Is this steak safe to eat?

I freeze my steak strips in sandwich bags and had one of these bags in a bowl of cold water to defrost for tea tonight. I came back into the kitchen, however, to find that the sandwich bag had leaked and been filled with water. The blood had drained from the steak and into the bowl and had left the steak looking an unappetizing grey colour. I'm wondering if it's still safe to eat (and perhaps more importantly if it will still taste good!) or if I should just throw it out?