Bitcoin hits record high after developers suspend plans to 'fork' currency

Bitcoin (virtual currency) coins placed on Dollar banknotes are seen in this illustration picture, November 6, 2017. Photo: REUTERS/Dado Ruvic

Bitcoin hit a record high just shy of $8,000 on Wednesday after a coalition of developers and investors suspended a software upgrade planned for next Thursday that could have split the digital currency in two.

In an email on Wednesday, the lead developer of the team planning to carry out the upgrade said “Segwit2x” would be scrapped for now as it could “divide the community.” The email by Mike Belshe, chief executive of blockchain security firm BitGo, was also signed by some of the biggest names in the bitcoin world.