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The renewed interest in Bitcoin (BTC) has pushed the price of the #1 cryptocurrency to a six-month high. What is behind it?
Bitcoin is pumping like it hasn’t in months
Even as US regulators step up their crackdown on cryptocurrency exchanges and their betting programs, the price of bitcoin has risen to more than $24,600, the highest since August 2022. Overall, bitcoin has risen sharply with 11.2% in 24 hours, as shown by data from CoinGecko.
The boom is about to break an eight-month record – the possible reason: users and big brands are flocking to the Bitcoin blockchain to inscribe content on the network with “Ordinals” inscriptions.
The number of ordinal inscriptions passed the 100,000 mark late on Tuesday evening – and in contrast to Bitcoin sidechains like Stacks or Counterparty, ordinals are inscribed directly into the blockchain. These registrations are made possible by the SegWit and Taproot upgrades of the Bitcoin network, as they are stored in the Bitcoin block transaction witness.
Projects ported to Ordinals include Solana’s popular NFT DeGods collection. They have placed 535 DeGods NFTs on the Bitcoin blockchain. On Wednesday, Xverse, a bitcoin-based web wallet, also added support for ordinals.
Keanu Reeves is suddenly pro-crypto
Which doesn’t hurt either: Hollywood superstar Keanu Reeves is surprisingly into cryptocurrencies – even though he was previously critical of NFTs on Ethereum.
In an interview with Wired promoting his new film, John Wick 4, Reeves said:
“The principle, the ideas behind an independent currency, I think, is great. Throwing crypto, or cryptocurrency volatility, into the wind will only improve them when it comes to how they are hedged.”
But since the rituals are at their peak, some are referring to the recent moves made by the SEC against stable and promising conflicts, and speculating: Investors are changing their altcoins to bitcoin. After all, SEC Chairman Gary Gensler has said in the past that it is not security.
Yes, I did yesterday and changed most to btc. With the SEC on a mission to destroy stables and regulations on the horizon, BTC should be the only sensible choice.
— OG Overlay (@cryptoMaxistNft) February 15, 2023
Last week, the Securities and Exchange Commission (SEC) fined crypto exchange Kraken $30 million for not “properly” registering its staking program.
On Monday, one of the largest US-based cryptocurrency exchanges, Coinbase, said it would defend its betting services against the SEC. Brian Armstrong, co-founder and CEO of Coinbase, said:
“Coinbase betting services are not securities. We will happily defend this in court if necessary.”
Coinbase’s escrow services are not securities. We will happily defend this in court if necessary. https://t.co/GtTOz77YV3
— Brian Armstrong (@brian_armstrong) February 12, 2023
Should you buy Bitcoin now?
If you are sure of the long-term success of cryptocurrencies, you can never go wrong with buying the number 1 cryptocurrency. However, according to forecasts, there could be a better risk reward ratio for the following coins:
- Meta Masters Guild: The team behind the new play-to-earn cryptocurrency Meta Masters Guild (MEMAG) is working on building a sophisticated mobile gaming platform and has already raised over $4.6 million in capital from investors in the current pre-sale. 1 MEMAG currently costs 0.023 USDT – the last chance to enter the pre-sale price, as the pre-sale ends tomorrow.
- Fight Out Coin: Fight Out Coin aims to connect the world of fitness and crypto, developing a move-to-earn pledge ecosystem where users transfer their training progress to a digital avatar and receive cryptocurrency rewards for their their sweat work. In the current presale, 1 FGHT costs 0.02245 USDT, in 12 hours the price rises.
Text proof: Decrypt
Last updated on February 16, 2023
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Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.