IMF Declares Global Recession
The International Monetary Fund (IMF) has declared that we have entered a global recession — one that is as bad as or worse than the previous global financial crisis. 80 countries have already requested emergency assistance from the IMF. Meanwhile, the G20 has reported fiscal measures totaling some 5 trillion dollars or over 6% of global GDP.
Kristalina Georgieva, Managing Director of the International Monetary Fund, talked about the current economic situation during a press briefing on Friday. She also outlined measures taken by the IMF and the G20 countries in an effort to prevent a total economic meltdown due to the coronavirus pandemic. The press conference followed the G20 leaders meeting the day prior. “We have reassessed the prospect for growth for 2020 and 2021,” Georgieva said, elaborating:
It is now clear that we have entered a recession – as bad as or worse than in 2009.
The failed Steemit fork has a positive side
Many Steemit proponents believe that the protocol was saved by centralization and a project led by Justin Sun. The first hard fork attempt failed on March 3. Subsequently, on March 20, members of the community canceled the Steemit protocol and restarted it using their own blockchain under the name “Ul”.
Project director Tron Justin Sun probably did not expect this revolt. Now we can only firmly hope that the tense situation will calm down and that this promising project for influencers will grow again as in previous years. The new Hive Forum coin is currently worth more than the original Steem cryptocurrency. More details.
Huobi launches trading with x125 leverage
In cryptocurrency exchanges are increasingly popular products that allow traders to trade via swap or futures contracts. Last year Binance and OKex introduced their own trading with these contracts. This time it is joined by the well-known Huobi Stock Exchange. Huobi DM also provides crypto derivatives, including BTC futures, with expiration of the contract after 7, 14 and 120 days.
These derivatives allow traders to trade BTC without owning it. The product is similar to a futures contract that mimics the immediate price of cryptocurrency. But it has no validity or compensation. More details.