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.

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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.

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