Steem Goes down
I have correctly predicted that a bloodbath is looming. Some argued that there would be some corrections, as to them the Steem was overpriced then. But they could not fathom the extent of correction. In my very personal opinion, as Steem is linked to Steemit, a platform so designed that people can pay to win, it is always vulnerable to some volatility.
Coin Marketcap
What's next
The increased liquidity and urge for withdrawing from the exchanges put a huge pressure on Steem Price. Steemit platform has to seriously think over some modification about the reward system. Giving so much power to a small select group hurting the quality of the platform.
Linked to Bitcoin?
I am not sure about that. But almost all cryptocurrencies are linked to the Bitcoin. The Bitcoin price is freefalling, so do the other currencies. To survive and getting mainstream adoption Steem has to make its own identity.
I am very new to Cryptocurrencies. I am a more traditional capital market man. May be I am wrong in my assumption. Hope for the best.
I don't think it's serious, everything looks bleak at the moment because of BIP 148 and let's not forget this is the time of year that people tent to sell crypto to pay for vacations. These two factors are causing everything to look scary but it's only temporary. I would not be at all surprised if Steem hits 3 dollars by the end of the year.
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There is no bloodbath.
Just people freaking out that the fork would happen or not. Instead of exchanging to ether, people prefer to cash out in USD. Hence, market crashes with all altcoins.
It will be time to buy.
"Be fearful when everyone is greedy, be greedy when everyone is fearful"
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