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STEPN Cryptocurrency Down 22% in the Last 24 Hours…Learn the Reasons!

STEPN Cryptocurrency Down 22% in the Last 24 Hours…Learn the Reasons!

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Answer STEPN Cryptocurrency Down 22% in the Last 24 Hours…Learn the Reasons!

The crypto market insider is well aware of the remarkable success of the STEPN project, the latter being one of the fastest growing projects in the cryptocurrency market in 2022.

The digital currency STEPN quickly lost a third of its value in less than 24 hours after an announcement that dismayed a large segment of investors in the project.

According to the official STEPN Twitter account, Chinese investors and users there can no longer use the company’s products as they will be banned from the platform.

The decision to restrict Chinese users was related to the regulatory issues that STEPN faced in China.

STEPN will track user programs to see which users are in China.

Read:Former lead developer of Project Monero arrested for fraud…Details here

The app will limit Chinese accounts via GPS, starting July 15.

NFT owners can sell their properties before the stated and stated time.

STEPN does not encourage users to sell or keep their property and recommends users to make the best decisions themselves.

The project does not claim responsibility if users plan to log in with VPNs or change their IP addresses with the help of other tools.

The price of the GMT digital currency which is the original currency of the STEPN project has lost more than 20% of its value in the past 24 hours, as most of the STEPN users are leaving the project, especially the Chinese ones.

The sale of the GMT digital currency has exacerbated growing fears among investors from other jurisdictions that sanctions may be imposed on the project.

Since it reached the top in April, STEPN has lost nearly 80% of its value.

Industry experts explain this market’s performance through a number of factors, including the project’s overvaluation, its inclusion in the Coinbase trading platform which recently led to massive selloffs and the inability of the firing mechanism to fuel the rally seen at the beginning of mid-April.

Read:The crypto community outraged after the announcement of the results of the Binance IPO

At press time, STEPN is trading at $0.9 after a 20% correction in the last 24 hours

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