I found it interesting that you mentioned that China is only roughly 20% of the crypto market which is very comforting and probably why Bitcoin hasn't lost more of its value to be honest. Regarding the price of Steem I think, like all cryptos (each to their own relative extent) they will follow Bitcoin's price and hence the drop in the steem price. In my opinion Bitcoin will remain around the $4200 area for a little while and possibly drop to $3800 and then find support at $4000. Hopefully after all of that it will then return to its winning ways. Only the market knows though!