At the time of writing this article, STEEM?USD crashes through THE GROUND TO $0.96563252...which is from from $0.094 inthe early hours.
Images courtesy of Coin Gecko.
This is happening as a direct result of what is happening to the bitcoin. STEEM/USD is a synthetic pair with no active markets. This is why all of my analysis is conducted with respect to STEEM/BTC. A sharp fall in BTC price will mean a sharper fall in STEEM price in terms of USD.
And the bitcoin has taken a new recent hammering to its price in recent times.
There are several reasons for this...
The 1st of August
This is the day when bitcoins split into 2-3 chains. Or it will stay the same. And investors are riddled with uncertainty... This is translated ar market fear. Many of them do not want to hold onto bitcoins as they go through this date and are selling off fast. Sharp drops are forecasted as we get closer to this date.
Nothing wets the appetite of MARKET BEARS more than MARKET FEAR...
Some bitcoin exchanges are even closing down 2 days prior to August the 1st because of the uncertainty. And some are looking forward to the gains they will get through the fees. Remember was the people selling picks and shovels during the gold rushes that made the true fortunes.
So if you have one of these, strap down and don't drown in the money you're about to make ;)
Bitcoin Bubble Burst... blah blah blah
There has been so much passionate talk about the bubble bursting. Some on steemit, and more elsewhere. So what!!!
When a market has phenomenal Bullish runs...
It is going to have a correction. That is trading 101... How many types of trading do we already know from before that seemed like the end of the world when it fell sharply as GREED tipped the scales into fear. Remember, a lot of money/energy and a long goes into a BULL climb. People um and ar when buying... When everyone freaks out and normally from fundamental analysis. Selling is rapid. And a very short time can wipe out months of Bull trend...
But is that unusual? No...
As I said... blah blah blah... It goes on and on. Say like... Realestate???
So what can we do in this moment as steemians?
If you are in a position to buy, invest some money into cryptocurrencies. And diversify, it is not wise to put all your eggs into one basket.
Powering up is a great thing to do too. Many of the veterans here have seen minnows turn into Dolphins overnight during the last peak.
For those who do not have money to put into the market... Power Up. What are you going to do with $50 to $_00 dollars anyway?
Again in the wise words of @aggroed. Just keep making connections, build a strong and genuine following (not the f4f crap), connect with people and keep steeming on. IGNORE THE PRICE!!! Focusing on money when writing will lead to the DARK SIDE...
There is one thing must say though. And this may not be for everyone when it comes to reading, commenting, and writing. Here is a HARD fact...
The people with the biggest voting power and the most influence here on steemit take great interest in cryptocurrencies. So spend some time to read TRENDING and HOT posts in these related categories. Learn, comment, and make connections there. And write some articles with your perspective.
Those who are familiar with my work know I write on a wide range of topics on @yoda1917 and cryptocurrencies is one of them. It is very important on this platform and more of us should take greater interest in it.
I trust you have enjoyed this article. Upvote, follow, and most importantly resteem as the current environment makes it difficult to get anythings out there. There are less people reading and more self upvoting caused by a perspective of scarecity as the reward pool is smaller.
I am Proud member and supporter of the minnow support project - brought to you by @aggroed, @ausbitbank, @teamsteem, and @canadian-coconut.
Stay safe everyone. Hope to see you in the comments section.
Regards
Yoda
LOL, that last pic with Yoda.
Interesting it is and be grateful we must. We are much better off than those who have no clue what is going on.
I will use my powers for you one more time.
May I ask for a resteem to get this out there. Very hard to get views right now with the market.
Master, your wish has been granted. Re-steem given.
Hahahaha thank you ... umm... Padawan
This is not a Steem problem and correction, it is a Bitcoin correction and pulling Steem down with it.
This will bottom or max bottom at R1100 for bitcoin and $0.50 for Steem. Gte your fiat ready to buy in at these levels and profit. The bounce is going to be HUGE!!!
Yes it is :)
May I ask for a resteem before this sinks?
Yeah! Steem is fundamentally very strong!
Great post, you explained it well, I am cookin eggs I bought with some of the BTC I sold, I needed the $50 to eat.
