News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
Bitcoin Surges then Sinks as 'Segwit2x' Fork is Called Off

Bitcoin Surges then Sinks as 'Segwit2x' Fork is Called Off

Christopher Vecchio, CFA, Senior Strategist

Talking Points

- Controversial ‘Segwit2x’ fork called off as Bitcoin community lacked consensus; was scheduled to go into effect in approximately eight days.

- Bitcoin (BTCUSD) trades in over $800 range around announcement.

- Read the DailyFX cryptocurrency glossary to review the basics of Bitcoin.

Bitcoin has seen another burst of volatility today after news emerged the planned Segwit2x fork was called off. The Segwit2x fork, otherwise known as “2x”, was scheduled to go into effect in approximately eight days. 2x would change certain overarching rules governing Bitcoin, in particular that blocks passed around the network and stored on the blockchain would increase in size from 1MB to 2MB.

Opponents of the move had issued concern that the shift in protocol would effectively transfer more power into the hands of miners (a network that has the hardware to unlock the block rewards) and businesses (companies that provide storage and usage abilities for cryptocurrencies). In effect, 2x would be centralizing power over Bitcoin that would go against its founding principle of being decentralized.

Accordingly, with just over 30% of Bitcoin users reportedly agreeing that they would adopt the change and move from the current blockchain over to the new one governed by 2x, supporters of the plan called off the intended fork, saying “Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.”

Chart 1: Bitcoin (BTCUSD) 5-minute Timeframe (November 8, 2017)

Bitcoin Surges then Sinks as 'Segwit2x' Fork is Called Off

Following the news, Bitcoin rallied sharply from near $7500 to a fresh all-time high just below $7900. Yet price was quick to revert, sliding back to session lows just under $7100 before settling near $7322 at the time this article was written.

Given that cryptocurrency markets are still in their infancy (relative to equity markets in developed countries, for example), action today around the 2x cancellation makes for an interesting study in “price discovery.”

From a behavioral perspective, the initial swing higher comes as market participants are enthused by the idea that this controversial change in protocol won’t be implemented, but then the drop comes as those who were holding Bitcoin hoping for a ‘dividend’ of sorts – like after the Bitcoin Cash or Bitcoin Gold forks – prove disappointed by today’s news.

Read more: Bitcoin ETF Talk Fuels Latest Rally; Segwit2x Fork Nears

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

To be added to Christopher's e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.