Bitcoin price recovered to over $7,400 today after dipping briefly below $7,000, as the market continued to show support for the original Bitcoin blockchain over SegWit2x, Cryptocoins News reported.
Blockchain, Bitcoin, and smart contracts pioneer Nick Szabohas reportedly expressed his opposition against SegWit2x, Litecoin creator and former Coinbase executive Charlie Lee revealed.
Scaling is a sensitive but important topic to bitcoin developers, community, and the industry. SegWit2x supporting businesses and the Bitcoin community have been in conflict over the past few months.
The community has rejected SegWit2x because of various technical reasons, beginning with closed-source development, opaque agreement made between a restricted group of businesses, developers, and miners, and the SegWit2x development team’s refusal to implement strong replay protection.
The demand for SegWit2x and support for the software has declined in the past few weeks, even from the mining community.
Analysts say that the price of Bitcoin will likely endure a major correction upon the SegWit2x hard fork. However, it seems unlikely that the price of Bitcoin would decrease by more than 10 percent, as the Bitcoin Cash hard fork also had minimal impact on the price of Bitcoin.