But I will buy some more before it goes back up, and it will!
Hahahaha... If you are living off steem then I am jealous.
May I ask for a resteem to get this out there? It is very hard at the moment.
I wish I were doing so good I had the BTC for the last few years holding on to it, you are hundreds over me on steemit, but I will follow and resteem no prob!
and you have 52 sbd you can cash out right now into Bitcoin or whatever im jealous of you man..! hehe nice though I hope to get there soon.
Here is mine,it looks like I need to do alot better for sure, my game is wack.
I have only been here a month bro and put no money into this so far. But listen to what I say in this post and other posts @yoda1917 My mission is to free myself and others from poverty and centralisation and I am living through this with fellow minnows and not just speaking down from above. Hope my work can add some value to your growth and experience :)
Resteem some of my work if you check them out.
And no, hell no, your game is not whack. This conversation tell me that :)
Right on man, I will for sure!
The eggs look like a big bulge eyed alien 👽 😂😂😂
Aye your right dude! haha I never noticed until you said it just now.
Bear eyes lol
This is good to read. I've invariably increased my interests in cryptocurrency since I been on platform, but it's not something I am super passionate about. Truthfully, some of us kind of resent all the crypto posts earning so well, while we struggle for our stuff to be seen... I haven't felt like I have any credibility or authority to speak on the matter, so it feels like a cool kids club that I don't have access to.
But your suggestion to just get in there and comment even if you ain't the most knowledgeable, To just join the conversation is... Is a good one. I thank you for it.
Resteemed and upvoted!
Thank you for your support.
And yes I once felt that way too. But I soon realised that a the founders and investors that made this place available are crypto investors. It is is their element. There is room for everything. Look at @sweetjsss who is huge. Some think it is ridiculous while many think it is wonderful. I think she is hot lol. And others like @arielthemermaid who is so new and supports my work who is growing by 100 followers a day so far. Good things take time. And keep at it, our time will come. OR we can waste time on Facebook lol
Let's tell them about it :)
Great Post, I'm going to start following.
Thank you, May I ask for a resteem to get this out further? Very hard times to get exposure at present. Thanks in advance :)
Shared it! Ride the wave!
Thank you :)
And rise it correctly bro
Said it before gonna say it again, save up cause its BUY O'CLOCK, just stay away from the Pump n Hodl bs people are now selling.
Fear my man. Don't fear or the BEAR will come out lol. May I ask for a resteem to get this out there? It is very slow atm because of the rewards pool.
Might as well I haven't posted in days cause ive been wasting time fighting idiots on youtube for my chaincoin video.
Thanks for tje info....i learned something new today...
You are most welcome. That is what I am here to do.
May I ask for a resteem as it is very difficult to get viewed atm :)
Haha, Nice post! Im buying steem pretty much everyday :D
There is never a perfect time, but it is a good time :)
May I ask for a resteem to get this out further?
Much appreciated :)
I just signed into a trading platform and bought Steem and Bitbean!
That so you should :)
May I for a resteem to get more views. It is very slow at the moment Thanks a million
Insightful. Keep it up. I enjoyed every letter of it. You seem to be in a position to help my curiosity here:
https://steemit.com/blockchain/@misterakpan/wtf-i-mean-what-s-the-fork
I'll be glad if you lend your thought and
I'll head over and have a look now. May I get a resteem to get this out there? Very difficult to get exposure at the moment with the reward pool and all at the moment :)
And, did I say I really loved the "hard fact" gif?
Yes it is hard hahahahaha
@snowflake, @freeyourmind, @someonewhoisme, @ausbitbank, @trafalgar, @topinvestor2021, @lukestokes, @rok-sivante, @enki
Do you have any words of wisdom for this little minnow Jedi?
Upvoted and RESTEEMED :)
Thank you :)
Blood on the streets? Time to buy.
Yes it is indeed. May I ask for a favour and get an upvote?
Sure bro
Sorry sorry that was rude of me. I never ask for upvotes that is lame. I meant a resteem as that is important in this environment. Upvoting your comment lol
Lol don't worry about it. Now I have to go un-mute you...
