I hope you're right about regulation driving people to STEEM. It makes sense that simply slowing down the pace of ICOs will strengthen markets for existing coins, particularly any that are up and running delivering a solution the market places a value on.

My big concern for STEEM is not how low the overall market can go, but how low the problems with Poloniex wallets can drive down the price of this one coin artificially. It is dropping at a faster rate than the overall market, and there's just no fundamentals reason for that.

If you look at the markets tab on coinmarketcap or other such sites, you'll see that Poloniex's price is always about .10-.20 lower than the other exchanges, and then a few hours later the other exchanges wind up where Poloniex had been. Seems pretty clear to me that that is the primary price influence for STEEM right now. As long as Poloniex folks can't withdraw their STEEM, they just keep trying to make sure someone else is left holding the bag, while they get out of it and buy coins they can actually withdraw. So what is the natural bottom to THAT situation?