The cryptocurrency space is buzzing with excitement as Binance, the world’s leading crypto exchange, announces the addition of Ordinals (ORDI) to its trading platform. This news has caused a significant price surge for the digital asset.
Binance Welcomes Ordinals
Binance has officially announced its plans to integrate Ordinals and offer new spot trading pairs for the token. Starting from 10 a.m. UTC on November 7, traders will be able to trade ORDI/BTC, ORDI/USDT, and ORDI/TRY pairs. Withdrawals for ORDI will also be available from 6:30 a.m. UTC the following day.
A Surge in Ordinals’ Value
Following Binance’s announcement, Ordinals experienced an impressive 48% increase in value, reaching a new peak price of $11.01. This is the highest point for ORDI since May, according to data from CoinGecko.
Innovation Meets Accessibility
This listing comes after Binance Pool’s initiative to streamline the process of inscribing data onto the Bitcoin blockchain through its Ordinals Inscription Service. The Ordinals protocol, which has been gaining momentum since earlier this year, allows for the creation of BRC-20 tokens and NFTs directly on Bitcoin’s network.
Risk Advisory for Traders
Binance has issued a cautionary note, advising that ORDI, being a newer token, may exhibit more pronounced price volatility. To address this, the exchange will implement a “Seed Tag” for ORDI to inform users of its potentially higher risk and volatility. Traders interested in ORDI will need to complete quizzes every 90 days to stay updated on the nuances of trading this asset on Binance’s platforms.