I think the currency reacts to the processes inside of Steemit, and we all know that the inner situation is now far from ideal.

We have a Trending page that does not reflect the opinion of the majority of the Steemians, we have a robber of the reward pool and big whales' war in which many minnows are also involved. We have a lot of paid and free voting bots, not concerned with the policy of quality. We have many users from poor countries who have never heard about the meaning of the word "copyright". And they spread their copy / paste here, because no one explains how they can earn honestly. Our curation rules are designed in such a way that it is more profitable to vote only for yourself than to support others...

It seems that all this does not matter if we consider these processes one at a time, but the whole picture of Steemit does not look very attractive. It remains only hope for the best and believe that this is temporary