Bitcoin Forum

SegWit fork has been cancelled. How will it influence BTC price?

In the evening on Wednesday, November 8, Mike Belshe, chief executive of bitcoin wallet service BitGo and project lead for SegWit2x, announced the cancellation of the hard fork due to a lack of consensus in the community. The official announcement was published on Twitter on the SegWit2x page.

Shortly afterwards, the BTC price reached its new all-time high of $7,899. However, within an even shorter period, it had rocketed down to $6,977. Now that’s a rollercoaster. Someone too sensitive might go grey from it.

https://coinidol.com/bitcoin-price-looks-like-rollercoaster-segwit2x-fork-cancelled/

https://coinidol.com/upload/resize_cache/iblock/1ed/900_900_1/1ed1614b5a3a4318d7bdacaffb905a07.jpg

Rollercoaster? No need to exaggerate things. If we look at the movements in terms of percentages, it was like 10% at worst, and that for a very brief moment. I am however more or less surprised that the market remained above the $7000 level, while the fork was quite an important event, and also the disappointment of people that were already counting profits. After all, it might be that this fork wasn't at all the reason for the market to go up to such levels, even though it was a major source of incentive for people to buy.

Any headline will do this time, but yeah after seeing even 25% in a day, 10% bursts really don't cut it as rollercoaster rides anymore. I'm also really, really, surprised at the price and can only wonder if perhaps the s2x supporters had already booked in profits. What really took me by surprise was the seemingly blanket effect on alts. I'm seeing still 20-30% increases well past 24 hours after the news broke and Bitcoin bounced. I have a feeling the real surprise is still in store. Isn't December traditionally the lull before a crypto event brewing in January?

Not a rollercoster, but I think this time it was very hard to see where this is going. Segwit2x had lots of support in the beginnen, then failed to deliver to the expectations. Cancelling the fork may have gone both ways: Drop in price since people expected free money from the fork or increase because people are reassured regarding the security of Bitcoin...

Since the announcement of the cancellation ppl are using their bitcoins to buy altcoins, that's why the price decreased (and not plummeted, it is still 7138$ right now). Look at the long run. I still believe bitcoin is the safest crypto to invest in though the cancellation of the fork will definitely benefit the altcoins in the short term

Of course price will keep on changing, what do you expect for something that rely on the
demand for it's prices. But even though the segwit2x was already canned price still remains
above $7000, that only means that there was really an increase on the demand aside from the upcoming fork.

This is wrong, price of altcoins has no direct impact on Bitcoin's price. During this spring we had a huge altcoin rally which led to many of them increasing in their price more than 10 times and Bitcoin's marketshare dropped to historical low of 35%. By your logic Bitcoin's USD value should have crashed, but in fact it was the opposite - it was growing in $2,000 zone.
Bitcoin's price decreased mostly because the market operates on a "buy the rumors, sell the news" principle. Some traders knew that SegWit2x will be cancelled before it was announced, so they were the ones to likely sell to grab their profit before others can. And keep in mind that Bitcoin is so close to ATH, that any small drops can be viewed as natural volatility.

I can not understand SegWit2x is canceled or rescheduled? Why did the miners do this? After all, so many people believed that there would be a split

SegWit2x postponed for an indefinite period. This battle was won by the miners. We will continue to pay high rates for confirmation of the transaction and the timing of the confirmation will increase as the growing popularity of bitcoin. Unless of course the growing popularity of is. In such circumstances, trade is not beneficial to use bitcoins. For this reason we do not see growth in popularity. We see the capital increase, but the extension of applications of the bitcoin no.

It turns out that the fact of SegWit2x abolition will negatively affect bitcoin? We could get a reduction in tariffs and increase the speed of transaction confirmation. But now we will again wait for the solution of the problem

i think after this cancel price will back to normal value (5000$ range )

I don't think so. You could see that initially after the announcement we reached an ATH which means that many people got bullish after hearing the news.
According to the 2x pushers there was not enough acceptance so people were divided about it and many saw it as an attempt at centralization and making the coin more vulnerable. For it to go to $500 just like that there would have to be significant amount of fork supporters that would be pulling out now. Instead people are pulling out because of uncertainties as nobody knows if the fork will or will not happen at this point.

I agree. The holiday season especially on the month of December is considered as a lull period so we might be seeing some retreat of Bitcoin value before it could be making some headway in the first quarter of 2018. We are in the season of spending and so people can be converting their Bitcoin into fiat money and many would be archiving their desire to buy more Bitcoin. Traditionally, this is how things work but am not sure if the same can be holding true this time around. There can be some factors that can influence Bitcoin to surge in value even beyond the $8000 mark.

