This is absolutely creating extreme downward pressure on the price of Steem.

Here's a great explanation provided by @crypto-investor regarding this issue:

"I think the issue with Steem freezes is how Steem operates. With BTC, an exchange generates each user unique addresses, with Steem that don't work, they're only permitted to have one or a few accounts, but not a unique blockchain address for each individual user's deposits. This means, they have to sort out the transactions using the memo field. What if they get a bunch of deposits without memos? With BTC, those funds would just go missing/lost... with Steem, each exchange, especially US exchanges are then obligated to resolve that issue with the person since it is not their property. Ideally, they would be able to reject such a transaction, but due to the strangeness of blockchain they can only accept it, hang on to it, ect. This creates a customer service and administration nightmare for 1 single cryptocurrency, that currency being Steem. It would be better if we had a DEX which just burned the funds or donated bad deposits somewhere, rather than try to administratively deal with people who fail to use crypto transactions correctly. So whenever the exchanges get backed up in terms of customer service, I think an easy place for them to find more man hours is to freeze Steem and SBD withdrawals & deposits."