The Price Of STEEM Is Now $0.40
I've been watching the price action with morbid fascination. There is a bloodbath on the crypto market as a whole. Even BTC has dropped over 15% in the last 24 hours. The price of BTC was moving in a descending triangle and when it reached the apex, a big move could be expected. This time it broke downwards.
Altcoins have higher volatility than Bitcoin which is why they are all taking a worse beating than BTC. It bears in mind to remember that the price of STEEM has seen all kinds of levels during it's 2.5-year existence. The all-time low was in March 2017 at $0.07. For the whole of 2016, STEEM was valued higher. This is why I think a huge drop like this should not be thought of as exceptional as with other cryptos. Most of STEEM is powered up and illiquid which is why I imagine relatively small changes in demand could cause the price to fluctuate wildly. STEEM is valued at $0.41 now. The price has halved in less than a week. Given that the fundamentals are stronger than ever this price action can be said to be irrational in the extreme. All I can say that anyone with a heart condition should stay away from this market. LOL
Just got a nice bunch of them this morning @ $0.395
Been waiting for this so long...
Once the knife has stopped falling, this can be a great buying opportunity.
Worse things happened in other markets:\nIf you search around for "2015.1.15 usdchf" you might find what looks relatively unremarkable to a crypto trader in their current predicament, but if you happened to be usdchf long with a margin (like practically everyone without hundreds of thousands of USD in their accounts) that single day would have been the end of your trading career. Stop Loss levels were ignored (you can never depend on them to save you from a flash crash), Margin Calls ensued en masse, some big brokerages went out of business (https://www.leaprate.com/news/how-forex-brokers-went-bankrupt-overnight-amid-eurchf-flash-crash-infographic/)\n\nAnd that's just the time when there were no hardware hiccups or bot abuse like the 2010 Flash Crash.\n\n(I'd write a little bit more on the topic but I've managed to catch a some sort of flu -- just the best luck lately -- so my head is not very clear. Been writing and rewriting this uncomplicated comment on and off for half of the day -- that's telling.)\n\nBut back on the subject -- most crypto advocates a truly open and free market, but complete and utter freedom comes with no protection mechanisms. Regulation is often misused, misapplied and misunderstood but it's an immune system of the traditional markets. Witnesses and developers are our regulators -- STEEM's shepherds have done better than most to create a balanced system. Even the oldest and traditionally respected institutions of the financial system are run by feeble humans and are often just "winging it", only with less transparency and accountability. (Sorry I might have lost my earlier train of thought here, mind fuzzy and all but I think the point was: ) Strong fundamentals, strong ecosystem. À
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It's a shame I don't have extra fiat to buy steem now, it's a great opportunity to power up
Even without a heart condition its difficult to peep into the market. Folks now call me to say we are still going to 1800 usd; like it just a coup to blow the cryptomarket away. I wish the cryptomarket a good rebound. It has not been a good moment so far.
I think you are right! Many people will start to have heart attacks!!
Crazy thing. I could not but Steem with my SBD on Blocktrades today! It must be because of your post on rinsing!! LoL
Cheers.
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I really wish I had the money to invest at this point. This is really a huge opportunity.
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The fall may not be over, yet. We may see 10-20 cents.
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For now I don't bother to check the price, I just do my daily posting. Am handling steemit like facebook right now if you know what I mean. 😎
I know exactly what you mean, buddy!
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How long do you reckon this attack will be going on?!
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Impossible to say. If the crypto market recovers, I'd say until mid-2019 according to some TA based on the entire history of BTC.
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So, I have to buy Litecoin instead!!
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