Steem and Hive withdrawal and deposit open on Bittrex

Today after seeing a post on the official hiveio account I wanted to go and check if withdrawal and deposit were open on Bittrex or not. As we all know the trading was set to open on Binance last week. I used the opportunity and traded some of my Steem holdings on Binance. I was not very comfortable about trading on Binance as they do not highly trustable exchange. When I checked Bittrex, I noticed that Deposit and Withdraw are now open for both Steem and Hive tokens. I guess we can now say that the dumping game might start.

For the past few days, the price of steem is also dropping little by little. People who are trying to sell their steem and buy equivalent Hive with that may not get an equal quantity of hive as the price of Hive tokens are a bit higher than Steem right now in all the exchanges. At the time of writing this article, the price of steem was 2313 Satoshi. I made a small trade by selling some steem for 2800 Satoshi and buying it back at the price of 2550. Now after seeing this price I feel very bad about the trade. I should have not bought Steem back. But one good thing is that, as I bought Steem for that price back, I guess if I sell it not even for 2313 it would still be a good price for me because I made a little profit in my above trade scenario.

I'm now wondering if I should sell my steem for the current price or have it and sell them at a later point in time. From what I see, I think many people will start selling their steem and the price of steem can drop still further. This is definitely not a great thing because we might end up in a loss if we sell it in the future. These are some of the thoughts I'm getting in my mind after seeing the price of steem on the market. I don't see a good reason to hold Steem for the future. I can at least invest in Hive and hold my energy for Hive than spending it on Steem.

For now, I have placed a sell order on Bittrex the amount of Steem that I moved from Binance. I'm a bit sad to sell this at the price of 2320 Satoshi but at the same time, I feel that there is a high possibility that the price can drop even further and go below 2000 Satoshi. It is better to be safe than sorry. I placed a limit order and I saw the price going up and down and even dropped below 2300 Satoshi. But I'm glad that my 500 Steem sell order was filled.

Currently, there are not many buyers in the Steem market. In that case, the price can even drop further when many people dump their steem in the market. On a final note, I would like to say that this is a good opportunity for people who love steem to buy more steem. They can visit the exchanges and purchase some steem at a cheap price.