Bitcoin is rallying to near-record highs ahead of its deadline for a new trading platform

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Bitcoin is above $US2,900 this afternoon for the first time mid-June, ahead of a likely split in the currency due within hours (10.30pm eastern Australian time/1.30pm GMT).

A short time ago, Bitcoin was trading at $US2,912, not far off its all-time high of $US2,980, reached on 12 June this year.


The deadline for the implementation of the revised SegWit2 operating platform is scheduled for later tonight, and analysts are forecasting that it won’t go ahead.

Instead, a group of Bitcoin developers is likely to adopt a separate version of the currency called Bitcoin Cash, which will allow higher processing speeds for Bitcoin transactions.

It follows a long-running disagreement in the Bitcoin developer community about how best to run the platform. This post by Frank Chaparro provides a useful guide to the Bitcoin “civil war”.

Not to be outdone, the world’s second biggest cryptocurrency, Ethereum, is also having a solid session, up by more than 10% to be back over $US200 after falling to $US180 last week.