Just remember that there's only one fundamental change in the hard fork that should have an instantaneous effect on price, and that will come into effect in one week: the change to a 13-week power down instead of a 104-week. In one week, the effective liquid supply of Steem will likely increase instantaneously, which may have the effect of decreasing the price.
The decrease in inflation from the hard fork should increase the price long-term, but IMO there's nothing about the inflation change that should cause the price to rise 68% in one day.
Because of the Hard Fork
Just remember that there's only one fundamental change in the hard fork that should have an instantaneous effect on price, and that will come into effect in one week: the change to a 13-week power down instead of a 104-week. In one week, the effective liquid supply of Steem will likely increase instantaneously, which may have the effect of decreasing the price.
The decrease in inflation from the hard fork should increase the price long-term, but IMO there's nothing about the inflation change that should cause the price to rise 68% in one day.
Now at 68.4% That's just nuts. People are tripling their money in a day...
Yeah, crazy. Race to the bottom. I think the market is just acting irrationally. Mind you, some of them could be turning to Steem. It's very possible.
In the short term, it is hard to distinguish increase in value from flow.
IMO, this can be a reflex from the inflation protocol changes.