There was a variety of reasons for this. The listing on a number of exchanges opened things up for people. Huobi's contest attracted some attention.
A lot of the sell off is likely from people who received the airdrop on Binance. They opened up their tokens to people meaning many who bought Steem to get the airdrop were able to cash out.
It will take a little while to do some true price discovery.
Posted Using LeoFinance
I really felt for the people trapped in binance that couldn't sell at the top. Must have been frustrating. I've still wavering on Hive. There is a lot of work to be done to make it appealing for people to use. I hope for the best. It seems steemit is quite dead for now but I expect something will eventually happen over there as well.