I've seen people suggest that new Korean investors might be part of the equation, as well as the controversy surrounding Tether. Going forward though, once it gets back down to a dollar, assuming it does, I will be keeping a bit aside in case history repeats.
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Yes, Korea is the main explanation.
It will be interesting to see how it plays out, if people start hoarding their SBDs once it gets back towards 1 USD, the already scarce supply might mean less people selling rewards -> Lower sell pressure on STEEM -> price crawling up slowly and steadily.
Time will tell :)