On November 8, Mike Belshe, one of the leaders of the Segwit2x project and CEO and co-founder of Bitcoin wallet software provider BitGo announced in an email that Bitcoin fork SegWit2x is currently being suspended. The fork was expected to occur sometime in November 2017.
The aim of the project was an upgrade of Bitcoin, though the developers of the project state that the current aim they posses is keeping the community together. SegWit2x was not higly supported by miners and exchanges, for instance SurBTC left SegWit2x agreement in October, and Charlie Lee, Litecoin creator, announced his rejection of the fork. Moreover, crypto specialist and researcher Nick Szabo posed himself as an opponent of SegWit2x too.
Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.
BitGo Inc., CEO
The announcement was signed by CEO and co-founder Mike Belshe, mining pool Bitmain co-founder Jihan Wu, Xapo CEO Wences Casares, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.
A long-awaited Bitcoin fork SegWit2x was aimed at the increase of size of block 494784 to 2MB and improving Bitcoin scalability.
It is worth mentioning that Bitcoin price rose immediately after the announcement had been made, rising by almost 5% in one hour from $7484 to $7776, but then started falling down and at the press-time is traded at $7639 having market capitalisation of $127 billion.