Hey guys!

BitMEX announced maintenance and BTC price shoots up over $400! This is likely because as BitMEX is down, there were no shorts able to stop the price going up so fast. Some Redditors are speculating that as BitMEX comes back online, we will be seeing a dump in the price while others are speculating that we will only see price pump harder as BitMEX comes online.

Speculation

If the price dumps that would indicate the market is not actually healthy, and merely some opportunists finding a good time to pump and dump BTC. However, if after BitMEX comes online the price can sustain these levels or even rise higher, I feel like this could be the turning point of the bear market, especially with ETFs regulation news coming up very soon.

Here's a Tweet from the official BitMEX account and here's the Reddit post I got this information from.

My opinion

Regardless of whether this rally is short lived or is really the start of the next bull run (not hopeful), I'm just happy to see some green for a change! I know what goes up must come down eventually, so this bear market wasn't all that surprising when I really think about it. But, I also know that since these markets are usually quite cyclical, what goes down must also go up! Historically, we've always seen higher highs and since our technology is still in its infancy, I'm expecting much higher highs, especially for small market cap alt coins with huge potential (like Steem). We have the potential to truly disrupt the current norm as we know it.

Steem Price

Despite the rally, Steem is still trading barely over $0.90 and is still down around 2% in terms of its BTC ratio. Hopefully with so much positive news for Steem like the upcoming hard fork, new developments and finally a hard, set in stone date for the SMTs release, I'm hoping the price of Steem will reflect all that good news soon!

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