Cryptocurrency artist Billy Restey has recently utilized blockchain technology to preserve an important event in the history of cryptocurrency. Following a security breach on the official Twitter account of the U.S. Securities and Exchange Commission (SEC), which led to the spread of false information regarding the approval of Bitcoin ETFs, Restey inscribed SEC Chair Gary Gensler’s tweet on the Bitcoin blockchain. This move aims to ensure that the context of this critical moment is permanently recorded and accessible.
The misleading tweet caused a temporary dip in Bitcoin’s value, with its price falling to just above US$45,500. Restey’s inscription, marked as number 53,995,422 on the blockchain, adds to over 53 million Ordinals inscriptions previously generated since the introduction of the protocol. Ordinals, akin to Ethereum-based non-fungible tokens (NFTs) customized for the Bitcoin blockchain, provide a platform for creating various digital assets, including images, text, and video games.
This incident highlights Bitcoin’s increasing dominance in the NFT market. Over the past 30 days, Bitcoin has emerged as the leading blockchain for NFT sales, amassing more than US$890 million in transactions. Ethereum, previously renowned for NFT sales, recorded a total of over US$318 million during the same period. The data emphasizes Bitcoin’s growing influence and adoption within the NFT space.
Meanwhile, the cryptocurrency community eagerly awaits the SEC’s decision on the 13 spot Bitcoin ETF applications submitted by major financial institutions such as BlackRock and Fidelity. The deadline for Ark/21Shares’ application falls today, January 10. Experts, including Eric Balchunas of Bloomberg, anticipate that multiple spot Bitcoin ETFs will receive formal approval, with potential announcements expected as early as 4 p.m. ET.
In summary, Billy Restey’s inscription of SEC Chair Gensler’s tweet on the Bitcoin blockchain serves as a testament to the resilience and adaptability of blockchain technology in preserving significant moments despite challenges. As the cryptocurrency landscape continues to evolve, this incident underscores the importance of reliable information dissemination and the role blockchain can play in documenting and authenticating historical events.
The source of the article is from the blog klikeri.rs