Binance Suspends Bitcoin Ordinals Trading – What’s Going On?
Binance announced on April 4 that it will suspend Bitcoin Ordinals trades and deposits from April 18, 2024. The exchange has then advised the holders of the Bitcoin-based non-fungible tokens (NFTs) to withdraw their assets from the trading platform NFT marketplace before May 18, 2024.
Binance did not disclose the reason behind the suspension of Bitcoin Ordinals but added that it sought to “streamline product offerings” on its marketplace. Additionally, the Binance NFT marketplace will no longer offer airdrops, utilities, and benefits related to Bitcoin NFTs after April 10, 2024, according to the announcement.
Despite this setback from Binance, OKX plans to support four new inscription standards, as it believes Bitcoin Ordinals will play a pivotal role in 2024.
Bitcoin Ordinals, otherwise known as Bitcoin NFTs, allows users to embed digital content such as music, audio, text, video, images, or art onto the Bitcoin blockchain. Binance added support for the collectibles in 2023, promising further opportunities to collectors. The inclusion appears to be over in less than a year, however, leaving community members surprised about the turn of events.
The decision to end support for Bitcoin Ordinals comes at a time when interests and trading activities in the overall NFTs market, including Bitcoin-based NFTs, are at multi-year lows, according to data from non-fungible.com.
Statista data reveals a stark decline in NFT sales, which peaked at 117,000 in August 2021 but has plummeted to 2,400 across several blockchains, including Ethereum.
While Bitcoin Ordinals have been adversely affected by the drop in the global NFT market, many investors have raised concerns about its effect on the security of the Bitcoin network and the
