Bitcoin Price Bounces Back as Hard Fork Risk Is Getting Lower
Bitcoin price has been an emotional roller coaster ride over the week. The price slumped to $2268 in the face of a potential hard fork on July 11, but bounces back to $2327 (open price)this Tuesday.
According to Coingecko, the price of altcoins has also increased significantly.
The spike is partly due to growing support for BIP91.
BIP91 is proposed by James Hilliard, engineer of Bitmain Warranty. The new scaling attempt was specifically designed to prevent a coin-split by making SegWit2x and BIP148 compatible. As of today, 21.7% of the bitcoin mining network supports BIP91, including Antpool, Bitcoin.com and BTC.com who opposed it before and ViaBTC who intended to buy or lend hash power to support UAHF.
When be asked why BTCC would support BIP91, Bobby Lee says that:
“A vast majority of us in the industry has signed up for the New York Agreement (NYA), aka SegWit2x. So BTC1/BIP91 is the implementation that we are committed to. And this is all consistent with our original plan and support of the Hong Kong Agreement, from early 2016. BTCC is committed to NYA. “
At the time of writing, for the first time, over 80% of the last 144 blocks have been signaling BIP91.
This is still at day 2. At this rate, BIP91 could be able to hit the 80% threshold and get locked-in by this Friday. If so, SegWit will be activated prior to August 1st, then a chain split will be avoided. Slushpool announced to start signalling BIP91 and asked everyone to calm down. Now the question is when will F2Pool and Bitfury do the same thing? （Update: Chinese miners are receiving emails rumoring F2Pool has been “stealing” shares of miners. F2Pool responded that they have never done such a thing.)
Noticeably, as BIP91 is getting more signalling support since this Monday, Bitcoin price starts rallying up. As Jameson Lopp points:”Coincidence or the market is speaking?”