So i made an awesome post about how steem was not destined for a big correction correction any time in the near future, then I went and checked Bittrex, and saw that it lost more than 10 percent while i was writing the post.
If you're scratching your head as to what caused this, its that one guy. He was holding like 60K steem, and from the distribution charts, it looks like he sold off at least 30K of it.
Even though steem market cap is fairly high, because so much is locked in steem power (and because you still cant make steemit transfers), one big holder divesting can make a big difference in a market.
Steemit is still it its infancy stages and traded almost entirely on a single exchange. It's really no surprise that this can happen - it still happens occasionally with bitcoins. What I think is important to note is how it is actually possible for him to do this. It shows a strong interest in a very new coin and merely highlights the huge potential even further!
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It's being traded also on OpenLedger
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and polinex now
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Expect a massive roller coaster. The devs have done a great job of making holding attractive, but a thin market is just too much temptation. Whales are going to dump, pump and repeat.
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i agree, but if youre good at anticipating it, you can trade off at the beginning of the dump, buy back in the trough, and "ski jump" your way to even more profit than just sitting on the money
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Yes, I'm trying to perfect my "ski jump"! This has already been a heck of a ride.
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