Would not surprise me if you're right, and I would expect much of it to be a sympathy move with Bitcoin... we'll probably see some closes under $6,000 soon.
Every heard of something called the "Hippie Dip?" It's usually attributed to Burning Man, but every August and September, millions of Baby Boomers (and younger) go to music and arts festivals. Which typically is big business... and can easily cost you $3K per festival, with prep, tickets, airfare and supplies. Now figure 80,000 people going to Burning man times needing $3K cash each... and multiply by hundreds of festivals... people selling assets to raise cash... hence summer months often suck for markets, especially in "fringe" investments.
RE: STEEM Going to 80 Cents USD - Yeah Pretty Much