📉STEEM Investor Report 6 February 2018 (Bitcoin Falling Again, STEEM Following Down)

Trading Recommendation:

HOLD, STEEM could break up or down from here; significant risk of STEEM falling if SBD returns to $1

Investment Recommendation:

HOLD, expecting to be much higher after the release of communities, SMTs, and partner applications

Analyst Commentary:

The STEEM price is down 12.36% verse the USD over the past 24 hours on lower volume ($54,304,800) as Bitcoin continues to fall to $7k dragging down the entire market. STEEM continues to fall verse Bitcoin but looks like it doesn't have much further to fall from here. Korean trading is still leading the volume as panic appears to have set in as the price of STEEM falls toward the $3 fair value price. New account creation is very strong at 14,600 new accounts created in the past 24 hours. The % vested indicator is down significantly at 72.24% as the @steemit account powers down another 5.5 million STEEM and is scheduled to do it again new Tuesday. Daily active accounts is up at 63,108 accounts active over the past 24 hours. SBD is at $3.04 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!

For traders, I believe STEEM is fairly valued around the $3 level, but we will remain elevated until SBD returns to the $1 peg. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy after STEEM corrects to the $3 level.

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Investment Report 20180206.png

Data Credit:

Coinmarketcap.com
@penguinpablo Daily Report
Steemd.com
Steemdb.com
Coindesk.com

Disclosure:

The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.

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