Hey guys! Yesterday on Binance Steem crashed to a low of $1.15 and it hasn't really been talked about! So, I would like to talk a bit about it on this post, plus what effects this might have on the price of Steem in the short and long term future.

Yesterday's Flash Crash

As you can see, it crashed a SHIT TON, in fact if we zoom out this has been the cheapest Steem has EVER been on Binance, since Steem was listed on Binance. If we zoom in to look at the 1 minute candles below, you can see that the crash lasted less than a minute and prices climbed right back up to normal.

Cause

Honestly I don't know, but I reckon it was likely caused by a malfunctioning bot or a whale with over 100,000 Steem pressing the market order by accident. Both of these seem equally unlikely, but honestly I don't really have another explanation, if anyone else has more information I'd love to know! :)

Affect on Price

I was expecting a short term bear run on Steem due to this, as if I was someone who bought Steem at such a low price I'd definitely be selling straight away, but this simply didn't happen! Steem's price has fallen slightly, but has maintained itself somewhat in that range.

However, in the long term I doubt this will have any effect on the price.

Long term prediction

Up. I predict that Steem has the potential to be a top 10 blockchain, especially with so much development that is being done on the blockchain like dapps such as Dlive, Dtube, Steem Monsters and more! Plus, we have the most activity out of any blockchain in the world AND with SMTs coming out soon, the demand for Steem will only increase.