The cryptocurrency space is buzzing with the news that Binance, the world’s leading crypto exchange, is adding Ordinals (ORDI) to its trading platform. This has caused a significant surge in the digital asset’s price.
Binance has announced the integration of Ordinals, introducing new spot trading pairs for the token. Starting from 10 a.m. UTC on November 7, traders will have access to ORDI/BTC, ORDI/USDT, and ORDI/TRY pairs, with ORDI withdrawals beginning at 6:30 a.m. UTC the following day.
Following Binance’s announcement, Ordinals saw an impressive 48% increase in value, reaching a peak price of $11.01, the highest point for ORDI since May.
The listing of Ordinals on Binance comes after Binance Pool’s initiative to simplify the process of inscribing data onto the Bitcoin blockchain through its Ordinals Inscription Service. The Ordinals protocol, which has been gaining momentum, allows for the creation of BRC-20 tokens and NFTs directly on Bitcoin’s network.
Binance has issued a cautionary note, warning traders that ORDI, as 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.