The date that STEPN will shut down its services for mainland Chinese users is getting closer and closer. KoinFinans.com As previously reported by STEPN official Twitter account. to explain According to the report, it was announced that the platform will stop providing GPS to Chinese user accounts in May this year due to the regulatory policies of the Chinese government.
Following the announcement on May 26, STEPN (GMT) and another cryptocurrency associated with the platform Green Satoshi Token (GST) prices had reacted strongly to the events and experienced alarming declines.
After this move, Chinese investors and “walkers” will no longer be able to use the products of the platform, otherwise they will be banned by the platform. The decision to limit Chinese players comes after STEPN faced regulatory issues in China.
STEPN will clear China-based accounts from July 15
The deadline announced by the STEPN administration to remove all accounts in China is set to be next week, July 15. In the statement, the team said that they have not engaged in any business in mainland China since its inception, explaining that they have always attached great importance to their compliance obligations.
Meanwhile, considering the 30% decline in the development expected to take place on July 15 in the past; It is expected to have a significant impact on the price of the cryptocurrency.
To give an example of this, we can draw attention to the huge impact that the recent exit of crypto exchange Huobi from China has had on the revenues of the platform. The crypto ban in China forced Huobi to delete millions of Chinese user accounts from its site. This is believed to be a major dent in the stock’s revenue.
STEPN’s investor community and market experts are also closely watching the 15th of July. Ahmad Manasrah, a trader, after his Chinese accounts were cleared STEPN pricesstated that he expects to see a decrease in STEPN price He pointed to the $0.70 range as an estimate on the subject.
“On July 15, GMT will clear all accounts in mainland China. I’m not sure how much of an impact this will have on the market. But technically, I expect prices to drop to $0.70.”
STEPN Price fell to 1/3 after China announcement
After the announcement on May 26, it is one of the fastest growing projects and tokens in the cryptocurrency market in 2022. STEPN price It fell heavily from the $1.20 level to the $0.80 level.
STEPN will monitor users’ software to see which users are in mainland China during the containment period on July 15, and will limit those accounts by GPS on July 15. However, NFT holders will have the opportunity to sell their holdings to get their full investment back.
The STEPN team stated that they do not advise users to sell or hold their assets, and advised that users should make the best decisions for themselves. However, he added that the project will not accept any responsibility if users who choose not to follow the rules log in using VPN or plan to change their IP addresses with the help of other tools.
According to CoinMarketCap, STEPN price is up over 2 percent in the last 24 hours to trade at $1.02. The explosive metaverse cryptocurrency, which had a market cap of $825 million prior to the announcement, has not been able to recover recently after the market crash and bad news that affected the community, and has a market cap of $612 million.
The popular cryptocurrency failed to perform well after hitting all-time highs in April and GMT token lost more than 75 percent of its value. Market experts explain this kind of price performance with a number of factors, including the project’s sudden overvaluation, the historically large Coinbase listing that caused a sell-off, and the burn mechanism’s failure to fuel the rally we saw in early/mid-April.
Another digital asset of the project, Green Satoshi Token (GST) It is trading at $0.10 at the time of writing, down more than 2%.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.