What is the reason for this jump?
Greetings friends!
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I checked Hive and steem price and I was shocked to see that both the cryptos have done something unusual. Hive had dropped about $0.085 but it even crossed $0.12 price today. It was around 30% jump within a day.
Steem token was trading below $0.061 a few days ago. Now it is near $0.072 and even touched $0.073. This is a massive gain for both the cryptos. On the other hand there is no significant price rise in Bitcoin. It even dropped from the week's high.
What is happening with steem and hive? There has been a similar ups and downs in these cryptos. One up and other also goes up while on goes down and other also follows it. So, they are like entangled particles. They have common connection. I couldn't find the reason behind this sudden jump. Is this speculative so that once buyers come, profit may be booked or is this a genuine rise? I don't know. I am not bullish about these tokens. This may be a trap. This is another problem.
Thanks!
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The reason is discussed many times. Since "users" drain the pool and asking them to burn Steem doesn't work since the biggest refuse, the witnesses decided to take another step to pump the Steem (yes, Steem is burned daily, high amounts and scammmers and abusers are fought).
It means some people are burning and others printing more and more so sell more and more.