From Cointelegraph
On Aug. 5, less than four days after the Bitcoin Cash (BCH) hard fork, Bitcoin price surged drastically within a 24-hour period, recording a new all-time high at $3,212.Previously, Bitcoin price broke the $3,000 mark mostly due to optimism surrounding the activation of the Bitcoin Core development team’s transaction malleability fix and scaling solution Segregated Witness (SegWit).
However, shortly after that, a major market correction led Bitcoin price to fall to $1,900, and it stabilized at around $2,500 amidst uncertainty regarding SegWit and the execution of the BCH hard fork, which was initially proposed by Bitcoin mining equipment manufacturer Bitmain.
Malleability As Cointelegraph previously reported, various SegWit experts including Blockstack co-founder Ryan Shea have described Bitcoin as a “Swiss Army Knife” of a solution, because of the wide of range of Bitcoin’s existing problems it solves.Read more: https://cointelegraph.com/news/bitcoin-price-explodes-to-3212-new-all-time-high-factorsMost notably, SegWit is expected to scale the Bitcoin Blockchain by 75 percent while eliminating transaction malleability, which has recently become a major security issue for BCH.
Bitcoin Core developer Peter Todd emphasized the necessity of SegWit on the Bitcoin network following the announcement of ViaBTC on Aug. 5.
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