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Ordinals Taking Over the Network as Bitcoin Surpasses 24K Dollars

2023-02-16 16:07:05

Bitcoin price has reached the highest point in the last 6 months due to fresh interest.


The price of Bitcoin approached $24,300 on Wednesday, the highest level since August 2022, according to statistics from CoinGecko, while U.S. officials intensify their operations against cryptocurrency exchanges and their staking programs.

The surge, which is on the verge of shattering an eight-month record, occurs as people and huge companies swarm to the OG blockchain to inscription content using Ordinals.

Late Tuesday night, the number of inscriptions for Ordinals surpassed 100,000. Unlike Bitcoin sidechains like Stacks or Counterparty, Ordinals are written directly onto the blockchain. As they are kept in the transaction witness of a Bitcoin block, inscriptions were made available by the SegWit and Taproot enhancements to the Bitcoin network.

The well-known Solana NFT collection DeGods, which added 535 DeGods NFTs to the Bitcoin blockchain, is one of the projects switching to Ordinals. The web wallet Xverse, which uses Bitcoin, added support for Ordinals on Wednesday.

However, although Ordinals is enjoying its moment in the spotlight, some critics refer to recent SEC actions against stablecoins and staking and speculate that investors are moving their funds into Bitcoin, which SEC head Gary Gensler has previously stated is not a security.

For failing to "fully" register its staking program, the Securities and Exchange Commission fined bitcoin exchange Kraken $30 million last week.
Coinbase, another cryptocurrency exchange with a U.S. basis, declared on Monday that it will defend its staking services against the SEC.

Brian Armstrong, co-founder and CEO of Coinbase, tweeted that the company's staking services are not securities. ‘’We would gladly defend this in court if necessary’’, he continued.

Tweet by Brian Armstrong

It Also Helps That Keanu Reeves is a Fan of Crypto

Star of "The Matrix" Keanu Reeves has developed a bit of an interest in cryptocurrencies, calling them "wonderful vehicles for exchanges and transfer of resources."

In a recent interview with connected for the advertising of his new movie "John Wick 4", Reeves stated, "I believe the principle, the concepts behind a free currency, are amazing" and "spreading fear about crypto, or the volatility of cryptocurrency, it's only will make it better in terms of how it's protected."

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