It's an absolute blood bath out there in crypto land
Steem is tipping the scales at $.12 and might be looking for lower.
SBD is trading for $.60 with very little support in sight.
BTC is close to its $8k support and there has yet to be any kind of bounce.
If those numbers sound pretty bad, it is actually even worse for many of the other popular altcoins.
EOS is down 30%, LTC is down 20%, Ether is down 25% etc etc.
Ironically, STEEM is actually slowly climbing up the ranks on coinmarketcap right now, currently sitting at 80th from 82nd earlier today.
On days like today, the best thing you can is turn off the computer and go for a walk
Spend some time with friends.
Watch a movie.
Anything to get your mind off of what is going on in the markets.
That is if you are not planning on buying or selling anything that is.
If you have already decided you are holding, the best thing you can do on days like today is to go for a walk so that you don't make any emotionally charged decisions that you may regret later on.
Why the big drop?
Most likely the large drop was due more to technical triggers than some kind of major news event.
For example, volatility was at 9 month lows, the charts were compressed, and stop losses were sitting just below and above the current prices.
All it took was a little selling to trigger the stop losses, and then whoosh, a massive drop, which triggered more stop losses, and caused more selling etc etc.
It feeds and builds on itself until we reach a point where enough buy orders are set up to absorb the selling.
Prices will likely come back eventually so it's best to not get too emotional in times like this.
This isn't financial advice, it's emotional advice.
Stay informed my friends.