After I finished my 30 days January challenge, I decided to continue to post these articles about the markets, but now without the pressure of a challenge. I will try to make them daily, but there's no guarantee. It would be nice to have a string of 365 articles, but I sense this would be rather difficult.
Anyways, let's go.
Top 10 Cryptos
At the moment of writing, top 10 cryptos were all in red, with 3 of them posting double digit losses.
This may be caused by two news: one about the US Government subpoena to Bitfinex and the other one about Facebook banning crypto related ads. Tokens with the highest growth: Ripple, Cardano and NEM, are the ones posting double digit losses.The bottom seems to have been hit a few hours ago, though and we can see a small reversal trend.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $5.09 on Coinmarketcap, sharply down from yesterday.
On Bittrex, the 30 minutes chart shows a steep downtrend, down to 42k satoshis, followed by a small indecision interval, then a sharp recovery, up to 50k satoshis, about 6 hours ago.
The 1 hour chart shows the same sharp recovery, on significant volume.
The 1 day chart reveals the first green candle after 5 days of correction. The size and type of the candle may be indicative of a reversal trend (or at least stabilization).
SBD was trading, at the moment of writing, at $5.36 on average, sharply down from yesterday. The 30 minutes chart on Bittrex shows the same steep downtrend, followed by a sharp recovery.
The 1 hour chart the same recovery pattern, but the gains are still below the losses of the previous interval.
The 1 day chart shows the same stabilization pattern as for the STEEM chart.
SBD to STEEM Ratio
At the moment of writing, according to steem.supply, you could buy 1.059 STEEM with 1 SBD, down from yesterday and basically at parity.
Overall opinion: STEEM and SBD have been hit by the recent FUD news and the lower price of Bitcoin in fiat is making them feel cheaper, but their value in Bitcoin wasn't too much affected. SBD is basically at parity with STEEM and we may see it trading below it in the next couple of days.
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.
Wanna know when you're getting paid?
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
Does this means that the witnesses have reached a consensus on the long deliberated issue of pegging sbd at $1?
this opinion is independent of that discussion, it's just what the market prices are indicating to me
I certainly hope you can keep up for the 365. I am looking forward to seeing it pop up in my feeds. I wouldn’t be surprised to see some competition from Fb and twitter appearing before long, especially once steemit goes mainstream why would people not want to be paid for providing there content to the masses. Lets see how it pans out.
What I feared, has come true...still falling together with BTC...
I wish OpenLedger.io finished gateway maintenance last week lol
Please keep it going until day 365. This series of posts are my cheat sheets for Steemit.
I'm glad to hear you're going to continue writing your posts. I've only just started learning about crypto and I'm finding them they a good place to start my education.
If SBD falls below Steem is that when it makes sense tow switch rewards from 50/50 to 100% SP. I think I read that somewhere but I might be wrong.
Yes, that's correct.
Thanks for the confirmation!
Well, I beg to differ. Here's the calculation: https://steemit.com/steemit/@dragosroua/now-that-1-sbd-trades-below-1-steem-is-it-better-to-set-my-rewards-to-100-power-up
TL,DR as long as SBD is trading above $1, you may get a better deal by getting rewards 50/50, regardless of SBD and STEEM being at parity.
I'm lost again now then. This is where my brain just cuts out when I see all those numbers. I'm at 50/50 and I'll stay there for now. I'm not trading out so don't know if that makes a difference. I'm just after SP for now.
Ah, I stand corrected! I sort of grasp this intuitively but I'm having trouble understanding exactly why it works this way. It seems like, basically, that STEEM pays out in relation to its price, where SBD pays out strictly by units?
Exactly.
I'm glad you decided to continue this series of posts, they've been very informative and serve to keep the price movement of SBD and STEEM, especially SBD/STEEM in the forefront of my awareness.
Red market today, I think the main cryptos all about to getting off the ground soon. Thank you for this precious info!I love to follow your posts @dragosroua , your motivation truly inspires me to keep pushing forward in the platform.
I wish the witnesses stopped with inflating SBD, is there any proposal to revert to the previous distribution ? In my mind the main reason behind SBD/STEEM decline is that the voting bots started accepting STEEM as well.
So that advertising can be paid in steem as well now. It might take a bit more to convince the big bots, but I am not in contact with them, maybe they already did consider allowing both.
Will sbd and steem be downtrend for two more days? What will be the next news about cryptos?
very nice post brother
Excellent informative post with statistics I hope Mr.steem will grow rapidly. Thanks for sharing precious post. Stay blessed
What a great pump up on the sbd chart wow
Great post brother, love that you keep doing these, perfect daily snapshot 🤟🏼
What would you personally assume is the best strategy, power up SBD rewards or hodl waiting for the ratio to increase? Or do we see a trend towards a worse ratio in the future as well?
I find it curious how Facebook stops any ads of crypto a few weeks after Mark declared that he finds the crypto technology interesting (I don't remember his exact words). Maybe this is a sign that Facebook is going to start his own crypto.
In compared to the market situations they are not that much affected .Hope SBD & Steem recovers soon !