Many traders blamed futures trading for the drastic drop in the price of Bitcoin. Futures trading platforms account for a huge portion of the exchange’s volume. These exchanges include Bitmex, Binance Futures and FTX.
During volatile financial times, traders who use borrowed capital to trade in Bitcoin futures may be forced to place large sell orders to cover.
I’m not sure that any technical analysis could have predicted what has happened during the past week, but if you ever wanted to buy low, this could be your chance!
We’ve always heard the crypto battle cry “I’m in it for the technology” during the volatile times of crypto. Today is one of those days that you need to be in it for the technology. We may be seeing the best buying opportunity we will ever see.
As the market turns red, Steem is in the green. Once again, the price of Steem has gone up. In spite of all of the drama surrounding Steem and Steemit, the price of Steem is up today. Could it be that any press is good press? I know we have some new exchanges adding Steem which is a good sign and long overdue. I am also seeing more mentions on Twitter than ever before. Whether this is a good thing or a bad thing remains to be seen, but the market seems to like it.
The price of Steem went up over 3% as most currencies remain in the red. Considering all of the drama surrounding Steem during the past week, I found the price increase encouraging. Many altcoins were down as much as 10% as Bitcoin prices continue to fall.
I’ve been promoting the Steem Blockchain for several years. As a result of that, I’m getting many questions from followers concerning the Steemit Tron controversy. I think this video with Steemit witness, Luke Stokes does a great job of explaining many aspects of Steemit and the latest news surrounding the purchase of Steemit by Justin Tron.
The interview covers many subjects including the fact that Steemit was purchased by Sun, but the Steem blockchain can not be purchased. The role of the witnesses in protecting the blockchain is also discussed.
Perhaps one of the best lessons of this entire experience is to get your crypto off of the exchanges. If you do not control your keys, you do not control your crypto.
As the drama of the Steemit acquisition by Justin Sun unfolds, your vote for Witnesses has received unprecedented attention. A few days ago the top witnesses were replaced as a result of the takeover. As of this morning I see that many of the top ten witnesses are once again familiar faces.
However this merger works out, it’s nice to see Steemians wake up and become active on Steemit again. We are seeing a Steemit passion that has not been seen for years.
I for one hope that we can all work together, Steem and Tron, and make Steemit a force in the cryptocurrency community. Am I dreaming? Yes, maybe, but I choose to remain positive about Steemit!