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 4.20% verse the USD over the past 24 hours on a spike volume ($60,755,200) as Bitcoin is down at $7.4k and STEEM rides up high to $3.37 before falling back down to $2.84. STEEM is down verse Bitcoin as Korean trading is up at 53% of the trading volume. New account creation is strong at 1,600 new accounts created in the past 24 hours. The % vested indicator is down at 71.16% on declining power downs and lower power ups. Daily active accounts is down slightly at 61,364 accounts executing transactions in the past 24 hours. SBD is at $1.77 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.