Market Snapshot - August 8th 2018
Top 10 Cryptos
At the moment of writing, top 10 assets were sharply down, following news considered bad by the market. All top ten assets were in red.
Bitcoin is down to $6,500 and some assets, like XRP and EOS, are posting double digit losses.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $1.07 on Coinmarketcap, down from yesterday in fiat and in BTC
On the 1 hour chart, although STEEM reacted to the market dive, it still maintains the gains from last week, trading above 16k satoshis
The 1 day chart is still flat around 16k satoshis and it might look like STEEM may break out of the bear trend and start a flat / sideways pattern
SBD was trading, at the moment of writing, at $1.06, almost identical with yesterday, in fiat but up in BTC.
The 1 hour chart shows that SBD reacted correctly to the BTC dive, appreciating against the main asset and maintaining its value in USD.
The 1 day chart seems quite stable, given the latest market swings
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 0.972 STEEM for 1 SBD, up from yesterday, and still under parity. SBD printing rate is 8%, down from yesterday.
Overall opinion: SEC announced a delay in a very anticipated decision about a Bitcoin ETF, until September, and that took the markets down. The move was way too sudden, though, and I expect a correction up soon. STEEM and SBD are holding ground, which is very good news.
Disclaimer: I'm not a trader and this is not trading advice. I'm writing these articles for my own educational purposes and they are not meant as an investment foundation. Please make your own due diligences when investing and never invest more than you can afford to lose.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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SEC news brought the sharp bear leg bringing the markets to new lows.
Bitcoin has reached the 78 Fib retracement line from the previous low. It bounced up as it also reached an important support line (daily chart). Now we need to see if the bulls bring back the price to the $7000 level or bears keep pushing back to new lows. Stochastic indicator shows strong oversold and I expect a correction up during the day.
EOS strong correlation with bitcoin sent the price to April lows at $6. Market reacted bouncing after entering again the long-term downtrend channel. A correction will probably follow if Bitcoin starts moving up as Stochastic also shows big oversold.
STEEM downtrend sent the price very close to the $1 level. Price is now on the low of the trading range it started in early July, below all MA lines. We will see how it reacts upon bitcoin moving.
When i saw the nigerian price of steem, i was sad, this is the lowest i've ever seen.
Am sure steem will one day bounce back.
Good to see that steem didn't dive too much...this reflects the benefits of steem power locked of 3 months...
I really have no basis for my belief anymore, but I will say that prices will rise - they just have to
Damn, did I pick a bad time yesterday to turn 20$ worth of Steem into Bitcoin. Though... seeing as how Steem went down too, it wasn't really a loss.
It all suggests to me that the cryptosphere is still mostly occupied by speculators and gamblers, rather than actual investors. It's nice to see Steem somewhat holding its own against BTC.
Epic fall no one would have imagine that coming but all possible in crypto steem back in the cents possibly
The market is bleeding by buckets and gallons. But there is some hope after - Even as rest of the market suffers, it looks like that Steem and SBD are having a better time than the rest
The continuous bearish trends of the crypto market is really frustrating and causing a lot of concerns , bitcoin price might fall below 6,000 dollars this week if the bearish trends continues . I really hope that SBD will hold above the $1 peg price
Not a good news for the traders. Bitcoin is still going down after hitting 8.0k+.
Steem was expected to go high in coming days but still it is lagging behind. Hoping for increase.
Thanks for sharing the stats.
Bro, 8K+ not 80K 😂
ooh xD