Category: Cryptocurrency News

There is no shortage of regulatory efforts to mitigate the negative impacts of artificial intelligence.

Bitcoin and several altcoins took a beating on reports that the SEC filed a suit against Binance in U.S. district court.

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The Bitcoin Ordinals protocol developers have introduced a new upgrade to rectify over 71,000 invalid inscriptions previously untradeable. These inscriptions often result from incorrect usage and were rendered useless and untradeable until now. Related Reading: Shiba Inu (SHIB) Poised For Significant Breakout: Here’s What To Watch Out For However, with this recent development, developers have taken the first step toward addressing this long-standing problem. Developers Unleased the New Ordinals Protocol Version 0.6.0 Bitcoin Ordinals refer to nonfungible asset artifacts that allow data to be inscribed onto the smallest unit of Bitcoin, known as a satoshi. According to Dune Analytics, $45.5 million have been generated from 10.8 million ordinal inscriptions since the beginning of this year. On June 4, a notable developer, Raphjaph, announced that Ordinals’ latest version, 0.6.0 is available. He added that this development would mark a turning point in recognizing these previously unrecognized inscriptions enabling them to be traded once again. Essentially, “Cursed Inscriptions” was coined to describe inscriptions generated through improper usage or manipulation of opcodes during the creation.  As a result of these processes, the inscriptions became invalid and unacknowledged by the system. Ordinals creator Casey Roadarmor first proposed to fix the issue in late April by recognizing and converting these cursed inscriptions to “Blessed” ones. Related Reading: Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High Roadarmor desired to modify the ordinals protocol to recognize multiple inscriptions per transaction, inscriptions with unrecognized even headers, etc. As such, the enhancements in the latest version optimize the “ord” system, streamline inscriptions, and ensure client agreement, enhancing efficiency, flexibility, and compatibility. Meanwhile, Ordinals promoter LeonidasNFT said that the “cursed inscriptions,” as recognized by the Ordinal’s latest version, act as a “stepping stone,” offering a pathway for previously invalid inscriptions to become visible. Ordinals Spark Controversy and Record Transaction Costs Since the inception of the Bitcoin Ordinals protocol in January 2023 by Casey Rodarmor, there have been multiple speculations concerning its transaction costs and slower speeds. One of the most significant concerns raised by the community is the undeniable and undesired impact of Ordinals on Bitcoin’s network capacity and scalability. There has been a sharp increase in BTC transaction fees caused by the surge in BRC-20 activity which relies heavily on Ordinal inscriptions. The trading frenzy surrounding BRC-20 meme-coins like Pepe (PEPE) pushed transaction costs to their highest levels since 2021. The blockchain has been experiencing massive congestion as users continue to pour BTC into minting new tokens settled via Ordinals inscriptions. On May 7, the congestion reached a critical point when Binance halted BTC withdrawals temporarily due to approximately 400,000 pending transactions congesting the mempool. Balancing the innovation brought by Ordinals with the need for a scalable Bitcoin network poses a challenge that must be addressed to ensure the continued success of the cryptocurrency. Featured image from Pixabay and chart from TradingView

El Salvador’s plans to build a billion dollar renewable energy precinct has found a first-round investor in stablecoin issuer Tether.

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“We only support blue chip NFTs to reduce the risks,” said Paraspace developers.

Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large number of coins lies. Here’s what this means. 780,000 BTC Was Acquired Near The Current Spot Prices According to data from the on-chain analytics firm Glassnode, 4.6% of the entire circulating Bitcoin supply has its acquisition price near the current spot prices of the asset. The relevant indicator here is the “entity-adjusted UTXO Realized Price Distribution (URPD),” which, in simple terms, tells us about how the cost basis of the investors is distributed right now. The cost basis here refers to the price at which they bought their coins, so this distribution shows us at which price how many coins were acquired by the holders. Note that this indicator has been adjusted for entities, meaning that all internal movements between the wallets owned by a single investor are removed from this data (an “entity” refers to a collection of addresses that Glassnode has identified to belong to the same holder). Naturally, this adjustment has been made because any movement between the addresses of the same entity would otherwise count as a sale. Thus, a fresh cost basis would be given to the investor (when in reality, it wouldn’t be so). Related Reading: Bloomberg’s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin Now, here is a chart that shows what the URPD in the Bitcoin market looks like right now: Looks like the levels around the current price have a large amount of coins concentrated | Source: Glassnode on Twitter As highlighted in the above graph, the levels around the current spot price of the cryptocurrency seem to be the largest center of cost basis in the market right now. In total, 780,000 tokens were purchased at these prices, which amount to around 4.6% of the entire circulating supply of the cryptocurrency. Because of this reason, the current price range that Bitcoin is trading in might be crucial for where the asset could go from here. Related Reading: Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K “With such large swathes of Bitcoin concentrated within a tight price range, a move in either direction would send a significant amount of coins into a position of profit or loss, highlighting the acute sensitivity of our current position,” explains Glassnode. Major cost basis centers have historically played a notable role in the market because they act as important psychological levels. During bearish trends, investors prefer to sell when the prices fall to their cost basis, as they want to avoid getting into a loss. Similarly, holders prefer to buy more at their cost basis during bullish trends, considering it a profitable buying opportunity. It remains to be seen how the market will respond to the current situation in the coming days. BTC Price At the time of writing, Bitcoin is trading around $26,000, down 5% in the last week. The value of the asset seems to have plunged down during the past day or so | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Glassnode.com

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