🚀Luminex proposes BTC-69 to streamline and reduce inscription costs!

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Trending in the past 24 hours 👇️ 

1. 💥Upgrade loading - Bitcoin Ordinals launchpad proposes BRC-69 standard to reduce costs by 90%.

2. 🙏 More Regulations - South Korea passes crypto bill for user protection.

3. 🔍️ Analyzing BTC Exchange Balances - Could this be the trigger for higher prices?

South Korea has entered the chat 🟢 

Virtual assets go legit in South Korea 🇰🇷 South Korea's National Assembly has finally given virtual assets a "legal makeover" with the passing of the Virtual Asset User Protection Act. The legislation comprises of 19 proposals from lawmakers, defines digital assets and introduces penalties for unfair transactions.

Under the new law, crypto service providers are required to separate user assets, obtain insurance, maintain reserves in cold wallets, and keep records of all transactions ❗️ 

The Financial Services Commission will be granted authority to oversee and inspect service providers, while the Bank of Korea can request data from them. The law is set to take effect next year.

Last week, the UK also passed a bill which officially recognized crypto as a regulated financial activity. With crypto regulations gaining momentum globally, especially in Asia, pressure is building up on the US and SEC to get its act together. Hurry up, Gary 🙏 

Not so ordinary 🙏 

Ordinals are back 🚀 Bitcoin Ordinals launchpad platform Luminex has proposed BRC-69, a new standard for creating Recursive Ordinals collections to reduce inscription costs and streamline the on-chain pre-reveal process.

Recursive inscriptions are a mechanism that allows users to extract data from existing inscriptions, and use them to create new ones. Previously, Ordinals were limited to a 4-megabyte capacity for inscriptions. However, BRC-69 bypasses this limitation in order to reduce inscription costs by over 90%.

BRC-69 allows recycling data already inscribed, thereby reducing the current cost of minting. Luminex outlines a four-step process involving inscribing traits, deploying a collection, compiling it, and minting the assets to achieve this reduction.

Implementing BRC-69 also eliminates off-chain resources, boosting Bitcoin's transaction volumes and fees. The ordinals has surpassed 14.7 million inscriptions till date within a brief period of 7 months, showing no signs of stopping yet ❗️ 

BTC exchange balances fall to multi-year lows 🟢 

The balance of bitcoin on exchanges has reached a five-year low, a level not seen since December 2017 🚀 

Exchange balance of bitcoin increases when institutional investors are depositing their cryptos' in their exchange account to sell, creating sell pressure. At present, only around 11% of Bitcoin's total supply is being held on crypto exchanges.

However, concerns of a short-term capitulation are still looming over the horizon, as miners and short term speculators have been sending tons of BTC on exchanges, as discussed in our yesterday’s newsletter.

With the halving due next year, bitcoin trading supply reducing, and exchange balances at multi-year lows, we could witness a supply shock for BTC in the medium to long term, helping the price of BTC to push higher 📈 

Meme of the day

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Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.

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