With the announcement from Steemit we could probably suspect that some of this was from them getting funds for operational costs. Hopefully after their adjustments, selling pressure can be reduced. However, I will not be surprised that some stakers sell given the announcement.
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The market saw a small drop shortly after the announcement, but recovered quickly. Steem is up +10% relative to BTC since then :-)This was the moment @Ned posted his announcement to lay off 70% of the staff.
True... but that correlated with the increase in bitcoin which still dominates the market direction. We could eventually see some impact as others may have started power downs as well. Mostly speculation on my part but watching carefully.
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