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RE: 🎬 Steemy EP. 42: Steem Dollar Price 100% Up to $2 - Price Shock!
I wonder will someone be able to explain what really happened in steem world? For so long both steem and SBD were tumbling around ~$1. And tonight steem jumped +25% while SBD +230%. Why is this? Why this SHARP jump? And what makes sbd to walk so much away from it's native $1 where it should sit all the time ? This SBD price crazy fluctuations is a total
mystery to me.
It is indeed mysterious but that is how it goes in the free market of cryptocurrency. Someone invested big probably. I hope the SBD stays there until the end of the month!
It might have to do with all the negative news around another USD pegged crypto: Tether. Some people are selling their Tether and need to go somewhere?
Hey, that's interesting. I heard before that SBD would be a great alternative to Tether. Let's hope that is the case. However, the fact that the price went up is not as Tether works. Both are pegged to the Dollar but Tether seems to do a better job. I haven't heard the news yet.
True, SBD doesn't seem to have enough volume to remain as steady as Tether. Maybe recent event increase demand and therefore volume of SBD on a structural basis ;-)
I've heard some people talking it's because Korea coin market started to trade STEEM last night. So, it might the be the very likely reason.
Markets are small. It could be easy to manipulate markets this small by dumping and causing people to sell for a loss or pumping and causing others to FOMO and buy. Also, since the market is so small a decimal point in the wrong place could have started FOMO as well.