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By Kitty Testa

As I wrote earlier this week, a planned hard fork in the Bitcoin blockchain was facing resistance in the Bitcoin community. Phase two of the Segwit scalability plan was controversial due to absence of replay attack protection, confusion as to whether the fork would create a new currency, and suspicion that Segwit2x was a corporate takeover of Bitcoin.

Scheduled to occur around November 16th, the hard fork has now been called off. Per Coindesk, suspension of the Segwit2x hard fork was announced today for lack of consensus in the Bitcoin community and might prove to be a setback to Bitcoin’s growth.

The suspension was announced in an email from one of the leaders of the project, Mike Belshe, CEO of BitGo, and signed by CEOs of numerous project supporters, including Jeff Garzik, CEO of Blockchain, who was the leader of the Segwit2x project.

Bitcoin’s value is rising today, having traded as high as $7,854, per World Coin Index, reaching yet another all time high.