A lot of people that are making thousands and sometimes tens of thousands of blogging rewards are wanting to cash those out asap which is putting more sell orders than buy orders, dropping the value of steem.
There should be something like a $1,000 or $2,000 cap on blog rewards because who's going to buy steem if they can just earn it and sell it for btc or fiat?
If we make steem harder to earn but still somewhat generous, the value of steem will improve.
Even a $3,000 reward would be better. You think make up girl is going to invest her 33 grand or cash it out?