Steem price is down because all of crypto is down since HF19. It likely has nothing to do with HF19 tbh. It also probably doesn't help that many Steemians are buying into EOS and selling Steem to do it and then using Steem to hype EOS.
What is interesting is that the ratio of people withdrawing vs depositing Steem onto the site actually went DOWN a lot since HF19 which is very positive, but that trend has abated too. The Steem economy doesn't work well with people constantly cashing out more than is bought on the exchanges...
https://plot.ly/~lukestokes/96/withdrawal-to-deposit-ratio-by-user-count-over-time/
I understand it's down as well due to other cryptos but many factors vary into falling and rising prices - as you know. So to completely say that HF19 has nothing to do with it, sounds highly unlikely.
Also, I personally didn't know that statistic but thank you for sharing. If people are continuing to sell into the low prices well then they are panic selling, are exiting Steem/the SteemIt world, or they know something we don't.
I'm curious to see what HF20 will bring and if it will have any reversed effect on the changes that were implemented in 19.
I never said nothing to do with it. It is just almost definitely not even a top 2 reason for the price movement.
And down 30% in crypto from its highs is NOT panic selling. Come on now! Every crypto should expect up to 70% drawndowns at any given moment. The fact is, most people on Steem sell all the Steem they earn and few hold it and far far far fewer are net buyers of Steem in the long term. I'm a unicorn in this regard.