Daily Steem Dollar Price Update: Up 7% Against Bitcoin, Down 6% Against USD

The Steem Dollar had a very interesting day, in the beginning of the day we were in the green but that changed quickly as soon as Bitcoin began to sink again. Here is the daily chart:

Comment: The high of the day was actually 3.18 but when we closed for the day we were at 2.44 so quite a drop there.

We formed a bearish candlestick and we fell 6% against the USD. However, the good news is that we outperformed Bitcoin with about 7% so that is a sign of crypto strength.

According to the daily candlestick we should continue to go down tomorrow, but we are pretty oversold and it mostly depends on Bitcoin tomorrow.

The good news for the day was that the volume really increased and likely due to the fact that Google decided to ban all crypto related ads which should drive a lot of content creators to Steemit due to demonetization.

Happy Steeming!