The number of Ordinals inscriptions on the Bitcoin blockchain has exceeded 10 million, just days after the departure of the project’s creator from the leadership role. The Ordinals protocol was launched in January, and quickly emerged as a preferred method for creating assets on Bitcoin.

Bitcoin and other cryptocurrencies started trading at a discount on Binance Australia, compared to their rates on competitor platforms within the country, in a disparity that comes as the platform is set to lose access to a key local currency withdrawal service.

Russian lawmakers have abandoned their plans to establish a state-run cryptocurrency Exchange and are instead set to focus on setting up regulations for existing cryptocurrency trading platforms.

Top stories in the Crypto Roundup today:

• Bitcoin Asset Creation Protocol Ordinals Hits 10 Million Inscriptions Milestone
• Bitcoin Trades at a Discount on Binance Australia Ahead of Fiat Ramp Closure
• Russia Ditches State-Run Crypto Exchange Plan
• Stablecoin Trading Volume Drops to Yearly Lows

Bitcoin Asset Creation Protocol Ordinals Hits 10 Million Inscriptions Milestone

The number of Ordinals inscriptions on the Bitcoin blockchain has exceeded 10 million, just days after the departure of the project’s creator from the leadership role. The Ordinals protocol was launched in January, and quickly emerged as a preferred method for creating assets on Bitcoin.

Ordinals offer a mechanism for "inscribing" data in the witness section of Bitcoin transactions, with these inscriptions recorded onto individual satoshis — the smallest divisible unit of Bitcoin.

However, the introduction of the BRC-20 token standard in early March accelerated the number of Ordinals inscriptions, as the innovative token standard made it possible for users to create entirely new tokens on Bitcoin for the first time ever.

The number of BRC-20 tokens launched on Bitcoin has now surpassed the 25,000 mark, even thoughmany Bitcoin advocates have critiqued the method of "inscribing" assets on the network as inefficient and wasteful, particularly concerning block space and transaction fees.

On May 28 Casey Rodarmor announced his resignation as the lead maintainer of the project via social media, explaining he had been unable to devote sufficient time and resources to Ordinals.

Bitcoin Trades at a Discount on Binance Australia Ahead of Fiat Ramp Closure

Bitcoin and other cryptocurrencies started trading at a discount on Binance Australia, compared to their rates on competitor platforms within the country, in a disparity that comes as the platform is set to lose access to a key local currency withdrawal service.

At one point, Bitcoin was trading at A$34,863 ($22,670) on Binance Australia, representing a marked A$7,516 fall from the average trading price found on platforms like Independent Reserve and CoinJar, as shown by CryptoCompare data.

Similar discounts nearing 20% were observable for other digital tokens, including Ether and Solana. Binance Australia’s users won’t be able to execute withdrawals to Australian dollars to their bank accounts through the widely-used PayID service as of 5 p.m. on June 1, according to the exchange.

In a further blow to Binance Australia, on May 18, the platform announced that it was no longer in a position to offer Australian dollar deposit services due to a decision by payments solutions provider Cuscal.

A spokesperson for the exchange said that Australian dollar balances could be converted into USDT to facilitate withdrawals after June 1, and noted the exchange is working to provide an alternative provider for AUD deposits and withdrawals.

Russia Ditches State-Run Crypto Exchange Plan

Russian lawmakers have abandoned their plans to establish a state-run cryptocurrency Exchange and are instead set to focus on setting up regulations for existing cryptocurrency trading platforms.

Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance for the Russian Federation, said in a report first shared by Colin Wu of Wu Blockchain that the Ministry doesn’t support the establishment of a national crypto exchange, but wants to “legally regulate the possibility of creating such sites by business.”

Echoing this sentiment, Anatoly Aksakov, who leads the lower house committee on financial markets, said that crypto exchanges would be permitted to handle cross-border payments, and acknowledge new restrictions would likely be introduced.

The Russian outlet that broke the story, Izvestia, revealed that the Central Bank would probably oversee these platforms' operations. It will also manage international settlements within the country's regulatory framework.

The news has been welcomed by several private cryptocurrency operators within the Russian Federation. Their positive outlook isn’t surprising, given Russia's ranking of 137 out of 180 countries on the 2022 Global Corruptions Index, indicating a necessity for prudence in governmental operations.

Stablecoin Trading Volume Drops to Yearly Lows

Trading volume for stablecoins experienced a significant decrease of 40.6% in May, plunging to $460 billion. This marked the lowest monthly trading volume for stablecoins on centralized exchanges since December 2022.

This decline is aligned with the performance of major cryptocurrencies, which have remained within a certain range, unable to surpass critical support and resistance thresholds.

Get insight into the latest developments in the stablecoin and CBDC sector through CCData's Stablecoins & CBDCs Report.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.