We both know that when 2x team spoke to the public about their plan right before the implementation of the SegWit2x there have been some kind of division in the bitcoin community and this automatically cause the dump in price of bitcoin after B2X suspension announcement. But, I'm sure bitcoin won't dump to the $5000 range as Sensill said and the dump create chance for quick buy.

The drop of the price due to the network congestion. So until after the congestion problem is solved, the price might stay here.

absolutely no connection to network congestion here
we have been there before and it has been much worse than now
and the price kept skyrocketing,this time its the cancellation/postponing of Segwit2x fork
many people have been buying in bulk to have coins and get free coins after the fork
now that it is not happening,we have so many people who bought them at 6000 or less,so they just closed their positions and profited
I expect the price to return to 6000 ish mark or so before we start growing again

We have seen it before and we will see it in the future. I don't really care about being on the most beautiful and exciting rollercoaster I've ever found in my life. One can never get bored with Bitcoin ;)

It's simply a chance for new investors to buy in. Not much has changed it's still the same Bitcoin people were buying for $7000 a few days ago.
If some of you are worried about the prices take a break from trading, forget about it for a month or two and come back when it starts to go up again.

2x causes pump price from 6,000$ to 7,000$ so when cancelled will happen small correction and price may be back to 6,500$ range

Just like a rollercoaster, get ready and brace yourself because bitcoin is going to rush below next week. I'm too tired seeing a lot of forks and it's time for altcoins to shine again.

There hasn't been a fork for months and it seems that no fork is coming. Also, the selling pressure is not big enough. You can see the uncertainty in the market by looking at the charts. People don't know what to do because of that fork cancellation. I've always said that bad news are better than uncertainty because you get hit and get over it.

Yes  i agree that bitcoin value is like a roller coaster right now . Earlier it was speculated that due go the fork , bitcoin will fall . And after the cancellation of the fork people said that bitcoin will go to $10k but something totally unexpected happenned and now bitcoin is falling again . From $7.5 k it has come to almost $6k . So nothing is clear what is actually happening , bitcoin is really a roller coaster right now.

The price is 6400$ right now and it is big drop. Looks like a lot of people were disappointed about the fork's cancelling :D But I think we can expect a new fork in the future, people who are interested in that will find a way to make it happen ;)

Yet another low effort article with an exaggerated and mostly sensational title. Bitcoin is well known for its still very volatile environment, and this has been so for years. A $1000 drop after a $4000 dollar bull run is not more than healthy for the market. It's also silly to only mention a single catalyst that may have caused this rather big correction because I think there are plenty more. Anyhow many alts are floorishing again after 2-3 consecutive red months so that's certainly a bonus for anyone who's into alts.

For me it's only a nice time to buy some cheap BTC, so that all situation gives me some profit

It will somehow affect the price of BTC since there are people who converted their altcoins to BTC because of the segwit2x fork that was just cancelled. But since it was cancelled then those people are now converting their BTC back to other alt coin that is why as of now the price of BTC is around $6200.

This is a scary drop because bitcoin's value is now $5,600. A week has not passed since Segwit2x got cancelled but it already lost $2k in value. I am thinking that what if there are still some people unaware of what happened? Maybe this will still go below $4700-$5000.

rollercoaster indeed ,the low of 5600$ followed by a rise to 6300$ and all this after the peak of 7900$
crazy things,but this is only due to people selling to buy BCH and releasing their liquidity to trade since there is no fork in the upcoming future
i.e. no reason to keep your money tied up
one thing I know for sure- predicting bitcoin price is almost impossible,it has no clear connection to the events
and all of the explanations are made post factum,if you read the analytics a week before,every single one predicted a rise
but nobody predicted the subsequent fall to 5600 or so

Market experts anticipate the fall continuing to about $5,000, then turning into steady increase. Michael Morton, the founder of Morton Bitcoin Management, a niche IT investment firm that specializes in Bitcoin investing and startups using blockchain technologies, and GNEISS, a universal Ethereum peer-to-peer smart contract asset exchange, stated to Coinidol:

“I strongly support the decision to cancel the Segwit2x Fork. Any blockchain that tries to fork bitcoin I see as an attack on the original network. There is only one bitcoin. I would expect a short term retrace to around $5,000. Followed by the long term bitcoin bull market to end up above $10,000 by the end of the year”.

https://coinidol.com/bitcoin-price-downfall-from-all-time-heights/

sounds like a plan :) but nothing will stop it falling lower than 5000$
or suddenly climbing back to 7000$ in a couple of days
just check the insane volumes at Bitrex or any other big exchange-they trade 5-10 times the usual volumes these days
means that there are either many small players or a few whales moving the market in a certain direction