Above you can see two screenshots from coinmarketcap. com. One is the general look at the top cryptocurrencies and the crypto market cap. All crypto currencies are down, and down hard. Bitcoin the main crypto currency is down well over 30% from just a few weeks ago and all other tokens are seeing similar declines. As for the market cap it has gone from nearly 4 Trillion USD to 2.9 Trillion USD, an incredible drop.
The other screenshot is even worse, it shows the current price of Steem. Let's remember the Steem All Time Low is $0.0677, so the price is very close to reaching its ATL and even worse, breaching that ATL and creating a new one. This is of course extremely frustrating for all Steem holders and for authors who expect something for their efforts. Unsurprisingly author rewards have gone down markedly.
There is absolutely nothing positive to say about Crypto and actually nothing that could be taken as a path to improve its price. The one thing one can look forward to is that, at least Bitcoin has every time rebounded and gone on to even higher ATH. But actually this time things look tougher, I really do not see any reason for there being a crypto comeback, I think a lot of tokens will just become bags, I do hope Steem is not one of them. But the near future sure looks bad.
But why did this happen? Crypto should be a sought after safe haven for funds that have very few places to go. Yet, it has not happened. The one thing I can think of is that the financial institutions that actually control money, and therefore the World, did not really like Crypto reaching all these new heights. I see no way people who control most of the financial transactions in the World would be comfortable with something they can't control. So if this is correct I see a very hard future for Crypto.