The price of Bitcoin jumped to around $7,800 on the news.
The signers include some of the CEOs who led the SegWit2x effort: Mike Belshe, CEO of Bitcoin security company BitGo; Wences Casares, CEO of Bitcoin vault company Xapo; Jihan Wu, CEO of mining equipment manufacturer Bitmain; Jeff Garzik, CEO of blockchain enterprise company Bloq; Peter Smith, CEO of Bitcoin wallet and data company Blockchain; and Erik Voorhees, CEO of crypto-to-crypto exchange Shapeshift.
The move comes shortly after CME announced it would launch Bitcoin futures and the price of Bitcoin reached all-time highs, around $7,500, and its market capitalization jumped to the north of $125 billion, perhaps due to new money flooding in.
So-called chain split tokens which functioned like futures markets indicated that the original chain with a 1MB block was strongly favored by users — about 85% to 15% — which may have factored into the decision.
In the months leading up to what seemed like it would become the world’s most expensive game of chicken, the two sides duked it out in increasingly bitter debates on Twitter, Reddit and email lists. While it may have momentarily concluded with one side backing out, it remains to be seen how this fundamental tension that remains in the community over how to scale the network will eventually be resolved.
Sources of information taken from Forbes