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The US stock market is up 1.3% as the debt ceiling has been resolved. The broader cryptocurrency market also went up, possibly due to the debt ceiling news, with Bitcoin and Ether rising 4.46% and 4.32%, respectively, in the past 24 hours.
Today's outperformer is ORDI, which surged 26.74% in the past 24 hours due after ORDI deployed Stably on the Bitcoin blockchain.
Launched on January 2023, Ordinals Protocol (ORDI) utilizes the Bitcoin blockchain to inscribe various forms of information, including text, images, sound, and video, onto satoshis, the smallest unit of Bitcoin. ORDI, given the vast quantity of satoshis (2.1 quadrillions) in Bitcoin, introduces fresh applications such as Non-Fungible Tokens (NFTs) and other tokens.
Stably, a U.S.-based cryptocurrency firm, recently launched a stablecoin, Stably USD, on the Bitcoin network, using the BRC-20 standard and Ordinals protocol. Though this is the first BRC-20 stablecoin, it has raised several red flags and stirred debate due to the excessive 69.42 trillion total supply listed on the website and inconsistencies with FinCEN registration details. The Ordinals protocol originally was for creating NFT-like assets on Bitcoin, and it is fascinating to see others using it to build innovative experiments on top of Bitcoin.
Check Out the Latest Prices, Charts, and Data of ORDIUSDT!
On June 1, Hong Kong's Securities and Futures Commission permitted retail trading of digital assets in June, and Hong Kong will release its licensing guidelines for crypto exchanges looking to launch there. The move is part of Hong Kong's strategy to become a fintech and crypto hub, attracting companies like Tron and Huobi. This has resulted in a surge in cryptocurrency activity in the region. However, the cryptocurrency industry is rampant with hacks and scams. In Q1 2023, there was already a loss of $570 million due to crypto crimes, up 75% from Q1 2022. Thus, the Hong Kong Police Force's Cyber Security and Technology Crime Bureau (CSTCB) launched CyberDefender, a metaverse platform for public education on Web3 and metaverse-related risks to help reduce crypto crimes.