I’ve never seen a blue chip, which is going up only. If it does something is wrong may be it is a short squeeze, or a balloon. And I’m saying it as experienced trader with 8 years of securities trading experience. So this drop could prove Steem is not a balloon. I don’t believe someone is shorting (risk taking is enormous), although it’s not impossible (if someone big has seen a threat to his business).
So why it’s dropping so dramatically? The simple answer is someone is selling. Who? If you were in www.steemit.com last days, you probably already know. A guy who made $30 000 with several articles and his followers. He was marketing www.steemit.com as fast money to cash, although the main concept of Steemit is different . Yesterday @berniesanders downvoted his last article to show public that such behavior will not be tolerated more in the community.
If you ask me if I would sell steems?Definitely not. I will get you an example with Facebook. Now it’s trading $125, although it dropped to $18. There are many examples, but it could be boring for you.
If you ask me would I buy more. Not yet. Never buy a falling knife. It hurts.
Do I want to buy steems? Yes. I like it, like to steem, love the concept. When? I don’t know yet. It’s about my inside voice.
Right now I am staying and watching the chart to show me something familiar!
Volatility is normal for anything that rise 2000%.
http://www.marketwatch.com/story/new-digital-currency-sees-2000-price-rise-in-a-week-2016-07-15
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Important words. There's a good reason why this is a meme:
But I think it's more likely speculators that are pushing the price down. That gibes with some weird pumps I've been seeing at Polo.
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I've seen in the net that founders will raise funds from institutional investors.May be this is the reason!
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The reason it's so volatile is because there is such low volume on the exchanges so relatively small buy and sell orders move the market.
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People are skeptical for new crypto currencies. The same was with bitcoin but now is on 600$ http://www.coindesk.com/price/
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