BUY, price drop is an opportunity to buy, significant risk of STEEM falling if SBD returns to $1
BUY, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications
The STEEM price is down 0.08% verse the USD over the past 24 hours on higher volume ($13,865,500) as Bitcoin is down at $7.9k and the broader market is down. STEEM is up verse Bitcoin as Korean trading is down slightly at 35% of the trading volume. STEEM is rising as Bitcoin falls which is a sign of strength for future movements as Bitcoin likely recovers in the next few weeks. New account creation is average at 400 new accounts created in the past 24 hours. The % vested indicator is flat at 71.18% on declining power downs and big power ups from @trevonjb, @privateinvestor, and @tradingideas. Daily active accounts is up at 61,452 accounts executing transactions in the past 24 hours. SBD is at $2.10 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 even after SBD returns to the $1 peg. If SMTs and communities have the expected impact of broadening the use cases of the STEEM blockchain, STEEM could be fairly valued at $8 or more. 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 STEEM below the $3 level.
@penguinpablo Daily Report
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.