Steem - $1.37 (-14.47%), SBD - $0.96. What are the reasons for the depreciation?

It's already been a day that the rate of Steem and SBD is falling, although I think that this is not news for anybody. But the question is: what is the reason for such a decrease?
Previously, the fluctuations of the stimulus were tied to the bitcoin rate, and yes, it was relatively the same. Now bitcoin is stable for about a week (relatively), and the price of steam is falling.
Is this due to HF19 and the massive influx of newcomers, which leads to a decrease in content and the least reward for quality content? Or maybe there is something else that I do not see? Share your opinion in the comments.
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