Key Takeaways:
- A new token standard for Bitcoin Ordinals claims to reduce inscription costs by over 90%
- However, BTC’s price shrugged off the news.
NEW DELHI (CoinChapter.com) — Ordinals, Bitcoin’s answer to Ethereum-based NFTs, has become increasingly popular with traders, with transcriptions reaching over 14.8 million. A new token standard for the Ordinals protocol aims to reduce inscription costs by more than 90%.
In detail, ‘Bitcoin Ordinals‘ allows users to assign unique identifiers and inscribe them on individual Satoshis, the lowest denomination of BTC. The new token standard, dubbed ‘BRC69‘ by its creator Luminex, claims to reduce the cost of these inscriptions.
The proposed token standard would use recursive inscriptions to enhance the efficiency of inscribing through the Ordinals protocol. Moreover, BRC69 would help functionalities like pre-reveal collection launching and on-chain reveals more accessible for users.
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Minters only need to inscribe a single line of text instead of a full image.This text allows the final image to be automatically rendered on all ordinals-frontends,using solely on-chain resources, thanks to recursive inscriptions
Luminex stated in its announcment
Furthermore, Luminex claimed that its recursive inscriptions would render ‘flawless‘ images, which users can “drag, drop, and save as typical image type Ordinals.”
Luminex detailed that the increased adoption of the Ordinals protocol resulted in a demand for Bitcoin block space. Consequently, Bitcoin network fees rose, leading to the development of BRC69 to optimize costs.
Bitcoin Price Falls Below $31,000
Meanwhile, Bitcoin price failed to hold on to the $31,000 price level, dropping 3% from July 4’s high of $31,327 and reaching a daily low of $30,359 on July 5. BTC price drop accompanied the market downtrend, with the top 20 crypto tokens up to 7% over the past 24 hours.
If bears continue pushing BTC prices down, the prime crypto price might drop to the 20-day EMA (red wave) support near $29,800.
Moreover, breaching the immediate support level might result in BTC price testing the 50-day EMA (purple wave) support near $28,600 before recovering.
On the other hand, should the BTC price start recovering, the first challenge for the bulls lies near $31,600. Breaking and consolidating above the immediate resistance might help Bitcoin price target the resistance near $32,700 before downside corrections pare gains.
The RSI for BTC remained neutral, clocking at 61.71 on the daily timeframe.
