Why is steem pumping today?
Why is steem pumping today? I have not found any news that would justify such a strong rally relative to the rest of the market.
Does anyone have any idea?
Why is steem pumping today? I have not found any news that would justify such a strong rally relative to the rest of the market.
Does anyone have any idea?
Now steem is up 17% on Binance Bittrex thats a REAL price, and on BitThumb South korean exchange, Is someone paying $2.86 now in order to buy what was 4 then 8 now 13.27 MILLION dollars worth of Steem!
https://coinmarketcap.com/currencies/steem/
Koreans are crazy О_о
Obviously most part of the trade volume is done from Korea. I just hope there is some positive (insider) news behind it, related to SMT Tokens and not somebody trying to push the price higher and earn some money this way. CoinMarketCap has even excluded the trade volume/price from Bihumb due to "outlier detection" (*** Volume $14,845,900 *** Price $2.59)
I think we should not look for any fundamentals! Last week I posted a comment with my prediction for STEEM and it's doing exactly what I thought without any clue about coming news or so:)
https://steemit.com/steem/@andriustovis/re-kingscrown-prices-for-steem-and-sbd-you-predict-20180625t093150146z
However I think it's still a correction before next short term plunge that should complete this year correction.
Here's current chart:
I guess it is some pump and dump scheme, there is not needed a lot of volume to pump the steem price so much, so maybe somebody is playing with the price.
Have this post for example, it highlights the volume that Steem had at the last major pumps and the volume which has been traded to obtain this current growth.
Anyway, this is good because it gives Steem popularity among investors who are looking at the potential coins to invest and notice Steem with a 30% growth.
It's volume based as have all the strong peaks. This leads me to believe it's related to the SMT's and those that know the timing of the news coming out. Hard to ignore the added volume that drove this over the last 24 hours. If you ever played penny stocks the rule is buy the rumor and sell the news. Really seems like crypto plays out the same way. Most rumors are much more valuable then the actual news is in reality.
So insiders will buy before the rumor gets started, once the rumor is going about why they bought they sit back and enjoy the rest of the run up, then the actual news comes out which will be close to the rumor but not all the way there, then the insiders start selling while others are figuring out what the news actually meant.
Thats describes every coin in the history of cryptos.
It is showing its true potential today!
The prices on Bithumb are currently distorted following the recent hack and the closure of accounts to deposit and withdrawals. Many coins are showing prices significantly above the rest of the market and many volumes are through the roof (check WAX for example).
(This could be the hackers attempting to use any new funds that they haven't managed to extract to pump and dump on smaller volume coins - I'm not sure about this part).
The effect on the coin price in the rest of the market will vary by coin. Since Steem has comparatively few market listings / volumes that are not high / an active user base always looking at the price, the influence of one distorted market may be more significant on the price than for other coins.
Just my guesswork, not financial advice.
I would not be too surprised, if there is some sort of insider or "agreed" trading behind this sudden push in price. The volume of trade is up from 1-4 mio USD daily in previous days to around 25 mio USD daily. Whatever it is, it is nice to see Steem higher again.
Looks like whatever scheme is going on it started yesterday at Noon Eastern Time US or 1600 UTC. There is quite a bit of volume so there needs to be some major players involved. The reason I’m lead to believe this a coordinated effort is because the volume of the initial buy in to drive the price is very similar to the major sell off half up the trend. There was a little more volume for the sell off because there were peoole that jumped on the bandwagon when they saw the price change and wanted to take profits while the price was inflated. Looks like they tried to pump it again but with everyone playing attention to the price the average investor starting making moves and the price was kept down and driven down by more people taking profits. It might settle out to be a 50% gain over yesterday’s price at best, or correct all the back to yesterday’s price. I think this was an artificial and contrived action and the market will organically correct itself. Thanks for the post @knircky!
My grandmother just bought a huge amount of steem after I told her about this awesome platform steemit.com .
Just kidding. I have no clue but I'm enjoying the show and I hope this time it will never end.
Citation from Karn Evil 9 first impression (Emerson, Lake, Palmer)
My another photowork for you
