Hi everyone. This market update article will focus on the state of the crypto market and will cover a few popular coins, specifically Bitcoin, Steem, and Ethereum. Let's dive in!

# Bitcoin Dipping
Bitcoin (BTC) recently went through a mini-crash caused by Chinese legislation and comments from banking CEO Jamie Dimon, bringing it to about $3000 before recovering to ~$4000. Currently, Bitcoin is going through another "flash crash" or quick dip to about $3600, but is seeing a good amount of support at the $3600 range. 
<center>![](https://steemitimages.com/DQmXyRJYy2dzcPEs2oFQNzhyBAMv4wa5zstgDCnghBGWZCQ/image.png)</center>
If the $3600 gets tested, I personally expect BTC to dip slightly before jumping back in to a higher range. I believe this is a great time to buy Bitcoin or invest in Bitcoin due to the low price, and will personally be buying some at this range. If Bitcoin swoops down to the $3300 range or below, I will also be buying some there.

About a week ago, Bitcoin was nearing $3000, so this is still a good recovery from that range. Start getting in your buy orders! :)
# Steem Below $1
Steem is currently actually below $1, but is bouncing back and forth around the one-dollar mark. This is an amazing price to buy Steem, and I highly recommend doing so.
<center>![](https://steemitimages.com/DQmWThvypp7tuu6cHspAubUiQ8YAwYzr9jK9zB14VpcFy25/image.png)</center>
I'm personally pretty invested in Steem because I believe the community has a lot of potential, and investment in STEEM is an investment in the Steemit community. I highly recommend you join as well, because many people (including myself and top author @jerrybanfield) peg Steem to be intrinsically worth over $10 or even more. Though it's been sticking to around $1.10-$1.25 for a while, I believe eventually it'll get the push it needs to exceed that range.

### SBD to STEEM Conversions 
I think one amazing thing to notice is that currently the SBD to STEEM conversion rate is **amazingly good.** SBD didn't take a huge hit and is actually around $0.95 right now while STEEM is hanging around $0.99, meaning if you convert all of your SBD to Steem right now, you could be looking at some of the best rates ever.

After converting, you can either hold your STEEM (what I plan to do), or you can wait for the market to recover and adjust, and sell your Steem back to SBD when the price bounces back up if you so choose.

# Ethereum Declining Too
Ethereum (ETH) also declined sharply today, creating a "downhill cliff" in the market:
<center>![](https://steemitimages.com/DQmS8WWVv8A2nhtzfsHvBZeLTMpzyCwgsWHVi2GgEny9Pof/image.png)</center>
ETH is currently at around $261, which is just $20 from where it was before the drop; yet it's still a good time to buy. 

# What caused this spontaneous dip?
Though it's improbable some exact factor or news caused the dip, I think evidence suggests that the dip was mostly caused by confusion and FUD from China. Rumors have came up that China might so as far as banning **Bitcoin mining** which could negatively affect many Bitcoin mining companies and farms. Also, China's exchange ban news has also been piling up and causing more fear in that zone. I think that was one of the biggest contributors to this. 

In the end, there's nothing to worry about— this dip creates an amazing buying opportunity for many coins with a lot of potential, and will probably recover/adjust itself soon as well.

Thanks for reading,
— @mooncryption

**image sources:** As usual, all images are from CoinRanking.com.