I think this is the time to HODL , everyone's panic is causing the market to go down even more! When you panic sell you keep lose period, if you HODL you win. I believe the price crash has to do with all the ICO's that relies on some of the main cryptos such as bitcoin, ethereum etc etc....so just HODL and stay iron clad.
Yup you gotta be in it to win it.
May ask for a resteem? I'd like this to get to a wider audience :)
Very interesting and encouraging. I don't have the amount to power up yet but rest assured I will invest it when I earn. Haha. Resteeming this.😊 @yoda1917
Thank you for your support :)
What do you see ? BTC is full parabolic ! need to retrace a bit till 1750$ we are good ! BTC isn't going to split ! just a little FUD here and there to get the BTC from the weak hands !
Everything is fine ! SteemON its the best time since Q1 2017
Great post. I am hanging on to all of my cryptocurrency. I am in for the long run and I really feel that once we are over the hurdles, it will move in an upward trend for a long time. Keep on steeming!
That is the best thing to do bro.
May I ask for a resteem? I would like more people to see this ;)
upvoted and resteemed.
Thank you :)
I'm not worried. I'll just keep posting and stacking my rewards. I'm trying to grow a couple crypto holdings equally, but I might put more into my Steem account since it's low right now.
That is the way... keep steeming on... every moment not steeming now is a loss of 5 or 10 times over ;)
May I ask for a resteem? I would like more people to see this :)
Yeahhh its crashing just for now... lets wait 2018...
Hmmm... I think things will be rough in general until after 2020. But there will be peaks in between. And every moment is an opportunity if we do it right ;)
May I ask for a favour of a resteem? It is hard to get exposure at the moment with whats going on :)
Only a few more days til Aug/1.
Can't wait to see hat happens :)
May I ask for a resteem?
I am an artistic soul joined Steemit just two weeks ago, so I am totally last when comes to such topics as this. Nonetheless, I will follow you and try to learn gradually as much as possible. Right now though, I am wondering if you could help to understand why I am getting message regarding my bandwidth, not allowing me to post, make comments, edit, resteem and upvote even if I have 70% voting power. This started yesterday and the period of being banned usually lasts anywhere between few minutes to two hours. Thank you in advance.............RSD & UPV.
That is to do with steempower. From what I understand, people with lower steem power have lower limitations of bandwidth use on the server. It comes back after a while. But if you physically buy some steem and power up it goes away.
Thank you for your response.
May I ask for a resteem so I can get this message out to more people :)
Thanks
Thank you so much for your response, so I should actually pay, to stay active? Well that is not going to happen lol. Anyway I did resteem and upvote your article yesterday.
No... usually you just wait a while and it comes right. The higher your steempower, the less you wait. And in essence you are paying noone. You just increase your steempower with the money you put in. It is still owned by you and noone else.
Thank you so much, I see how it goes........I am also not getting as many upvotes as I was getting at the beginning, which is kind a disappointing. Now I am posting less, but I am joining some photography and culinary challenges.
It can be discouraging. But those of us that polish through that will win the prize. I have a huge omen coming out soon. I have been working on t for 2 nights
Are you following me yet?
Thanks for the interesting article. I like your Yoda photos. But I just wanted to say that somehow I don't feel like a drop of 4 cents is so big of a deal. I mean, I know it can add up and all, but if you consider that they created the Steemit system and regulate it to roughly equal the USD at 1:1 ratio, it doesn't really seem like a "crash." And it will go up again of course, probably sooner than later. There's a great article on the volatility of cryptocurrencies I just read that you might like: "The Bitcoin Pizza Purchase Worth $7 Million Today" And yeah, I followed you. Keep on steeming!
Thank you :). May I ask. How did you find this article?
Sometimes I just google random Steemit topics I'm curious about and read whatever articles come up. I was searching for things while trying to figure out "how Steemit actually works" per se because even the white paper is full of technical jargon. I haven't read a single article from anyone yet that clearly and simply explains the basics of Steemit. Sure, people throw together mini-guides about how to do this or that one thing, but very little user-friendly guides are out there. Maybe it's also just because the platform is still pretty new and evolving.