I think the STEEM rally has a lot to do with the SBD Debt Ratio going under 9%.
Pretty sure it is the rumor that made the Steem run. Quite sure.
unless they can sell their SBD directly on an exchange
Bittrex has some volume, but I have just been trading on the internal market. The pump has come from buy pressure on exchanges.
Of course the STEEM pump has come from buying pressure on exchanges. But the price is determined by sell volume as well. Someone has to be selling. Less STEEM is being printed + uptick in buying interest => higher price.
There was very little resistance before sbd started printing, and very little last night too.