Have you watched the price of Steem fall and wondered how? Often referred to the "Invisible Hand", market movements usually can be traced back to one incident, one decision in time. We are at such a Steem Black Swan event.
The market is being pushed down by the user @steemit. {I know nothing of this account. I do not know if it is connected to SteemIt.com, but I doubt it. I could be wrong - please correct me} The Uber-Whale of all the whales is selling. I merely present what I see in the various sites that make this fact clear. As to why, there can be speculation. I prefer to think this action is part of a plan to better re-distribute Steem to a wider user base. Be informed.
From the site http://SteemDown.com, you can see that the largest account of Steem currently has 3M Steem and is in power down mode. That will be 600K coins a day of power down (potentially) coming to market.
But, how can you be sure they are selling? .......Look at the internal market.
These bids are in the internal market.
As I have stated, @steemit could change direction at any time. If you presume that this is a period of power down, how low can the price go with millions of Steem hitting the market each week? My uneducated guess is pennies a Steem. This would equate to hundreds of thousands of $ per week.
I, for one, am hoping for this as an opportunity to enter the market, though it would be painful in short term for the recent money that has entered. Sorry to say, short term looks bad as only one person can do this havoc.