10.45pm: The current value of Bitcoin now stands at £1661.87.
10.22pm: Micropayment startup SatoshiPay is to phase out its use of the bitcoin blockchain.
SatoshiPay CEO Meinhard Benn announced today: “We love bitcoin for its pioneering role in the creation of our industry but some blockchain networks it inspired have evolved faster than bitcoin itself, so we decided to move on to superior technology.”
7.39pm: Cryptocurrency exchange GDAX is considering temporarily suspending bitcoin trade after the August 1 software update.
“In either scenario we will implement safeguards to ensure the safety of our customers’ funds,” the exchange said on its website.
“This decision will be based on our assessment of the technical risks posed by the fork, such as replay attacks and other factors that could create network instability.”
5.51pm: A host of Bitcoin miners are already showing their support for Segwit2x ahead of another round of testing.
AntPool, BitClub, Bixin, BTC.com and BitFury have joined around 43 per cent of the mining pool to signal for the change.
The news coms from Coin Desk which is a subsidiary of the Digital Currency Group which helped organize the Segwit2x agreement.
3.36pm: Jon Matonis, Vice President of Corporate Strategy at nChain, says that Bitcoin has held up “relatively well” and that other alternative currencies could be using Bitcoin as a safe haven.
“Bitcoin prices are down approximately one-third from the most recent high of $2980 per bitcoin,” he said.
“This is less of a retracement than Ethereum (Ether) which is down approx. 70% from recent high of $407 per ETH.
“This is normal for bitcoin to retrace somewhat considering the quick run-up from April 2017 price levels.”
Mr Matonis also thinks that the upcoming hard fork could become dangerous for miners looking to mine on a minority fork.
“It would be equally dangerous for users to transact during that time period until the situation becomes clear for majority hash power chain,” he said.
3.15pm: Ryan Selkis, a founding member of Coin Desk and Digital Currency Group has noted the harsh drop in bitcoin prices, but pointed out that the overall market is still up from the start of the year.
Spencer Bogart of Blockchain Capital has also said that he does not see any “value in focusing on day to day crypto price change”.
Mr Bogart thinks that the markets are underestimating the resiliency of the cryptocurrency.
“Historically, Bitcoin has had many periods of doubt and…