Binance and Huobi support the hardfork of the Steem algorithm

Stock markets continue to decline, while Bitcoin is growing

Yesterday was another abysmal day for the S&P 500 and Dow, as both markets fell 5.18% and 6.30%.

The decline in scholarships continues despite the authorities’ attempts to implement economic support measures and to calm the panic-stricken population of the coronavirus pandemic.

Meanwhile, Bitcoin seems to be preparing for a period of growth. During the day, its price increased from $ 5100 to over $ 5800. Analysts believe that, in the short term, there is a possibility that Bitcoin may exceed the $ 5900 resistance threshold, in which case it may rise to $ 6,300.

In any case, the fact that BTC has remained above the $ 5,000 threshold in recent days is a positive signal for the evolution of the coming period. However, given the global situation, cryptocurrency volatility is expected to continue.

Huobi introduces circuit breakers for liquidation

The platform of trading of crypto derivatives Huobi DM has announced that it has introduced a new mechanism of “partial” liquidation. It gradually reduces the positions of a trader instead of completely liquidating them in a single event. It also includes a cruncher breaker function, which stops liquidation when large or unusual price movements are detected.

“We believe that our new liquidation function will have far-reaching benefits for the wider crypto community, helping to minimize sudden price movements caused by abnormal liquidation events,”

said Ciara Sun, VP of Global Business at Huobi Group.

The sharp liquidations of last week contributed to the collapse of Bitcoin by over 50%. Some observers have even suggested the introduction of circuit breakers similar to those on the stock market, which would suspend trading in the event of a massive drop in prices.

Square launches a bank in 2021

Square Company obtained a banking license from the Federal Deposit Insurance Board (FDIC). In 2020, Square Financial Services lending company headquartered in Salt Lake City, Utah will be launched. The new firm has also received approval from the Utah Department of Financial Institutions. The main activities of the bank will be produced by deposit and loans for small businesses

Square is run by Bitcoin lawyer Jack Dorsey and is best known for the Cash App, which allows the purchase of BTC. The profits from Bitcoin accounted for half of the Square Cash App revenue in the fourth quarter of 2019. The company is also active in the capital investment space in the crypto industry.

A Square spokesman, however, said the future bank will not provide cryptocurrency services.

Binance and Huobi support the Steem hard fork

Two major crypto exchanges – Binance and Huobi – have said they will support the Steem blockchain hard fork. It is planned on March 20 and will give birth to a new network called Hive.
As a result, Binance and Huobi will suspend deposits and withdrawals tomorrow and distribute the new Hive tokens in a 1: 1 ratio.

The price of the STEEM token has reacted positively to news, rising from $ 0.17 to $ 0.42 according to CoinMarketCap. Currently, the price has been adjusted to $ 0.3.