Bad news Hive Fans
Here is an update on the recent crypto news regarding Hive:
- Binance made an announcement about stopping a specific way to trade Hive.
- They are getting rid of the Hive and USDC trading pair.
- The Hive and USDC pair will officially stop trading on Binance on July 30.
- Binance is also ending special margin trading for this pair.
- Margin trading lets people borrow extra coins to make bigger trades.
- On July 30, all leftover margin trades for this pair will close by themselves.
Why? I can only guess
- One main reason Binance removes a pair is when not enough people are using it to trade.
- The Hive and USDC pair had very low activity and low trade numbers.
What is the impact??
Luckily, people can still trade Hive using another pair called Hive and USDT.
You can still buy and hold Hive on Binance using other trading pairs.
Six other crypto pairs were also removed by Binance at the same time.
When bad news like this comes out, many people get scared and sell their coins quickly.
The price of Hive dropped by about 8% after people heard this news.
Being listed on more trading sites helps a coin become popular and trusted by more people.
If prices keep falling, it could cause problems for Hive's stable coin, called HBD.
HBD could lose its steady value just like another old coin called SBD did.
But Bitcoin went up over $70,000.
Sometimes when Bitcoin goes up, the price of Hive goes up a little bit too.