There are many more reasons for this decline too. I have been thinking about making a post about this.

For example I am from India and since the RBI Crackdown against Cryptos I have seen several Indians just Powering down and taking their Money and getting out of Steemit.

Then again some people think since the market is bearish it would be a waste of Time for them to make a Post on Steemit as they will get less payouts. Instead that is the exact opposite, as when the market is down you can accumulate more Steempower from your Posts.