I think we need alot of people with new ideas or steemit will tank along with most of the crypto .. No one mentions the stock market link, I have been watching it for quite some time now when the stock market goes up crypto goes down most of the time and when the stock market goes down crypto goes up I woud guess about 80% of the time.

What this means is the whales of the stock market are having some fun, If they think the stock market will go down they usually move their money to safe zones of stocks, now that amount is huge and can raise bitcoin by 1000s very fast. When the economy looks better and the stock market whales want to catch the upswing they unload in cyrpto take the mula and reinvest on the stock market low..

More easy said the whales of the stock market are now using crypto as a pump house.

The reason is that crypto although decentralized has no value unless it can be cashed in at some point in time to a government currency. When said governments decide you can not do that its all poof.

Is it property? The IRS says so.
Is it a commodity? The CFTC says so.
Is it a security? The SEC has yet to say so for sure.
Will there be an ETF? Coinbase is preparing one, but the SEC hasn’t approved anything yet.