Steem Hits Low $1.25 ( 1.8 Million Power-Down )

The price of both Steem and SBD continue to drop. SBD is floating at just about $1 and Steem is currently at $1.25. How many of you are jumping in on this sale ? It's a hard price to pass up but we may not of hit bottom yet. Little over a week ago 1.8 million Steem was powered down by Hive account@ned. What does this mean you ask. Well no-one knows for sure as it depends on what is done with it.

Yes, that is allot of steem. Hive account@ned was asked the below question and responded.

Hey Hive account@ned Can You Please Comment About The Power Down

Sure, clearly need to move my stake and prevent articles like this.
Source

That is one interesting response if you ask me. One that can be interpreted in many ways. But the words that pop out to me are, Move My Stake. Which indicates, to me , he is selling at least a portion of that and going elsewhere. While he is in his right to do so or do what-ever else he likes with his stake that may mean a price drop for the rest of us. It also leaves me with the question of, Why sell when the price is so low ?

Just a few weeks ago the price was just above $3. That's almost 2/3rds loss. Then again Ned may have other plans for that Steem. His response may have been in jest but only he knows for sure. Either way if you believe in Steem and Steemit then today's price is one hell of a bargain.

On a completely irrelevant note. That wallet message from Hive account@hboi to Hive account@ned is hilarious. It makes me wonder how many random messages those with lots of Steem Power receive.