OKX CEO Says BRC-20 Total Market Cap Soars 30% in a Day, Pressing Him To List More Bitcoin Ordinals

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Last Updated on December 26, 2023 by Bitfinsider

The chief executive officer of the cryptocurrency exchange OKX claims that with the BRC-20 tokens’ market cap increasing by 30% in a single day, he is being pushed to add more Bitcoin (BTC) ordinals.

In a lengthy post on the social media platform X, OKX CEO Jay Hao informs his 65.500 followers that although he is receiving requests to add additional ordinals, he would not do so since doing so will “destroy the market.”

In the statement, he said: “A lot of friends [are] urging me [to] list more BRC-20 tokens. Thanks for these kindly suggestions. I want to clarify, as an exchange, if we use the simplest strategy that is just [to] list all tokens, I believe it may help [the] exchange make more quick money, but will destroy the market. OKX never wants to be the most aggressive listing exchange in the industry. Although OKX is not the industry’s biggest leader, we still have our long-term philosophies like building the infrastructure, don’t be evil, as transparent as possible and always be technology driven. [Sending] spam listing requests to me on Twitter will never work.”

Like non-fungible tokens (NFTs), BTC ordinals let investors to engrave digital assets like pictures and films onto a satoshi, the smallest unit of Bitcoin.

Hao continues by enumerating the five criteria OKX employs when determining whether to list a cryptocurrency product.

  1. If the token is driven by product and blockchain technology.
  2. The token’s level of community acceptance.
  3. Whether the investors and project originator are long-term constructors.
  4. Review of compliance and law.
  5. Instead of accepting pitches, we choose initiatives from the market after conducting research.

According to CoinMarketCap data, the entire market capitalization of BRC-20 tokens has increased by 33.8% in the past day to $2.2 billion. As of this writing, the price of bitcoin is $43,475, slightly lower than it was earlier in the day.

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