At the moment of writing, STEEM was trading at a mere $2.75 while Bitcoin plummeted back below $10,000. There are at least 3 potential causes for this.
I'll take them one at a time, based on their relevance (and impact).
1. Mt Gox Trustee Sold around $400 Million Worth Of Bitcoin In The Last Few Months
According to Coindesk, the MtGox trustee sold between December last year and February 2017 around $400 million worth of Bitcoin and Bitcoin Cash. The trustee acts in the name of those suing MtGox and his main task is to recover lost funds. So he's only doing his job,
But obviously, when you dump almost half a billion dollars worth of Bitcoin, the price will drop like a rock.
In my opinion, this is the main reason of the bearish market we're seeing for about 3 months now. There is a certain impact of regulatory news (as we will see below) but the main problem comes from the market itself. Dumping crashes price. Always.
2. SEC Says All Exchanges Must Be Regulated
According to Bloomberg SEC just issued a statement in which all exchanges must undergo regulation.
“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration,” the SEC said in the statement Wednesday.
This is not something new and many of us saw this coming. Yet it still seems to affect market to a certain extent.
3. Rumors About Binance Being Hacked Surfaced Earlier Today
According to Business Insider Binance halted withdrawal today, after investigating some "unauthorized market operations".
A few users reported that their alts have been sold at market price and now they have only Bitcoin. The first statements from Binance point to the fact that the victims all had API keys for automated trading or bots, limiting the circle of potential causes.
All In All, A Really Bloody Wednesday
The cumulated effect of these news is literally crashing the markets. The highest magnitude event is by far the selloff of MtGox, which is still "mtgoxxing" us years after it happened.
If we make abstraction of the emotional toll this event puts on all crypto enthusiasts out there, I would say we're in the middle of a major healing event.
But of course, like in any healing, it will first hurt.
Big time.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me 
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