Bitcoin Soars as Upgrade Backers Hoist Beers to Armistice
- Price approaches record high after climbing more than 20%
- SegWit2x could be activated if it passes grace period testing
Why Cryptocurrencies Are Selling Off
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Bitcoin backers celebrated as the developer community embraced a new mechanism to improve usage and allow it to scale, boosting confidence in the virtual currency and sending prices back near record highs.
The community, which had been split on how best to make the cryptocurrency more manageable, rallied behind a code upgrade known as SegWit2x, which aims to increase the network’s transaction capacity. That fueled a rally on in bitcoin’s price against the dollar, which had plummeted from a peak in June as concerns grew about its future in what has been called a civil war.