Market Snapshot - September 6th 2018
Top 10 Cryptos
At the moment of writing, the top 10 crypto assets were sharply bearish, with 9 of them in red and one in green (Tether).
After a nice and steady trend, the bleeding came in a few hours. All top 10 cryptos are posting double digit losses. This market plunge may be related to this dormant wallet suddenly becoming active after 4 years.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $0.80 on Coinmarketcap, sharply down from yesterday.
On the hourly chart, STEEM saw a steep sell-off, driving the price below 13k satoshis, but it seems to stabilize now around 12.8k satoshis
The daily chart is down for the first time in 2 weeks
SBD was trading, at the moment of writing, at $0.95, down from yesterday in fiat, but up in BTC, and, technically, still at the peg.
The 1 hour chart is showing a sudden burst, responding to Bitcoin's dip
The daily chart is looking a bit up, but not too much
SBD to STEEM Ratio
At the moment of writing, according to steem.supply you could get 1.153 STEEM for 1 SBD, significantly up from yesterday, and above parity. Since SBD printing rate is 0%, rewards are paid now in STEEM / Steem Power.
Overall opinion: Given the sudden move down of the Bitcoin, and the potential reasons for it, I think we may expect the downtrend to continue. STEEM is holding on relatively well and SBD is struggling to maintain the peg. My outlook short term is bearish, and medium term neutral.
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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What a huge sudden drop!. Eather due to Goldman crypto trading plans drop, the $1Billion worth of Bitcoin sold or as the final down leg expected by several traders, it is hard to see how all previous days gains suddenly vanished in a few hours.
Bitcoin tried to hold the initial first drop around $7000 but finally kept downtrending and now is just below $6500. Let's see if it can hold the drop in that level as stochastic shows clearly oversold and volume spiked.
EOS as all the rest of altcoins followed Bitcoin trend and lost between 15% and 25%. It is now trading around $5. Let's see if the price holds there.
STEEM reached the previous low from mid August and it is now trading at $0,8. I expect all assets to stop the bleeding trend and remain stable during the day.
This is how it is in the crypto market
I believe the market plunge is related to the wallet that has over 110,000 Bitcoin on it that becomes active and maybe the owner did a massive sell off of his Bitcoin that leads to the sharp drop in price of Bitcoin, the bearish mode will continue because investors are a bit scared to enter the market for now because they need to know the true direction of the market for now before investing
Soon ... but not yet ... will be better ... i do believe it needs to go as i've said ... near to 5000 $ ... and after that ... tight your seat-belts @dragosroua
But we'll still have some strong moments just for the strongest people in the cryptonian world :-)
We shall not forget to keep steeming cause'that's the main thing to do ... Regards to you all. Yesterday i've commented on the other post saying that somehow my Prophecy becomes true ...
12% decrease in change ohhh shitt man bad news for all of us bitcoin 😓😢😭 even steem and all the market goes down after bitcoin ...
Just yesterday, or so, steem was at almost $1. Then $0.8 again. Why all this.
your perspective in the short and medium term is quite discouraging, lately these coins like to bleed.
Even holding Tether is sometime beneficial too
Crypto markets so crazy. Where is the article about US deficit to top $1 trillion in 2019? US prints $1 trillion out of thin air. US$ drops 20%?
https://www.wsj.com/articles/deficit-projected-to-top-1-trillion-starting-next-year-1531950742
I hope you're wrong friend and that the market rise soon.