Exchanges Are Buying Steem Tokens

[Alhamza24]

As Binance and Huobi face user withdrawals but lack liquid STEEM because they staked user funds for 13 weeks, they've been forced to buy coins from other exchanges. Huobi alone purchased millions of STEEM from Upbit, Bithumb, and Bittrex.

7-day price movement:
STEEM: +19.7%
ETH: -11.8%
BTC: -9.2%

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[IlVeroNico]

It's pretty funny that a big fuck up has subsequently caused the price of STEEM to go up instead of down, but it makes sense... they need to have liquidity for their users

[axeholm]

It's pretty funny that a big fuck up has subsequently caused the price of STEEM to go up instead of down, but it makes sense... they need to have liquidity for their users

Its a good and a bad thing at the same time, however the steem community still doesn't deserve all those shts

[sangjoewara]

It's pretty funny that a big fuck up has subsequently caused the price of STEEM to go up instead of down, but it makes sense... they need to have liquidity for their users

Liquidity for STEEM users obviously already exists, but not so much, so that the popularity of STEEM tokens is still inferior compared to other top altcoins, and at the time of the successful launch of the steemite, the steemite had experienced sharp progress and the price of STEEM tokens was also very expensive at the time that, although in the following year STEEM tokens have plummeted and steemites begin to be ignored by many users.

[ife2020]

It's pretty funny that a big fuck up has subsequently caused the price of STEEM to go up instead of down, but it makes sense... they need to have liquidity for their users

Its a good and a bad thing at the same time, however the steem community still doesn't deserve all those shts

I do not know why it is a bad thing for exchanges to buy steem tokens.
There has never been a restrictions or law forbidding exchanges from doing so. The situation has infact helped steem community holders to some extent.

The truth perhaps remains that investors are now at the peril of huge whales, and have to pick profit whenever they can.
Who says exchange cant dump tokens ? Always do your own research.

[IlVeroNico]

It's pretty funny that a big fuck up has subsequently caused the price of STEEM to go up instead of down, but it makes sense... they need to have liquidity for their users

Its a good and a bad thing at the same time, however the steem community still doesn't deserve all those shts

I do not know why it is a bad thing for exchanges to buy steem tokens.
There has never been a restrictions or law forbidding exchanges from doing so. The situation has infact helped steem community holders to some extent.

The truth perhaps remains that investors are now at the peril of huge whales, and have to pick profit whenever they can.
Who says exchange cant dump tokens ? Always do your own research.

The bad part is that exchanges used the tokens of their users to vote, not theirs!

[el kaka22]

I guess they have enough profits to buy as much as they can now. I mean we are talking about huobi and binance here, these two combined could buy as much steem as they are required to take control over the blockchain of it but I am not sure if that is a good idea in the end.

I personally would prefer them staying out of this but they seem to feel like they have to do this or they really want to. I mean normally when you get a backlash for supporting Justin Sun that has to be end of discussion in many of the things in life but if they think that the whole deal was because of Justin they are quite wrong, it was due to anyone taking over the blockchain, it is not going to be suddenly be "ok" just because its not Justin and it is cz that takes over steem and I would not be fine with that neither.

[pakhitheboss]

It's pretty funny that a big fuck up has subsequently caused the price of STEEM to go up instead of down, but it makes sense... they need to have liquidity for their users

Absolutely correct such tactics only decreases the trust level on these exchanges. The market over-all is incomplete red and one of the factor is this situation. Bitcoin and Ethereum both should have been in green before the halving but an altcoin has remained in green after this issue.