Bitcoin took a nose dive as the SEC requires the exchanges to register with them(Securities and Exchange Commission). It is evident that the major cryptocurrencies are tied together in what seems to the average viewer as a mystery. And it appears that Steem has followed suite.
The exchanges have been unregulated by the government and there is definitely manipulation. It has been reported that "crypto whales" have been manipulating the major currencies such as Bitcoin. It has been reported that over 40% of all the Bitcoin is owned by a little over 1000 people world wide.
As the price has fallen, Volume has also fallen. It looks like the game is up. These whales know there is trouble ahead for them with the government sticking there noses up the asses of the people. They want to know what they ate for lunch, and if it involves money, they want their portion of the meal. They can't keep their stinking hands off people ability to make money...or in this case currency.
But, as Bitcoin goes, so goes other currencies...such as Steem. Are the whales cashing out? If so, then you can bet that steem and steem back dollars will fall...unless millions of people get turned on to steemit.com and invest their money.
I have always suspected that there is pumping and dumping going on. I wouldn't doubt that the "deep state" doesn't have their dirty little fingers all over the crypto world. Imagine the global elites, or "big brother" doesn't want you to make money due to the fact that they want you as their slaves to pay for their power base. Imagine crypto currencies are a threat to them, as freedom is. They put billions of dollars...not even - hundreds of millions of dollars - into cryptos. They then sell...then buy. All to make the currency very volatile, thus discouraging the average investor from putting green backs into the system. This may be done so it never takes off. Just speculation of course.
But Steem may be different...I don't know, we shall see. But it has taken a dive. Maybe some whales will see an opportunity to invest at these lower prices. But, you know that they will sell to take profits when it goes back up.
For more information read this very informative and intersting article: https://www.investopedia.com/news/bitcoin-price-tumbles-cryptocurrency-bloodbath-continues/?utm_source=market-sum&utm_campaign=dynamicyield&utm_term=12472725&utm_content=03/07/2018&utm_medium=email