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Binance Adds Support for Ordinals NFTs, Goldman Sachs Crypto Survey Reveals Mixed Results

May 10, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update Equity markets slid lower today as investors await CPI data tomorrow and discussion over the debt ceiling later today. $SPX and $QQQ are trading at -0.4% and -0.6% relative to yesterday's close after opening lower, whilst $DXY and $US10Y are up by 0.3% and 0.4% on the day. Digital asset markets are also following suit, with $BTC and $ETH sliding by 1.5% and 1.0% over the past day. Many have pointed to the surge of memecoins like $PEPE and $ORDI to indicate market frothiness, perhaps signaling that a correction is overdue. Over the past day, $BSV has appreciated by 26% despite the market-wide correction. Some attribute BSV's rise to the fact that ex-BSV teams created most BTC Ordinals projects and the fact that BSV has larger blocksizes (8GB vs Bitcoin's 4MB) amidst high Bitcoin transaction fees.Binance plans to support Bitcoin Ordinals in its NFT marketplace from late May, allowing customers to trade without a separate wallet. The move comes amid a surge in Bitcoin transaction fees from BRC-20 tokens, as mentioned noted in last week's and yesterday's note, with block number 788695 witnessing fees exceeding block rewards for the first time since 2017. This increase benefits Bitcoin miners, who rely on both block subsidies and transaction fees for income. The rec

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