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RE: Hyping rumors and looking skyward
I think the STEEM rally has a lot to do with the SBD Debt Ratio going under 9%. No more liquid STEEM printed. Anyone who wants to sell their earned SBD will have to trade it for STEEM thus creating buying pressure on STEEM unless they can sell their SBD directly on an exchange. And since SBD is trading above one dollar, no one is converting their SBD into STEEM, either. The supply crunch in conjunction with an uptick in demand like in the case of any alt in the top 100 resulted in a small pump.
Pretty sure it is the rumor that made the Steem run. Quite sure.
Bittrex has some volume, but I have just been trading on the internal market. The pump has come from buy pressure on exchanges.
Of course the STEEM pump has come from buying pressure on exchanges. But the price is determined by sell volume as well. Someone has to be selling. Less STEEM is being printed + uptick in buying interest => higher price.
There was very little resistance before sbd started printing, and very little last night too.
!ENGAGE 20
@markkujantunen you have received
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