the chain will split into two and you will have two versions of Bitcoin. Except people dumping there Bitcoin if it happened.
The reason behind sudden price jump is because the UASF is highly unlikely to occur now as Chinese miners and exchanges have backed the support for Segwit2x . The Segwit2x is above 80% since 2 days and it is likely that it will lock and the soft fork will happen resulting in a major overhauling in Bitcoin core network.
Bottom line is if segwit2x happens Bitcoin price will go beyond $3000
In case it doesn't happened before August 1 there price is likely to have free fall.
Another reason you should thanks the Great China!!
Make Bitcoin Great Again.
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